In a move to align itself with new federal health care regulations, the American Modern Insurance Group, a specialty insurance firm focused on health care, has adopted an electronic documentation system. Dubbed “Online Services,” the initiative aims to provide policyholders with easy access to important documents and billing notices online. This is a practice that all insurance companies throughout the nation will have to adopt by 2014, as required by federal regulations.
The Online Services program is a fully optional offering from the company, but one the company is keen to encourage amongst policyholders. Electronic documentation is being seen as one of the most efficient and effective ways to keep consumers updated on the status of the policies. The company has conducted its own research into the matter and found that such a practice enables consumers to have access to vital details whenever they need it, rather than having to wait for the company itself to send them printed materials.
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American Modern agents are expected to see lower service call volume as the program rolls out. The program will also save the company more money as it will translate into lower servicing and administrative costs. It may also help with the retention of customers are few other insurance companies offer such plans.
By 2014, such programs will be common in the insurance industry. Getting a head start will certainly ease the transition into the new health care system.