WHAT’S NEW IN THIS RELEASE
| Feature | QL |
|
Capture Enrollment Tiers with Consistency |
|
|
Calculate Current Premium & Aggregate Attachment |
|
|
Provide an "Apples-to-Apples" Requested Enrollment Cost Comparison - Compare Screen |
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Capture Enrollment Tiers with Consistency
The Request Cover Sheet and the Carrier Proposal are both being updated to capture the exact same Enrollment Tier fields. This will provide continuity for comparing Current, Requested and Quoted Enrollment and make it easier to identify variances.
- The most notable change is that there is an Enrollment Schedule select list that governs the enabling of corresponding enrollment tiers. This provides quality control for data input.
- In addition there is a Composite field that is stand alone and is only populated when the Enrollment Schedule is truly a Composite.
- Lastly the product will always have a Total Enrollment field that sums the totals from the tiered and or composite enrollment values.
|
Enrollment Schedule |
EE Only (Single) |
EE + Spouse |
EE + Child |
EE + Dependent |
Family |
Composite |
Total Enrollment |
|---|---|---|---|---|---|---|---|
|
Composite |
❌ |
❌ |
❌ |
❌ |
❌ |
Required |
Derived |
|
2-Tier |
Required |
❌ |
❌ |
❌ |
Required |
❌ |
Derived |
|
3-Tier |
Required |
❌ |
❌ |
Required |
Required |
❌ |
Derived |
|
4-Tier |
Required |
Required |
Required |
❌ |
Required |
❌ |
Derived |
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Calculate Current Premium & Aggregate Attachment
In July 2024, the Compare Screen was enhanced to provide dollar and percentage variance evaluation between Current and Quoted. The total premium is often not populated on the Request Cover Sheet which hinders this variance analysis. To resolve and bring better utility, the Compare Screen will now offer a calculated Current Premium and Aggregate Attachment view.
Calculation Fundamentals
| Condition | Annualized Calculation |
| Current Rate (or Factor) is a Composite |
|
| Current Rate (or Factor) is Tiered |
|
|
Before |
|
After |
Tier Conflicts
If there are conflicts between Requested Enrollment and Current Rates (or Factors), Premium (and or Agg Attach) will be incorrect. For example:
|
Tiers |
Enrollment | Rate (or Factor) | Calculation |
| EE Only (Single) | 10 | $200 | $24,000 |
| EE + Spouse | 20 | ❌ - Missing $ | |
| EE + Children | |||
| EE + Dependent | 30 | ❌ - Missing $ | |
| Family | 10 | $500 | $60,000 |
| Composite | |||
| Total | 70 | $84,000 - Wrong |
Resolve this by adjusting the Requested Enrollment or Current Rates (or Factors) in the Cover Sheet or the Proposal's themselves if necessary.
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Provide an "Apples-to-Apples" Requested Enrollment Cost Comparison - Compare Screen
It's common for Carriers to provide the quote(s) based on different enrollment and tiers than what was requested on the cover sheet. This results in an "apples-to-oranges" story that needs rectifying.
Quote-LinQ's Compare Screen has been enhanced to:
- Calculate quoted Premium & Agg Attachment using requested Enrollment
- Expose material differences that impact Total Fixed Costs & Maximum Liability
A Normalized Cost Comparison Calculation
Quoted Premium & Aggregate Attachment totals use the same calculation logic described in the section above (Current Premium & Agg Attachment). The only difference is that Quote-LinQ is using the Requested Enrollment for normalization.
| Condition | Annualized Calculation |
| Quoted Rate (or Factor) is a Composite |
|
| Quoted Rate (or Factor) is Tiered |
|
Note that these calculations are also subject to Tiering Conflicts as described above.
Cost Summary Differences
The Compare Screen Cost Summary section has been enhanced to provide visibility into key differences.
Summary Variance
The dollar and percentage variances for Current and Baseline are based off of the normalized Total Fixed Cost calculations. This ensures an "apples-to-apples" analysis.
Total Enrollment Variance
The first section in the Cost Summary provides visibility into Enrollment discrepancies between Requested and Quoted.
Click the View Detail link to evaluate the Requested vs Quoted Enrollment Tiering for each
Total Fixed Costs Variance
This section compares the calculated Total Fixed Costs against the Quoted Total Fixed Costs which is the amount represented on the Proposal PDF. Generally a difference will be driven by a difference in Quoted Enrollment / Tiering vs the Requested Enrollment.
Click the View Detail link to view the calculated premiums used for Quote-LinQ's calculated Total Fixed Costs.
Maximum Liability Variance
This section compares the calculated Maximum Liability against the Quoted Maximum Liability which is the amount represented on the Proposal PDF. Generally a difference will be driven by a difference in Quoted Enrollment / Tiering vs the Requested Enrollment.
Note that Additional Laser Liability is not an available value on the Current column so that number may be understated in the Current calculation.
Click the View Detail link to view the calculated fields used for Quote-LinQ's calculated Maximum Liability.
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