Prospective Risk Management Corporation (PRMC) is an independent third-party health care underwriting and consulting firm based in Jacksonville, Florida. They offer a full suite of products and services; using only best-in-class actuarial tools, processes, and methodologies to offer risk assessment and risk consulting services to health insuring corporations, PEO/MEWA organizations, single employer plans, and the agent/broker/health care consultant community throughout the United States.
Originally a division of Compass Consulting, PRMC began offering health-underwriting services to PEOs and multiple-employer groups in 1991. In 2006, Compass Underwriting was established as a stand-alone firm providing underwriting services to a variety of consulting firms. They service over 75,000 active members and more than $500 million in annual in-force premiums. Annually they review and evaluate over 3,700 new prospect groups for clients, representing approximately 200,000 new client members.
PRMC growth in clients, consulting services, and reporting needs required the company to implement a more efficient manner in which to process, report, and distribute the data from multiple providers. They needed a cloud-based solution providing flexibility of systems as new requirements emerge.
iOLAP formulated the cloud migration strategy and led the impementation, while maintaining the operations of the legacy system during the transition process.
Data processing and reporting are completely automated. While ensuring HIPAA compliance and the security of PHI data, additional reporting capabilities now include online dashboards and client web reports. What used to take days to produce is now accomplished in a matter of minutes.