Employer-sponsored model is the insurance policy of the employees that is paid by the employer or organization in respect of providing healthcare facility to the workers. It is the high concern of the employer to complete the employer-sponsored sales process which aims to deliver the transparent and quality service to the employees. Although, there is not any standard set for this procedure but typical sales process follows following steps: lead generation, prospecting, rating and underwriting, quoting, first sales to employees, case installation and enrolment (Kongstvedt, 2012).
It’s the responsibility of the employer to look at the service which has been paid to facilitate the workers. These steps help to evaluate and monitor the services of the insurance in delivering the healthcare facilities. It indirectly increases the profitability of the business when healthy workers work for the company with dedication and motivation.
A rating is assigned to every individual or insured person after proper evaluation of the risk involved with the subject. The rating varies according to the case of the person and prospecting risk associated with it. After risk management, a fee is decided that is charged from the employer. The role of underwriting is to evaluate the subject before giving any rating. In other words, it is s risk selecting process. Moreover, underwriting is conducted after the receiving the claim from the insured person against any loss. So, rating and undertaking are studied together to understand the risk involved with the subject and further provide the indemnity (Financial Web, n.d.).
The role of insurance producer is very important in proceeding the underwriting. The producer physically sees and underwrites the losses bared by the claimer. He or she must have to show honesty and accurately while submitting the reports of the health loss to the organization. After this report, insurance company disburses the payment against the expense bared by the claimer. If the real facts are fabricated or misguided by the underwriter, the company may bear the loss (Financial Web, n.d.).
Financial Web. (n.d.). The Basics of Underwriting Insurance. Financial Web, Retrieved from http://www.finweb.com/insurance/the-basics-of-underwriting-insurance.html.
Kongstvedt, P. R. (2012). Sales, Finance and Administration. Essentials of Managed Health Care (pp. 357-358). Retrieved from http://books.google.com.pk/books?id=KZ6KCDNB1uwC&pg=PA360&lpg=PA360&dq=employer+sponsored+sales+model&source=bl&ots=ikIXLK4Tyk&sig=99DYbME5Sf56H-KALpXwDfFdlbY&hl=en&sa=X&ei=1u0LUc6IIYWTswaokoDAAQ&sqi=2&ved=0CCkQ6AEwAA#v=onepage&q&f=false.