NFP Grows Revenue
x4 analytics platform
Xevant Empowers NFP to Grow Revenue by 78% With Real-Time, Actionable Data
“We can now access client pharmacy data quicker and with more accuracy than anyone in our market.”
Nick Conway, SVP, Head of Product
NFP BACKGROUND
NFP is a leading insurance broker and consultant providing specialized property and casualty, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates. They are the 5th largest benefits broker by global revenue, 5th best place to work in insurance and 6th largest US-based privately owned broker (Business Insurance).
CHALLENGES
Antiquated Technology Stifled Growth
NFP’s previous technology lacked scalability, severely hindering their efforts to identify pharmacy issues and trends for their clients. After realizing their need for a more flexible solution, they sought a business optimization platform that would allow them to be more proactive.
Multiple Inefficient Workflows
NFP historically used a hybrid system of spreadsheets and platforms to analyze and report on accounts with no two processes the same. To deliver world class consulting to their clients they, instead, needed a single platform that integrated across their organization and allowed for:
- Claims Repricing
- Day to day, proactive, actionable account management
- Clinical program management for real-time medication interventions including adherence monitoring
- The ability to audit and monitor contract performance
“Xevant offers us more flexibility, more capabilities, and the ability to create our own product. They have taken what we’ve built and customized it using our unique specifications, which has allowed us to reach more vendors and be more competitive while giving us the ability to be significantly more client-focused.”
Nick Conway , SVP, Head of Product
THE XEVANT SOLUTION
NFP utilizes the customization and flexibility of Xevant’s X4 platform to provide their clients with real-time actionable data.
All-In-One Platform, Built to Meet Custom Needs
Xevant’s custom solution allowed NFP to utilize multiple data sets from one platform. Now, whether a client is large or small, NFP can provide the same information and share it with account managers enabling their team to learn from each other in a fully streamlined approach.
Custom Modules Lead to More Business
NFP manages very proprietary clinical programs within the Clinical Team. To leverage those programs, Xevant built custom modules, specific to NFP, in addition to an RFP platform enabling them to analyze and understand a higher level of data. This has given NFP the ability to provide more information to clients and win more business.
Powerful Technology Provides a Competitive Advantage
The NFP sales team has incorporated Xevant’s custom platform into their sales dialogue, identifying it as a key indicator of NFP’s client successes that differentiates them from competitors.
“We can provide real-time, more efficient contract performance monitoring, which is what our clients have demanded,” stated Nick. “Contract performance management is one small component of what we do, but we believe we can deliver additional cost savings, between 5-7%, to a client based on the clinical tools, and scalable platform that Xevant delivers.”
“Xevant has helped us communicate a better story with actionable proof points on why our clients need to work with us versus working with somebody else or staying where they’re at.”
Nick Conway , SVP, Head of Product
- Grew revenue by 78%. With Xevant’s help, NFP has seen the fastest growth period of their organization in the last two years.
- Improved contract management. With most of their work in contract performance monitoring, Xevant’s technology has helped NFP manage those contracts more effectively.
- Automated reporting functionality. Where once NFP was forced to pull daily reports from multiple PBM partners to review utilization, is now aggregated into the platform. This eliminates the need to sift through pages and pages of data.
- Business Process Optimization. Significantly reducing the time it takes to pull client critical information, the NFP team has the means to do their jobs more efficiently.
NFP views its partnership with Xevant as a huge success. “From a high-level perspective, it’s allowed us as an organization to do things that our competitors are not doing. We are now able to focus on actionable scenarios in real-time, utilizing the alert technology, versus just reporting on high-level metrics on a quarterly basis. That is truly the biggest differentiator for us and our clients.”
