Balancing 1 Million Lives | UCT
10.08.2017 to 22.08.2017
at P3

How to validate and reconcile policies in a compressed timeline

A major financial services company with a statutory surplus of over $2B in 2008 sold their group health insurance business, including the associated Facets administrative system license, to a third-party administrator (TPA). The life, AD&D, STD, LTD, dental, and some health business was retained, forming a third-party administration agreement allowing the originating company to continue group administration processing on the TPA-owned Facets system. The originating company retained approximately 5,000 policies with roughly 1 million member lives, of which approximately 1,300 policies were to be non-renewed. The objective was to convert the remaining 3,700 life, AD&D, STD, LTD, and dental policies to a new COMPASS administration system. Upon completion of the conversion and non-renewal process, the third-party administration agreement would terminate and the originating company would no longer have access to the Facets administration system. Facets was scheduled to be decommissioned in the fall of 2009...