Solstice - Account Management Team of the Year
Company: Solstice, Plantation, FL
Company Description: Solstice provides dental and vision insurance to 700,000+ members nationally and has built one of the largest open access DHMO provider networks. Solstice created an award-winning benefits administration platform — the Solstice Marketplace. In 2018, Solstice was ranked the No. 54 insurance company on Inc. magazine’s 5,000 fastest-growing private companies list, having made the list eight times.
Nomination Category: Sales Awards Team Categories
Nomination Sub Category: Account Management Team of the Year
Nomination Title: Solstice's Account Management Team
Solstice is a dental and vision benefits insurance carrier with more than 20 years serving employer group and individual clients in both the commercial and public sectors.
We nominate our Account Management and Client Services team forits client retention efforts and achievements during the COVID-19 pandemic. Our relatively small team is responsible for servicing employer groups that have dental and/or vision benefits with Solstice, ranging in size from 2 to 10,000+ plan members each.
Our Account Management team is seasoned in the benefits industry and is skilled at grappling with challenges, both large and small. As Solstice has grown over the years from a local, single-product operation to one with a national footprint and diverse suite of products, our Account Management team has seen our clients through new product launches, IT systems overhauls, healthcare reform, and now a global pandemic.
Outline the team's achievements since July 1 2019 that you wish to bring to the judges' attention (up to 250 words):
The COVID-19 pandemic led to a widespread challenge on a scale unprecedented in recent times, touching everyone. Facing a world of unknowns, Solstice’s Account Management team came together to help clients who were abruptly facing provider office closures, layoffs, budget shifts, and altered revenue streams – on top of the immediate health concerns of the coronavirus.
As a team, we focused on retaining business in the most uncertain time we’d faced in recent memory. We came up with a strategy: 1) engage in open, frequent communication with our clients; 2) offer flexibility to clients with new services, and 3) provide financial relief where needed.
Once the pandemic hit, our team began aggressive outreach across our book of business, making nearly 2,000 phone calls per week to check in with clients, bi-weekly email updates, and following up with plan members who contacted Solstice’s customer service hotline. We launched a teledentistry program for members to meet with dentists via video at no charge. Our team educated clients on how to use this new feature in the event their dental office was closed.
To support customers facing financial difficulties, we offered credits, flat renewals, and temporary benefits adjustments. We created temporary ‘COVID-19’ dental plans for client companies needing financial relief and for employees who’d been laid off from a client company. For $1 per month, our afflicted clients enrolling in this plan had basic coverage in the event of a dental emergency and could still seek routine cleanings and other care.
Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the team's past performance (up to 250 words):
Solstice’s Account Management team achieved 91% client retention and 93% revenue retention from the onset of the pandemic to now, an improvement of five to six percent over our normal retention levels - which were already consistent with industry standard expectations. Our Account Management team’s efforts bolstered Solstice at a time when many companies across variousindustries unfortunately saw a reduction in business.
By making our clients feel supported both emotionally and financially, at a time when many people felt alone, confused, and uncertain, our Account Management team strengthened our client relationships when customary face-to-face meetings were not possible – and still aren’t.
While dental care is critical to maintaining overall bodily health, and dental premiums are stable and relatively affordable, it was quite possible that dental would fall by the wayside as companies sought to cut costs or perhaps focus on medical benefits.
In executing our COVID-19 strategy, our Account Management team kept Solstice top of mind with our clients and underscored the value we provide through frequent communication, education, flexibility, and financial consideration. The results are clear: we saw a tangible improvement in our typical retention levels and higher benefits utilization, i.e., more plan members accessing services. All of this supports Solstice’s mission of improving the lives of those we serve.
The service team has played a crucial role in Datasite’s transformation to a leading SaaS provider for the M&A industry. Their unmatched ability to provide tailored client experiences allowed Datasite to not only retain business, but to grow, in the midst of sunsetting older infrastructure. In 2019, Datasite’s revenue increased by 27% from 2018. And in Q2 2020, Datasite gained 3.4% of market share against its competitors; following an increase of 4.8% in Q1.
In 2020, the service team continued to deliver exceptional service to Datasite clients globally, despite the challenges presented by the COVID-19 pandemic.
- Between March-September 2020, the team averaged an 89% chat response within 10 seconds,and a 91% email response within one hour.
- In 2020,Datasite’s NPS score rose 18% to 73.For 2020 year-to-date, Datasite’s customer service team has reported an average Customer Satisfaction Score of 4.4 out 5 for email and live chat support.
In support of Datasite’s latest innovations, the learning team offered 100 new courses for the service team from January 1, 2020 to today; encompassing about 50 hours of content. As a result, the service team has completed an impressive 3000 hours of learning in 2020 to-date – a key factor in the team’s ability to provide best in class service for Datasite customers.
The service team is held in high regard at Datasite, regularly celebrated for their key contributions to the organization’s success.
Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
We've enclosed examples of flyers that our team provided to clients with information on our teledentistry program, as well as options for online vision retailers to utilize during the COVID-19 pandemic.
Supporting Materials:
Appendix 1: Press release announcing Datasite Customer Service Team’s (formerly known as Merrill Corp) Bronze Stevie Award win in 2019
Appendix 2: Press release announcing Datasite Customer Service Team’s (formerly known as Merrill Corp) Bronze Stevie Award win in 2020
Appendix 3: Press release announcing Datasite's rebrand
Appendix 4: Link to video highlighting Datasite’s service team support for legal advisors
Appendix 5: Link to Datasite client services team video