7/28/15 - Dynamis Software Corporation, a leading cloud provider of health benefits planning solutions, today announced a significant enhancement to its Dynamic Plan Designer software-as-a-service (SaaS) platform. In addition to modeling fully insured benefits plans, including high-deductible and community rated plans, the software will now have the ability to model self-funded plans as well.
“With perpetually rising health care costs and added market complexity due to ACA, we’re seeing a lot of employers move to self-funded plans,” said Andy Nunemaker, CEO at Dynamis Software. “Even small groups, who traditionally haven’t tended to self insure, are finding it an attractive alternative. We wanted to ensure our software reflects the current market, to help insurance brokers present the best possible plan options to their clients.”
Health insurance brokers use the Dynamic Plan Designer to model plan design options visually to their clients and prospects, with the ability to make changes in real-time to instantly answer questions and make comparisons. The new functionality allows a broker to show self-funded and fully insured options side-by-side, simplifying a complex conversation and helping the client make the smartest decision. In addition, when modeling self-funded plans, brokers can:
- Model expected or projected claims to show the impact on cost, compared to a fully insured plan
- Take plan administration and stop-loss insurance into consideration, to paint a full financial picture of self-funding when comparing costs
- Use contribution modeling to help the client determine the best plan design for their budget and employees
“Adding self-funding to the Dynamic Plan Designer makes it even more valuable to the insurance broker,” said Dan Morrill, Director of Client Services at Dynamis. “Where competitors present plan options using overwhelming spreadsheets, Dynamis brokers offer a visually appealing and easy-to-understand presentation of options. Self-funding generally makes the conversation more complex, but brokers using the Dynamic Plan Designer can simplify it for their clients.”
Dynamis was founded in Milwaukee, Wisconsin by insurance brokers. Unsatisfied with the traditional spreadsheet-based plan models, static reports, and three ring binders, the founders sought an innovative solution, looking for a way to engage employers in an interactive way, believing that innovation in plan design and sales methods are essential for brokers to win despite the rapidly shifting, challenging market pressures.
The Dynamic Plan Designer was the result of hundreds of hours of interviews with agents, producers, account managers, and most importantly, employers. CEOs, CFOs, HR leaders and benefits managers all agreed that one of the most frustrating experiences was their annual meetings with their group health brokers. They helped design a new way of holding those meetings – an interactive method that allowed them to meet their goal of providing competitive health care coverage at affordable rates.