Management Research Services and Liberty Bankers Insurance Group Unite (Case Study)!

Liberty+Case+Study

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Management Research Services (MRS) is an industry leader in developing and delivering customized digital and automation solutions for clients and partners. Recently, MRS led efforts to streamline new business and underwriting processes for Liberty Bankers Insurance Group (LBIG) based in Dallas, Texas.

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When the COVID-19 pandemic began, LBIG experienced an unexpected service disruption with an existing underwriting service vendor for one of their highest volume product lines. In a matter of less than a week, MRS was able to mirror the existing process, as well as refine it to improve the customer experience. This resulted in minimal disruption to the new business process.

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Building on the success of that initial partnership, a second phase followed in June, wherein MRS developed and installed a reconfigured platform that integrated new data sources and greatly improved the customer experience. As a result of this phase, the new and improved MRS solution provided the following for LBIG:

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• A mortality analysis of a prospective client.

• Reduction in time to see which prescription drugs are currently in market.

• A better user experience.

• Access to a reflexive list of questions on health history.

• An increase in production due to a streamlined process for agents.

• Point-of-sale features for a client.

• Real-time reporting capabilities.

• Cost savings.

• Greater efficiency in issuing a policy to a client.

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Finally, MRS developed an e-Application (e-App) solution for LBIG in August 2020. The e-App was customized to LBIG underwriting specifications and completed an omnichannel experience for the selling agents. LBIG clients could now complete the life insurance purchasing process by utilizing one of two innovative e-signature options. This digitally enabled experience allowed a LBIG agent to sell remotely, a key feature that has proven extremely valuable in today’s market.

Ultimately, MRS served as a conduit for LBIG to modernize their processes from a manual process to a data-driven workflow.

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Another initiative MRS spearheaded was collaborating with another one of LBIG strategic partners, TAPP Solutions. TAPP Solutions designed and built a custom mobile app to assist LBIG agents in evaluating the health risk of a prospective client. This new technology enabled a pre-underwriting check that provided an agent a rate class for the prospective client prior to the beginning the application process. Overall, the partnership between MRS and TAPP provided LBIG’s agents with a seamless tool to enhance their user experience.

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Conclusion:

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Over the course of the past six months, MRS was able to maintain LBIG’s current workflow, while also creating and implementing new workflows to make new business and underwriting processes more efficient. The MRS technology platform has transformed what was once a tedious process, to a process where agents and applicants can receive immediate results. The LBIG partnership with MRS has allowed the life insurance provider to work more efficiently and prepare better for the future. MRS looks forward to continuing their relationship with LBIG and together they will continue to be at the forefront of data processing in the financial services industry.

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MRS CEO, Tim Dineen shares, “The whole project from start to finish has been very rewarding for both parties. We pride ourselves on creating solutions for our clients and we were able to do that for LBIG on multiple levels. We look forward to continuing to assist them for years to come.”

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At MRS, we help clients transform change into a competitive advantage.

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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!

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