Tag: no-code platform

Management Research Services Onboards with Lexis Nexis Risk Solutions!

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Management Research Services announces a strategic relationship with LexisNexis Risk Solutions to provide a better Customer Experience for Life Insurers

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Milwaukee, WI (March, 2021) — Management Research Services (MRS) is making dynamic changes within the life insurance industry by joining forces with LexisNexis Risk Solutions, a leading provider of data, advanced analytics and technology for the insurance industry, with a new workflow that can help life insurers to efficiently verify and authenticate customers while saving time by adding pre-fill data at the point of sale. It works as a technology application that can be produced without writing a single line of code. MRS can implement in a short time frame allowing a seamless transition of these identity verification tools and data into their No-Code platform.

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“The innovative product development and expansion MRS has seen in 2020 would not be possible without our strategic partners and the benefits that come along with alliances like the one with LexisNexis Risk Solutions,” said Tim Dineen, chief executive officer at MRS. “When combining MRS’s No-Code platform with LexisNexis Risk Solutions data, our solution can help provide all the tools needed to build a highly secure, complex application”.

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The entire MRS platform is a cloud-based, no-code program, that allows for other systems to use their own existing technologies to harness the power of the MRS rules engine. The rules engine enables the user to either plug-in or customize the process, and at the same time, LexisNexis® Life Data Prefill helps users more accurately populate key pieces of information within the platform. This helps deliver a more cost-effective and timely process for life carriers, as well as easy maintenance moving forward. The data is collected via the MRS call center, online application, or both.

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“We are very excited to be aligning with MRS,” said Drew Whitmore, senior director for Global Alliances at LexisNexis Risk Solutions. “Integrations like this provide a solid foundation for improving the application and underwriting process, and ultimately bolster the consumer and carrier experience”.

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For information about this new alliance, be on the lookout for a new podcast series starting in late February with Innovate or Be Left Behind – Leveraging data and analytics at the Point of Application as the inaugural episode. All podcasts will be available on company websites, social media and on demand.

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About LexisNexis Risk Solutions

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LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.

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About MRS

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MRS provides a high-end technology product to life, health, and annuity insurance industries. In today’s world where “the only thing constant is change,” that original vision has been expanded to include more services and technology capabilities designed to help clients adapt quickly and in a cost-effective way. MRS has invested heavily in our technology platform to create a foundation for the next revolution in life insurance. MRS’s No-Code platform gives you all the tools needed to build a highly secure, complex application that efficiently collects voice and electronic data without writing a single line of code. The result is a vastly reduced time to market with no initial or ongoing maintenance costs making the total cost of ownership substantially lower than status quo solutions. Our platform’s ability to support powerful reflexive logic makes the MRS rules engine extremely efficient in collecting all information needed to make a point-of-sale decision. The capabilities and flexibility of our platform allow customers to use the MRS technology platform as their single solution or as a tool to support and enhance current technology solutions they already have in place. Please visit us at www.managementresearchservices.com or contact us by email at sales@mrsreps.com to learn more!

How Does The Insurance Automation Platform Save Time?

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How does the MRS insurance automation platform save time?

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There are three primary ways the Management Research Services (MRS) products can save our clients’ time: the technology that allows for rapid decision-making, the functionality of the no-code platform, and our customer-service driven approach to integration.

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Many underwriting decisions are easy ones. The issue is that it requires analysis of massive data sets to arrive at the decision. Technology improvements offered in the MRS no-code platform will never eliminate the need for underwriters; they just eliminate the need for underwriters to spend hours upon hours of reading and scanning the intel provided for each client.

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Consider the recent history and changes in recordkeeping across the medical industry. Generations of paper records yielded to the first-generation Electronic Medical Record (EMR). EMRs are not standardized across providers; they are really an in-house chart; something of a relic from the days before cloud computing. The lack of standardization means there is a lot to manually unpack and interpret.

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Before EMRs achieved industry-wide adoption in 2014, the use of Electronic Health Records (EHR) was rapidly expanding. The EHR is more expansive, standardized, and designed to be shared; it is everyone’s file combined and cloud-hosted. Different providers, specialists, labs, and pharmacies share information to allow for informed decisions and coordinated care. If these were old fashioned file-folders, they would be fat files! Complete health histories. Of course insurance carriers want to review all information available, but it’s grown into a momentous task.

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An EHR is likely hundreds, perhaps thousands of pages. It can include fifteen different sets of medical codes with over one million unique code possibilities. We have created something beyond the scope of human memory or mental capacity. Luckily, the challenges EHRs present are the exact sort of problems modern AI is designed to handle: rapid, accurate data crunching into short bits of standardized, meaningful output. The MRS system uses the EHR along with other sources to arrive at a score or rating.

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The process has been turned upside down: most underwriting decisions are already made. The applications become about seeing how and where each applicant qualifies, according to each client’s pre-programmed rules and decisions. The result is rapid underwriting decisions made at the point of sale; over 95% of applicants are processed within just minutes.

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The example of the rise of EHRs provides a behind-the-scenes way technology saves time in application processing. It is notable, but where MRS is truly going to save time for insurance carriers or third-party vendors is with the sleek functionality of the no-code platform. Our system bypasses an expensive and time-consuming step in the process by removing the need to work with developers or IT. We’ve already taken care of that step for you; no programming or coding experience is required in the process. Our clients become empowered.

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Our customer service driven approach means rapid integration times for systems customized from the ground-up and with minimal maintenance costs. We want to work with you to build the platform or E-App that best serves your organizational and client needs. We are eager to talk with prospective clients about trying out a customized demo of our time-saving products. To request a demo, contact us at https://managementresearchservices.com/contact

Novarica Report 2020: Management Research Services is an Established Player

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Management Research Services is recognized by Novarica as an established player in their field

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An industry thought leader granted Management Research Services (MRS) accolades and recognition by profiling them among a select group of vendors in an annual niche publication. Novarica is a leading research and consulting firm that analyzes technology and strategy across the insurance industry. They publish numerous research reports that examine trends, best practices, and vendor options for insurers, clients, and anyone willing to buy and leverage their data. In a November report, Novarica recognized MRS as an “established player” in the field of companies providing partial and full-service underwriting solutions to insurers of life, health and annuity.

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Novarica’s 2020 report on Life / Annuity / New Business Underwriting Systems offers an overview of MRS and 15 competitors. The companies included are not rank-ordered or endorsed but presented as the short-list for new businesses evaluating potential vendors in the marketplace. MRS is recognized as being an established player among their peers, which Novarica defines as “having shown staying power in the marketplace as well as substantial customer experience.”

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Their report includes a several-page company profile for each of the 16 firms listed. The profiles summarize each organization, their client base, and the technologies they incorporate. Each description speaks to their product’s key functionality, deployment options, and approach to implementation. Though the company profiles and associated analysis are not available to the general public, they are shared with Novarica’s consultation clients. Non-clients can also purchase and download the full report from their website.

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Inclusion in Novarica’s annual published research represents a win for MRS on multiple levels. It provides affirmation that our team continues to provide industry-leading technology and customer service in a competitive and rapidly changing field. This is confirmation that our no-code platform is among the most sophisticated and dependable options available.

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Furthermore, inclusion represents another growth opportunity for us; our brand and logo are placed alongside those of the dominant providers in the marketplace. Along with their library of research, Novarica is known for providing consultation. They specialize in taking a needs-analysis approach towards helping their customers with vendor selection. Being on their short-list and getting their stamp-of-approval for our no-code platform can only help us continue to connect with clients that will benefit from our product. For those familiar with general consumer products, it’s like MRS just got the Good Housekeeping Seal of approval!

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We’ve already been growing. Since March of 2020, the staff at MRS has grown by 50%! We are heavily invested in our people and platform; we look to continue working alongside other industry leaders during this time of revolutionary transformation. The old adage, “the only constant thing is change,” remains just as true today as it was when we started in 1988. We are poised to embrace and adapt with continued change and growth in the times to come.

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The MRS no-code platform provides companies with everything they need to build a complex, secure, and powerful application – capable of supporting even the most complicated underwriting decisions. Our hands-on, personalized approach to customer services means our platform can be customized from the ground up and fully integrated in surprisingly short spans of time. We offer a flexible, single solution with low start-up costs, rapid integration times, and little-to-no ongoing maintenance costs. The end result is substantially less expensive for insurers and third-party providers than status quo options.

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Find out more about how our technologies and innovation are leading the industry.

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For more information about the MRS no-code insurance services platform, please visit www.managementresearchservices.com or email us at sales@msrreps.com.