Insurance Technology Featured Article

Konnect Net Reduces Health Insurance Processing Times

October 05, 2012

Konnect Net recently unveiled pioneer technology for the health insurance industry. Processing times in the health insurance industry will be considerably reduced with this latest technology. The company is one of the premier providers of business process management solutions and services and is based in Auckland, New Zealand.

Konnect Net’s IT system, which connects insurers, medical practices and insurance advisers, will ensure a reduction in development time for medical insurance applications by at least 50 percent. Since its inception in 2008, Konnect Net’s objective was collection of medical information from doctors. According to Hamish McLachlan, Director at Konnect Net, a considerable amount of time was previously spent in gathering this information, as every insurer had a unique, paper-based and intricate system.

Konnect Net had initially unveiled its offering, SureMed for the health insurance industry. SureMed is now complemented with SureApp, a solution for insurance selling agents, and SureClaim, a solution for assisting claim handling.

The current systems utilized by insurance advisers and doctors, including paper-based systems can connect to the Konnect Net system. All the problems and shortcomings faced by the health insurance industry including privacy have been tackled by Konnect Net, making it a very popular option.

In a statement, McLachlan said, "We got a big chunk of the market on board once we went live to the point now where we have almost all insurers and banks using our services because the proof is it is just that much better."

According to McLachlan, Konnect Net now aims to penetrate the Australian market, as it can leverage its recognized track record with the New Zealand ancillaries of key Australian-owned insurers.

The winners of the Entrepreneurs' Challenge organized by the University of Auckland Business School can win a maximum of USD$ 0.82 million. Konnect Net, one of the five finalists, aims to utilize the funding for accelerating expansion plans in Australia. Rangatira, a Wellington-based investor, has already invested USD$ 2.88 million into Konnect Net.

McLachlan said, "We've been testing services in the New Zealand market, bedding them down, understanding the issues in broader markets so the future is about pushing offshore and that's one of the reasons we see the Entrepreneurs' Challenge as being such a great opportunity for us."

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Edited by Brooke Neuman

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