Infosys Launches Health Insurance Exchange Platform
Cost effective solution for states which meets federal standards and reduces administrative burden on payers
Highlights / Key Facts | Key Quotes | Media Contact
Fremont, Calf., June 15, 2011 - Infosys (NASDAQ: INFY) today announced the availability of Infosys Health Benefit Exchange, a cost effective solution designed to help states set up the insurance exchanges mandated in the Affordable Care Act (ACA). Infosys Health Benefit Exchange allows payers to market plans more efficiently and offers the ability to utilize exchanges to get fast, personalized quotes, to more than one hundred million people. Users also have access to insurance-related tools such as real-time eligibility verification and enrollment, cost-of-coverage calculators, and tax-deferred savings accounts and other support services designed to expedite and simplify finding, purchasing, and managing the most appropriate plan.
Highlights / Key Facts
- An additional 30 million Americans are set to be covered under the ACA, and millions more are expected to use the state exchanges to compare and enroll in health insurance options. Infosys Health Benefit Exchange integrates insurance, clinical and financial data with sophisticated and customizable rule engines that support new regulations and the complex insurance market, going beyond required functionality to ensure value as health reform rolls out and new technologies are put into place to support care and coverage. These include:
- Benefit Management Language (BML): Unique to Infosys Health Benefit Exchange, the BML aims to standardize the structure of benefit packages across participating carriers, which will allow for efficient searches and “apples to apples” comparison for users.
- Clinical data-driven recommendation engine: The recommendation engine leverages clinical data repositories, clinical decision support systems and/or data gathered during plan selection and enrollment to recommend suitable plans for users. All clinical data are provided or authorized by the user, and the privacy of any personal information is safeguarded.
- Small employer group consortium: Small employers can harness the power of the 'Employer Community' feature in Infosys Health Benefit Exchange that leverages the cumulative strength of small employers, providing increased access to manageable, cost effective plans that best suit their employees' needs.
- Additional special features: Multi-lingual services, auction and reverse auction capabilities, a configurable rule engine to allow states to cater to different regulatory/compliance requirements and payer models, comprehensive analytics and reporting from a member, plan and regulatory perspective.
- Infosys has developed an industry-first technology platform to gain insights on, measure and improve the health of the population by providing quick and easy personal insurance tools.
- Infosys Health Benefit Exchange leverages both Infosys' technology and solutions from leading partners, to provide an easy to use, comprehensive and flexible offering that will allow states, payers and consumers to adapt to the evolving healthcare landscape.
- The unique transaction-based financial model provides participating plans with a more direct and cost-effective route to consumers than individual brokers, and eliminates the requirement of upfront capital investment for states, allowing them to operate their insurance exchanges at almost no cost.
- Infosys Health Benefit Exchange will also offer educational features about specific insurance topics for both patients and benefit administrators. Social media tools will give users the ability to create and join communities where various regulations and conditions can be discussed.
- Eric Paternoster, CEO, Infosys Public Services, Inc.: "Rising health care costs is a major concern for consumers across global markets. At Infosys we believe in developing people centric technology which aims at making healthcare affordable. Infosys Health Insurance Exchange Platform is secure and comprehensive. The solutions will serve individual state constituents' and carriers' unique needs as well as provide employers and individuals to access affordable insurance."