After reading this blog you’ll be able to understand:
- What is Vlocity?
- Why and what is health insurance
- Health services
- Key terms
What is Vlocity?
Vlocity is a Salesforce Industry specific offering that offers pre-built solutions on the Salesforce platform that solve the needs of particular industries that require CRMs to be heavily customised beyond Salesforce in its out-of-the-box state.
Vlocity applications (built on the Salesforce platform) solve the needs of particular industries, such as Health, Communications, Insurance, Energy & Utilities, Financial Services, Media, and Public Sector with omnichannel sales, marketing, service, and CPQ solutions.
Why and what is health insurance
Vlocity Health Insurance provider, facilitates us to carefully review the terms and coverage options they offer, as well as the costs associated with the plan. We should also consider our specific healthcare needs and budget when selecting a health insurance plan. Consulting with an insurance agent or representative can help us better understand the details of the coverage offered by Velocity Health Insurance. With the help of vlocity health insurance you can manage more on one platform.
Vlocity health insurance provides us financial protection, access to health care, preventive care, employer benefits and many more. Vlocity Health Insurance may offer solutions for managing and processing claims, making the process more efficient and accurate.
Vlocity Health Insurance applications are built on the Salesforce platform, which means they can seamlessly integrate with other Salesforce products and services. This integration allows health insurance companies to leverage Salesforce's CRM capabilities while also benefiting from industry-specific functionality.
Vlocity Health Insurance likely includes tools for managing policies, including policy creation, enrollment, and administration. These tools can help insurance providers efficiently handle their policy-related tasks.
Health Services The following illustration shows some of the current key Vlocity services and where they are used in various process flows.
In the context of Vlocity Insurance, "census" typically refers to a collection of data related to a specific group of individuals or policyholders. It is used to gather information about the members of a particular group or demographic.
A "census member" within Vlocity Insurance would be an individual who is part of the group or demographic being considered for data collection and analysis. Census members are typically policyholders or individuals associated with a particular insurance product or plan.
- Quote: "A quote is an estimate of the premium and coverage options provided to a customer based on their insurance needs and specific information. It includes details such as the policy type, coverage limits, deductibles, and pricing. Quotes are generated using Vlocity's powerful rules engine, which takes into account various factors such as risk assessment, underwriting guidelines, and customer preferences. Once a quote is generated, it can be presented to the customer for review and acceptance."
- Contract: "A contract, also known as a policy, is a legally binding agreement between the insurance provider and the customer. It outlines the terms and conditions of the insurance coverage, including the duration of the policy, the premiums to be paid, the coverage limits, and any applicable deductibles or exclusions. In Vlocity Insurance, contracts are created based on the accepted quote and can be customised to meet the specific needs of the customer. Once the contract is signed, it serves as a binding document that governs the insurance relationship between the insurer and the insured party."
- Enroll: Enrollment in Vlocity Insurance refers to the process by which individuals or policyholders formally join or sign up for an insurance product or plan offered by the insurance provider. It involves capturing essential information about the policyholder, their coverage preferences, and any other relevant details.
- Renew: Renewal in Vlocity Insurance refers to the process of extending or continuing an existing insurance policy or contract. Policies have a limited duration, and when they are about to expire, policyholders have the option to renew their coverage to ensure continuous protection.
- Group: A "group" in Vlocity Insurance refers to a specific category or segment of policyholders or individuals with similar characteristics. These groups can be based on various factors such as age, location, occupation, or any other relevant criteria. By organizing policyholders into groups, insurance companies can analyze data, identify patterns, and make informed decisions regarding pricing, risk assessment, and product offerings.
Vlocity Health Insurance Cloud is a specialised solution that empowers health insurance companies to efficiently manage policies, claims, members, providers, and customer interactions. By leveraging its features, insurers can enhance their operational efficiency, deliver better customer service, and make informed decisions through data analytics. Ultimately, this technology contributes to a more effective and responsive health insurance industry, benefiting both insurers and policyholders.