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In an interview with CIOApplications, Uday Patel, co-founder and President of Trionfo, sheds his valuable insights on their platform and how it adds productivity for entities in the entire insurance value chain. Currently, Trionfo caters to clients in the small and large group markets as well as the individuals under/over 65 markets for both health and ancillary products.
Apart from facilitating product sales, Trionfo’s single-source platform also serves as client management, benefits administration, consolidated billing, and automated renewal solution.
Could you give us a brief overview of Trionfo?
Trionfo was founded in 2011 by insurance professionals who have been working with carriers for over thirty years, and the premise of it was to help consumers buy healthcare products in a streamlined, affordable, and well-informed manner. The health and ancillary benefits have a long winding path before reaching consumers. Also, each link within the benefit supply chain uses its own systems, platforms, and solutions that generate silos of information. The result is costly operations, inaccurate data, and slow response time. Our goal is to take away these complexities by educating various entities such as agents, employers, and employees about insurance product offerings and, ultimately, helps identify their needs. Essentially, we are insurance people getting into the technology space, not technologists getting into the insurance industry. Alongside assisting consumers to buy healthcare products, we also make sure they use the products optimally.
What are the trends that you see in the health insurance landscape, and how do they impact your customers?
The Affordable Care Act (also called Obama Care) has been the law of the land for over a decade, and yet the health care industry has barely settled into it. For many employers and individuals who purchase private health insurance, understanding the mandates (mandated health insurance benefits) of essential health care benefit plans is important. By improving communication, we help our clients in alleviating the confusions surrounding the insurance landscape. For example, we know industry jargons like Teladoc or Telehealth, but from a consumer perspective, do they know how to use it? For that reason, we understand that communication is a challenge, and our technology is designed to overcome some of those barriers to effective communication.
Alongside assisting consumers to buy healthcare products, we also make sure they use the products optimally
Trionfo’s platform is capable of servicing as the technology hub of the insurance ecosystem and the processes that take place between carriers, distribution, and consumers.
Our goal is to ensure that employers and consumers are aware of the health and dental plans they’re buying. We also make sure whether the plans meet their needs. We educate them about the benefits of a particular insurance plan and show them the cost of buying with complete transparency. We provide employees a proper guidance on what a particular plan covers and how to use it. Our technology makes sure that they are aware of what’s happening in the market.
Consider a simple real-life example where people can’t secure an appointment with a physician due to the Corona pandemic. However, Teladoc’s telehealth allows them to talk to a physician in such situations. We let them know about this facility through our platform using a notification tool. This is why we say that communication is a key feature of our system.
Employers offer tons of coverage and they will post-tax models all the time. On the other hand, employees wonder how it would fit their needs. A typical example of this is legal services. If someone is charged with a speeding ticket or a red-light ticket, they often face difficulties while availing the legal services. Most employees wonder whether they have to represent themselves or can they avail the legal service offered by their employers and have a lawyer represent them without costing them anything more than the payroll deduction. This is when our personalization tools come into play where they get the support to deal with such real-life situations.
Could you share some of the feature sets and benefits of the platform?
The reason clients prefer working Trionfo is that we offer our technology regardless of their size. We all know that different payroll systems run across the country. However, the payroll system becomes more sophisticated with the size of the organization. Big companies always get ahead of technologies while small businesses are left behind. In this regard, we offer the same technology, features, and functionalities to every client irrespective of their size. This allows us to continuously grow our platform because of the needs of employers with different employee strength evolves continually. Furthermore, we can cross-sell that can translate into significant benefits for employees. These benefits reach the employees without costing the employer any additional charge.
What are some of the ways you engage with your clients?
When it comes to client support, we use online chats to engage with them. However, we provide a dedicated executive to clarify the client queries upon request. Most employers and consumers buy their insurances from multiple insurance companies. And for that reason, employers have to manage the invoices and bills from various companies. We let the employer pay us a single check, and then we distribute those funds to insurance companies on the client’s behalf. We are also a third-party administrator so we are capable of processing premiums, billing, and reconciliation.
What does the future hold for your company?
Apart from helping employees choose an affordable and appropriate healthcare plan, giving them other options is also important. We have partnered with several insurance companies to offer insurance services, including legal, automobile, home, and more. At the same time, we know that our software and our service is so unique in the market because we can bundle it together. We have identified that our services will be beneficial for global insurances where employers have a certain workforce outside the country. Upon realizing this need, we updated our technology to cater to such clients as well. Essentially, we envision partnering with producers more closely in order to meet tomorrow’s needs.