ApplicInt Partners With SBLI to Simplify the Life Insurance Application Process Using U*Complete

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RENO, Nev.Jan. 13, 2021 /PRNewswire/ — ApplicInt, an industry leader with their suite of insurance application fulfillment solutions, recently led efforts to digitize the Life Insurance application process for Savings Bank Life Insurance Company (SBLI), based in Woburn, Massachusetts. In a Pilot, SBLI successfully implemented ApplicInt’s U*Complete platform for clients to self-complete Life Insurance applications, which is seamlessly integrated into SBLI’s fulfillment process. SBLI is planning for a full production rollout of U*Complete in the second quarter of this year (2021).

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Direct to Consumer Life Insurance Electronic Application software solution.
Direct to Consumer Life Insurance Electronic Application software solution.

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“We are very excited about our partnership with ApplicInt and the opportunity to use UComplete in innovative ways to help our clients,” said Rose Conneely, COO, SBLI. “Our focus is to simplify the application process for agents and their clients alike, and our 100% digital Self-complete Application Process Pilot has demonstrated very positive results. We look forward to rolling it out to the market.”

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“Our goal is to make the application process as simple and convenient as possible, and via our partnership with ApplicInt, we have piloted an easy-to-use 100% digital process for clients to self-complete their application, while automatically providing agents and their clients ‘status alerts’,” said Rose Conneely, COO, SBLI. “We are planning to roll-out this new option in mid-2021.”

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ApplicInt’s U*Complete has two workflow self-service models: “Carrier Direct to Consumer” and “Agent Direct to Customer”. In the Carrier Direct to Consumer process, the consumer has a secure login to the Carrier’s Website. The consumer chooses a face amount/term product and runs a quote. They then complete a Part A Life Insurance Application, with the Part B medical questions being optional depending on the carrier’s fulfillment process. The consumer then eSigns Forms. There is real-time chat available when needed or a warm transfer to a call center to schedule an exam if needed. Forms and data are sent to the carrier in good order. The Agent Direct to Consumer model is essentially identical, except that the Agent initiates the fulfillment process and the consumer can review quotes from various carriers.

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Mike Feroah Sr., Founder and Chief Strategy Officer of ApplicInt stated, “We are overly excited about the extension of our technology that allows a common platform to be used by consumers, call centers and examiners to provide part A or part B application information to carriers. U*Complete also can be integrated with automated underwriting platforms for deep instant decisioning. And if you have existing ApplicInt software, it can be converted to U*Complete in a matter of weeks. U*Complete provides better a customer experience with enormous cost and efficiency savings.”

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About ApplicInt

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ApplicInt, a leading information technology company, has developed several innovative, interoperable solutions that can be customized to meet the unique requirements of each client. ApplicInt was founded in 2003 to provide efficient and cost-effective technology solutions for the collection and distribution of information for life insurance applications. Automating the broker’s world not only means digitalizing their offices but, more importantly, streamlining and simplifying the process of obtaining insurance.

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Media Inquiries:

Trish Gates

ApplicInt USA Inc.

775-325-4610

tgates@applicint-usa.com

Related Images

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U*Complete 
Direct to Consumer Life Insurance Electronic Application software solution.

SOURCE ApplicInt USA Inc

Celent research ranks Equisoft’s illustration software among the best solutions in North America

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Equisoft’s insurance illustration software is acknowledged by Celent for its advanced technology and breadth of functionality, and for providing “the best experience across all illustration systems”.

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Philadelphia, January 14, 2021 – Equisoft, a leading global provider of digital business solutions for the insurance and wealth industries, proudly announced that its insurance quote and illustration software, Equisoft/illustrate, has been recognized by Celent as one of the top-rated solutions in North America.

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Research and consulting firm Celent analyzed 10 vendor-offered illustration systems available for life, health and annuities product carriers. The findings were published in Celent’s recent report: “Life Insurance Illustration Systems: North American Edition.”

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New Chart ENG

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“A life illustration system is a core piece of the sales process in life insurance,” wrote Celent’s Senior Analyst Karen Monks in the report. “Based on solid overall functionality and recent improvements that we’ve seen, we think that vendor-offered illustration systems can improve a producer’s efficiency at the point of sale and, for the investment, will also deliver significant long-term savings for the insurer.”

.Going beyond table stakes quotes and illustrations

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As highlighted by the report, illustration tools are table stakes for life insurance carriers. Every company has a solution, whether developed in-house or sourced from a vendor, that does the required job -showing potential clients the details of what they are thinking of purchasing.

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“Today’s insurers are looking to gain a competitive edge on any front, whether it’s speed-to-market, offering seamless experiences or product innovation. More and more see an opportunity to elevate illustrations from a cost-of-doing-business tool to a critical platform for promoting insurance products,” said Bruno Leduc, Senior Director, Digital Insurance Solutions at Equisoft. “They want a user-friendly and effective tool that will outdo what their competitors could offer.”

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“Based on customer feedback and Celent’s review of the product, Equisoft/illustrate should be on an insurer’s short list when considering a new illustration system,”​ concluded Karen Monks in the report. “It provides the best experience we saw across all illustration systems this year.”

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Equisoft/illustrate is a class-leading front-end solution for comparing compliant quotes and generating the most compelling illustrations to showcase insurance products. Used by top-tier companies in North America, this next-generation software is a strategic asset for insurers seeking to unlock the full potential of their growth strategy and be at the forefront of the market.

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About Equisoft

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Founded in 1994, Equisoft is a global provider of advanced insurance and wealth digital solutions. Recognized as a valued partner by over 75 of the world’s leading financial institutions in 15 countries, Equisoft offers innovative front-end applications, extensive back-office services and unique data migration expertise. The firm’s flagship products include a SaaS policy administration solution, CRM, financial needs analysis, financial planning, asset allocation, fund and portfolio analysis, quotes and illustrations, electronic application, agency management systems, as well as customer, agent and broker portals. Equisoft is also Oracle’s largest and most experienced integration partner for the OIPA platform. With its business-driven approach, deep industry knowledge, innovative technology, and some 500 experts based in the USA, Canada, Chile, Colombia, South Africa, India and Australia, Equisoft helps its clients tackle any challenge in this era of digital disruption.

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12 Bruno 3

Bruno Leduc

Senior Director, Digital Insurance Solutions

Bruno has over 15 years of experience in life insurance technology. He’s an expert in digital transformation, front end implementations, and user experience.

Ameritas Selects iPipeline’s SSG Digital Platform to Enhance Life Insurance Processing for Financial Professionals

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e-Application, Self-Service Capabilities, and Network to Optimize Financial Professional and Carrier Performance

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Exton, PA (January 12th, 2021) – iPipeline® – a leading provider of low code cloud-based software solutions for the life insurance and financial services industry, today announced Ameritas has chosen the SSG Digital® Platform to streamline the application processing experience. Ameritas is a mutual-based provider of life insurance, financial services, and employee benefits. iGO® e-App and Maestro® Self-Service will be integrated with Swiss Re’s Magnum Pure® full-service underwriting automation to accelerate business processing, lower costs, and improve the customer experience for the Ameritas independent distribution channel. iPipeline has the life insurance industry’s largest independent distribution and carrier network within North America.

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“In a recent Deloitte survey, 48% percent of 200 insurance executives agreed the pandemic showed how unprepared our industry was to weather this economic storm. Digital technologies are essential to succeeding in today’s contactless selling environment, and iPipeline’s low code SSG Digital platform has what it takes to power the industry forward in 2021,” said Larry Berran, CEO, iPipeline. “Using iGO e-App and Maestro Self-Service with Magnum Pure will help Ameritas to improve their financial professional and consumer experiences.”

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“Ameritas evaluated several technology providers to find a platform that best fit our needs,” said Robert Sharp, Head of Independent Distribution at Ameritas. “iPipeline is a strong organization in the independent marketplace with integration experience and an innovative end-to-end platform. We look forward to working with iPipeline on automating our new business processes.”

To learn how you can implement iPipeline’s innovations to automate how your products are sold and processed, contact sales@ipipeline.com or call 1-800-758-0824, option 2.

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About Ameritas
Ameritas is a marketing name for Ameritas Mutual Holding Company and its affiliated subsidiary companies, including Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York. Founded in 1887, Ameritas offers a wide range of insurance and financial products and services to individuals, families, and businesses. These products and services include life insurance; annuities; individual disability income insurance; group dental, vision, and hearing care insurance; retirement plans; investments; asset management; and public finance. Securities offered through affiliate Ameritas Investment Company LLC. (AIC), member FINRA/SIPC and investment advisory services offered through the business name of Ameritas Advisory Services. AIC is not affiliated with any third-party entity mentioned herein. For more information, visit ameritas.com.

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About iPipeline
iPipeline is a leading provider of low code, cloud-based software solutions for the life insurance and financial services industry. Through our SSG Digital, end-to-end platform, we accelerate and simplify sales, compliance, operations, and support. We provide process automation and seamless integration between every participant in our ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and their consumers on a global basis. Our innovative solutions include pre-sales support, new business and underwriting, policy administration, point-of-sale execution of applications, post-sale support, data analysis, reporting, user-driven configuration, consumer delivery and self-service, and agency and firm management.

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iPipeline’s platform is used by approximately 450 carriers and fund companies, 1,400 distributors and financial institutions, and their agents and licensed advisors in a cloud-based environment. With headquarters in Exton, Pennsylvania, iPipeline has locations in Boston, Bromley (UK), Burlington (Canada), Cheltenham (UK), Dallas, Davidson, Fort Lauderdale, Huntersville, Ontario (CA), Philadelphia, Pleasanton, and Salt Lake City. Visit www.ipipeline.com.

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For iPipeline:
Lisa Shea
Marketing
lshea@ipipeline.com
484-870-6234

Verisk to Acquire Behavioral Data and Intelligence Vendor Jornaya

The acquisition will help insurers and lenders time and tailor interactions with customers and prospects, delivering better experiences and improving customer acquisition and retention

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(Image source: Jornaya.)

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JERSEY CITY, N.J., December 15, 2020 — Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today it has entered into an agreement to acquire Jornaya, a leading provider of consumer behavioral data and intelligence. The acquisition will add Jornaya’s proprietary view of consumer buying journeys to Verisk’s growing set of marketing solutions for the insurance and financial services markets.

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Using advanced marketing techniques, customers in the property/casualty, life insurance, and lending industries rely on Jornaya’s behavioral data, lead compliance intelligence, and other solutions to drive return on investment. With this acquisition, Verisk clients will have the intelligence and agility to time and tailor interactions based on actual in-market behaviors—ensuring engagement with customers and prospects at the right time with a relevant message.

 

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Ross-Shanken-founder-and-CEO-Jornaya

Ross Shanken, Founder and CEO, Jornaya.

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“The rapid growth of competition in insurance and financial services has made it more critical than ever for businesses to help consumers find the products they need with speed and ease,” comments Doug Caccese, president, ISO Personal Lines, Verisk. “Jornaya brings unique insights to consumer buying journeys and the ability to meet the evolving needs of CMOs and marketing teams. Combined with our extensive data assets and deep domain expertise in predictive analytics and decision-support solutions, this acquisition will enhance our ability to develop innovations to help our clients refine their marketing outreach, boost customer acquisition and retention, and increase profitable growth.”

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“Verisk has shown a strong commitment to meeting the rapidly changing needs of leading marketers with data-driven solutions, highly experienced teams, and a significant innovation pipeline,” says Ross Shanken, founder and CEO, Jornaya. “As part of the Verisk family, we’ll be able to increase our reach, improve our solutions, and help our clients grow with greater speed and efficiency by driving better customer engagement, acquisition, and retention.”

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About Jornaya

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Jornaya has proprietary behavioral data in markets where consumers make considered purchases, including the insurance and lending industries. Jornaya’s data helps companies and their marketing teams improve consumer engagements and drive profitable growth through a deeper understanding of their customers and prospects and their buying journeys. Leading companies use Jornaya’s data to help retain current customers, grow relationships with existing customers, and establish new relationships. For more information, visit jornaya.com.

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About Verisk 
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.

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Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500®Index. In 2018, Forbes magazine named Verisk to its World’s Best Employers list. For more information, please visit www.verisk.com.

 

Management Research Services and Liberty Bankers Insurance Group Unite (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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Leading figures from global broadcasting and the digital economy join Reuters Next speaker line-up

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REUTERS MEDIA CENTER

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DECEMBER 4, 2020 9:53 PM UPDATED

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Leading figures from global broadcasting and the digital economy join Reuters Next speaker line-up

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By Reuters Communications

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Tim Davie, Director General of the BBC, and Jotse Groen, CEO of Takeaway.com, are just two stand-out speakers newly confirmed at Reuters Next, one of the biggest and most ambitious leadership summits in the world.

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With just over one month until the virtual conference – which takes place January 11-14, 2021 – Reuters Next will deliver agenda-setting discussion around the theme of Rethink, Rebuild, Recover; A New Vision For A Better Tomorrow, a host of freshly-announced names have been added to the impressive line-up.

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The conference will bring together 25,000 executives over four days to examine topics such as global trade, climate change and sustainability, the fallout from the U.S. election and the impact of Brexit, new work models, press freedom and economic recovery, providing professionals with essential insights and information to make smart decisions.

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Other newly confirmed speakers include:

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– Haris Arshad, Managing Director, Sime Darby Oils

 

– Bibi Bakare-Yusuf, Founder & Publisher, Cassava Republic Press

 

– Sama Bilbao y Leon, Director General, World Nuclear Association

 

– Fatih Birol, Executive Director, International Energy Agency

 

– Vera Daves, Angola Finance Minister

 

– Benjamin Diokno, Governor, Bangko Sentral ng Pilipinas

 

– Deep Kalra, Founder & Group Executive Chairman, MakeMyTrip Limited

 

– Osprey Orielle Lake, Founder and Executive Director, Women’s Earth and Climate Action Network (WECAN) International

 

– Takeshi Niinami, Chief Executive Officer, Suntory

 

– Maria Ressa, Founder, Rappler

 

– Vergel O. Santos, Member, Board of Trustees, Center for Media Freedom and Responsibility.

 

– Thae Yong-ho, The Member of the National Assembly of The Republic of Korea

 

– Lei Zhang, Founder, Hillhouse Capital Group

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The stellar line-up also features previously announced speakers including Christine Lagarde, European Central Bank President; Sandeep Mathrani, CEO, WeWork; activist and businessman Bobi Wine; Kristin Peck, CEO, Zoetis; Shan Weijian, Chairman and CEO, PAG Group; Mike Wirth, CEO, Chevron; Waad al-Kateab, Founder, Action For Sama; and Darren Walker, President, Ford Foundation.

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The diverse roster of speakers to examine topics from multiple perspectives, bringing their passion, experience and expertise to find new ways forward on the most pressing issues of our age.

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Josh London, Reuters Chief Marketing Officer and Head of Reuters Professional, said: “I’m delighted to welcome such diverse, high-profile leading speakers to Reuters Next, who bring a wealth of experience and insight to provide trusted intelligence for our professional audience. It’s shaping up to be an incredibly exciting global conference, which will start 2021 with a bang.”

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Led and programmed by newsroom editors, Reuters Next draws on the strength of the world’s biggest news provider – with 2,500 journalists in 200 locations – and its unrivalled ability to provide professionals with both business and general news from every part of the world.

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The summit follows the launch of Reuters Professional – a new, unified offer of global news coverage, commentary and industry-leading events to help professionals make smart decisions.

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Reuters Next is produced by Reuters Events and powered by Reuters award-winning newsroom. Reuters Events was created in October 2019 after Thomson Reuters acquired FC Business Intelligence. It delivers high-end conferences and exhibitions to diverse sectors including energy, insurance, pharmaceuticals, transportation, travel, strategy and technology. Its offerings help senior business professionals stay at the forefront of change through insight sharing and networking with peers.

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The full agenda and further details can be found at reutersnext.com.

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[Reuters PR Blog Post]

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Media contact:
Joel.ivory-harte@thomsonreuters.com

Next Gen Personalization Methodology for Life Insurance

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Consumers have come to expect personalized, multichannel user experience from companies that they interact with. Most industries are now able to offer their customers products that match their immediate and long-term needs wrapped in tailored messaging that speaks their language and caters to their lifestyle, behavior, attitude, and preferences. This the basis for the data driven, ‘People Like You’ marketing strategy that is commonly used throughout B2C campaigns.

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Most life insurers currently use traditional segmentation tools such as Tapestry (Esri), Mosaic (Experian), and even Facebook, as the basis for their marketing strategy. This allows insurers to personalize their marketing activities and products in the Life Insurance vertical. In short, Tapestry, and the like, classify people into over 60 groups and types based mainly on zip code data. This cohort is creating unique live style segments relating to demographics and socioeconomic characteristics. Tapestry, for example, describes US neighborhoods in easy-to-visualize terms, ranging from “American Royalty” to Heartland Communities.

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tapestry          esperian

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But what if you could add a totally new dimension to traditional classification in the form of recurring Behavioral Patterns to create hundreds of thousands of additional granular segmentations, providing a full and complete insight into your Book of Business?

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Atidot leverages on these powerful segments with its AI and Machine Learning capabilities and augment a behavioral pattern to the data. We use external information from public databases as well as internal sources such as CRM systems. This information will enrich your database and provide additional insight into your Book of Business or creating a platform for new marketing strategies that are more accurate, potentially enabling marketing campaigns based on real time customer data. Occupation, proximity of hospitals, day of premium payment, investment patterns etc., can impact the Lifetime Value of your policyholders and can help create additional revenue sources.

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This is the next generation platform for product personalization and product offering for tailored marketing campaigns, new risk modeling, lapse strategy and more. Moreover, machine learning technology can keep learning as policyholders’ actions are recorded to create more accurate and additional profiles, thus detecting the most profitable potential customers. This is the basis of our Nano-Segmentation Methodology.

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For example, one behavioral pattern is the client’s payment date. Different dates may have different meanings. For instance, if someone is repeatedly late in their premium payments, the machine can find a pattern such as “these people, if their age is between 40-50, tend to lapse within 5 years”. This behavioral pattern could have a totally different meaning if they are between the ages of 20-30. Here it might suggest that they are busy successful people who don’t have enough time to attend to their finances. Yet they may match the most profitable policyholder groups that insurers have.

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Another example of a Behavioral Pattern relates to sensitivity to financial market trends. For instance, when the Bond Index is on the rise, some people tend to invest more in their own pension funds. AI and ML technology tie such behavior patterns into different groups, such as the trendsetters segment (a traditional segmented group) that potentially tends to invest when the Bond Index is up (based on the correlation between two sets of behaviors) indicating that they have a financial orientation and can be treated in two different ways. If the client owns a policy with a 4% guaranteed premium that was issued years ago, they should be encouraged not to lapse that policy. When the Bond Index is down, insurers might consider selling more protections to that segment.

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On a strategic level, if you are catering to this specific group you might launch a marketing campaign in channels that cater to this specific group of trendsetters with a financial orientation, for instance, via bloggers associated with style, targeted ads in fashion publications, direct email, etc. The possibilities are endless.

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So, since AI and ML capabilities can be trained to translate real time events into real time data, this newfound segmentation becomes the platform for tailored marketing targeting that can factor any real time relevant data. For instance, changes in the COVID 19 geographic spread can impact the demand for life insurance, generating real time targeting on a weekly or monthly basis, through traditional channels such as email campaigns, social networks etc.

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Key Benefits: 

– Tens ot thousands and up to millions of new segmentations.

– A dynamic software platform vs. static commonly used tools.

– Life insurance-specific software, catering to the life insurance segmentation

– An accurate platform for new marketing strategies

– Behavioral-based on top customary data driven – providing  a competitive advantage.

– Maximizing the value for your existing customers.

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Resulting in deep understanding of the customer base and full optimization of the Book of Business, as well as new revenue streams generated from a specific target audience. This next generation approach will set the basis for marching your company into the challenges of the next decade that are all about customer experience and profitability.

Creating an Integrated Experience for Buying Life Insurance

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The life insurance industry is at a tipping point! Forced to deal with constant challenges in optimizing operational costs, improving overall accuracy, and enhancing customer experience, all the while ensuring the highest return on allocated capital, insurers worldwide are treading treacherous waters. As insurance companies are overwhelmed with vast amounts of structured and unstructured data, they find it extremely hard to collect and analyze data from multiple sources. Most insurance carriers still rely on outdated technologies and legacy IT infrastructure to facilitate data capture, and this typically leads to poor data quality, scalability issues, and cost and operational inefficiencies. Alongside, the intense market competition, stringent regulatory norms, and growing compliance pressures are making it much harder for life insurance companies to keep revenue flowing and stay in the game.

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The need of the hour for carriers is to embrace faster and more efficient business practices and advanced technologies that not only accelerate the insurance application processes but also eliminate redundancy and reduce operational costs. This is where automation plays its part; it streamlines the repetitive mundane tasks, clears up bottlenecks, enhances risk management, and drives companies toward the next level of growth. Tapping into the immense potential of automation, ApplicInt, a leading information technology company, has developed several innovative, interoperable solutions that can be customized to meet the unique requirements of each client. ApplicInt was founded in 2003 to provide efficient and cost-effective technology solutions for the collection and distribution of information for life insurance applications. Automating the broker’s world not only means digitalizing their offices but, more importantly, streamlining and simplifying the process of obtaining insurance.

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“Whether you are an agent, call center representative, consumer, or examiner, our intelligent solutions can be utilized to quickly complete life insurance applications digitally”

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To that end, ApplicInt provides alternate ways for agencies to become more efficient. “Whether you are an agent, call center representative, consumer, or paramedical examiner, our intelligent solutions can be utilized to quickly complete life insurance applications digitally,” says Michael Feroah Sr, Founder and Chief Strategy Officer, of ApplicInt. All of ApplicInt’s solutions are designed around automating the entire process of collecting and moving data from the pointof-sale to a carrier, making it easy and fast to issue policies. Since its inception, the firm has worked with a growing list of carriers, brokers, third-party administrators (TPAs), paramedical companies, and banks to increase revenue and dramatically reduce the cost of acquiring new customers for life, health, and disability insurance; annuity; and mutual fund products.

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Faster Policy Decisions at No Additional Costs

While segments of the insurance application process are automated today, most of them are yet to be fully digitalized. ApplicInt is the first company to provide a fully digital, end-to-end process for all types of insurance. ApplicInt’s end-to-end digital technology can connect all software solutions—regardless of the software provider—into a unified solution that can process all types of life insurance products. ApplicInt’s solutions can be used by insurance examiners, call centers, and even consumers to address information collection and consolidation problems. In other words, ApplicInt’s software includes a consumer-direct solution; consumers can fill out the insurance application on their own instead of relying on a third-party. “The key to dealing with challenges in today’s business landscape is flexibility. ApplicInt’s solutions are designed to work the way you do; their flexible workflow and easy configuration allow carriers to quickly adapt to changing market conditions and seamlessly integrate into any software solution or process,” informs Feroah.

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ApplicInt has a complete suite of insurance application fulfillment solutions. ExpressComplete serves as an easyto-use multi-carrier quoting and drop ticket platform that guides and directs a user or agent in filling the insurance application order and cuts down on the processing time. ExpressComplete has integrated ticketing capabilities such as health analyzer (which confirms the underwriting rate class), call scheduling (passes an order to the carrier call center), and real-time exam scheduling. The software comes with single sign-on, and helps connect producers (individual agents) to fulfillment centers. Agents can keep track of their applications and pending status via ExpressComplete. It also helps guide reps through the process of accurately filling the carrierspecific short application form and electronically submitting it to the designated fulfillment center.

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CallComplete, on the other hand, is a web-based flexible application fulfillment platform that snaps easily into any carrier’s call center and can be used by distributors and third-party call centers to gather medical as well as nonmedical information. The CallComplete solution has scripted reflexive interview questions (Part A/B) that ensure cases are 100 percent in good order. CallComplete can also be used remotely as a fulfillment process for ExpressComplete term ticket and any other platform. Forms, including unique special authorizations—required for over 25 percent of attending physician statement (APS) records—are signed with voice or eSignature. A distinctive aspect of CallComplete is the fact that it can also be combined with ApplicInt’s digital paramed platform, ExamComplete, to provide a seamless end-to-end application process. “We developed all of our solutions as a response to the increased complexity of the insurance sales and underwriting process. We achieved our ultimate goal to automate the information collection process for insurance agencies, carriers, brokers, and other stakeholders involved,” mentions Feroah.

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Eliminating the “Not In Good Order” Problem

ApplicInt’s ExamComplete can be deployed in multiple paramedical service providers’ systems and call centers. Through the software, ApplicInt enables insurance carriers to accurately collect information during the paramedical exam via a reflexive interview. “We have also automated the process of ordering copies of attending physician statements (APS), which are medical records from doctors and hospitals. ExamComplete is the only platform that facilitates the examiner to obtain the digital special authorizations that has proven to reduce cycle time attributed to APS health record acquisition,” adds Feroah. In fact, ExamComplete is the leading digital paramed platform used by the top lab facilities and paramedical vendors in the industry, like APPS Paramedical Services, ExamOne, and Clinical Reference Laboratory (CRL). ApplicInt also developed end-to-end digital application solutions where the software could qualify the proposed insured in real-time.

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ApplicInt Flow 7-23-2020

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Providing the customer with the tools to complete some or all of the application on their schedule has been a goal of the life industry for years. With the recent launch of UComplete that flexibility is now a reality

More recently, ApplicInt incorporated electronic lab slips into ExamComplete and introduced a consumer facing solution (UComplete) that allows consumers with the resilience to complete the application package online on their own schedule. Alongside, the firm also integrated pharmaceutical prescription historical data into the data collection processes and introduced Exam-2-CallComplete, a new module that enables an insurance examiner that failed to complete the exam in the field to revert the application process to a call center for fulfillment . “Earlier, it was just a matter of automating and digitalizing the parts of the insurance industry that were paper-based. We have expanded our core information collection processes to provide more flexible data collection solutions, better information with integrated Rx history, and eliminate the black holes of information collection by integrating automatic APS ordering (attending physician statements) and reducing the time taken for special authorizations,” stated Feroah.

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“ApplicInt’s solutions are designed to work the way you do; their flexible workflow and easy configuration allow carriers to quickly adapt to changing marketing conditions and seamlessly integrate into any software solution or process”

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Dedicated to Continuous Innovation

It is not just ApplicInt’s ability to deliver innovative, customer-focused technologies and solutions that have helped the company attain exponential success; it is their approach toward solving consumer and business needs that set them apart in the marketplace. ApplicInt is an accessible, service-driven, software provider that keeps its development costs in order to create an environment that makes innovation easier and less expensive while maintaining high quality. The firm works in partnership with each of its clients and focuses on building successful, long-lasting relationships. “We find different ways to automate the insurance application process and make it much more efficient and less expensive. The cost to deploy an ApplicInt solution has a nominal fee compared to our competitors and we generate revenue by charging a modest transaction fee,” says Feroah. ApplicInt’s result-oriented staff interacts with each customer from beginning to end of a project and continues to own the relationship. “Our team’s engagement and commitment to constantly inquiring and learning the ongoing needs of our customers is key to our growth and success. We listen, we work together, we create solutions,” cites Feroah.

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The Way Forward: Adapting to Change

ApplicInt is always in pursuit of providing better solutions and being better partners to its clients. For the road ahead, ApplicInt is looking forward to expanding into the emerging market where a paramedical exam is not required. In parallel, the firm is also working on new extensions for its software with additional capabilities. This includes incorporating pharmaceutical data from information sources like the Medical Information Bureau (MIB) on the front-end to allow carriers to speed up the application process even more, and essentially, in the long run, make the agencies and agents a lot more profitable. Currently, the firm works with over 40 carriers and we are growing our customer base. “We are well-positioned for continued growth. Our goal is to expand our core products and technology and continue to make the insurance application process easier and more efficient,” expresses Feroah. As digital technologies continue to disrupt the insurance sector, the industry will have to move from its current ‘reactive’ mode to ‘predict and prevent’ mode. And, this evolution will have to be at a faster pace than before as the stakeholders in the insurance value chain (like brokers, consumers, financial intermediaries, carriers, and suppliers) become more adept at using advanced technologies. With the right tools and approach, such as those offered by ApplicInt, carriers and distribution can thrive in these changing times.

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By Pamela Morgan

In$urance CIO Outlook Magazine

NOVEMBER – 25 -2020 ISSN 2644-2795

https://www.insuranceciooutlook.com/

 

iPipeline’s WELIS Systems Wins 2020 XCelent Award for Depth of Customer Service for Ascent Illustration System

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WELIS Excels in Customer Satisfaction Above All Other Illustration System Providers

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Exton, PA (December 2, 2020) – iPipeline® – a leading provider of low code cloud-based software solutions for the life insurance and financial services industry – today announced recently acquired WELIS Systems has won the 2020 XCelent Award for Depth of Customer Service. The award is given to a company for outstanding performance in implementation and post-implementation services, training, the quality of user conferences, service-level agreement (SLA) scope and features, and mechanisms to obtain and service customer tickets. WELIS is long considered to be an industry leader in Illustration systems for the U.S. life insurance industry. The acquisition of WELIS positions iPipeline as one of the largest providers of illustrations in North America.

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The WELIS Ascent® Illustration System is designed to help insurers sell and service customers in a multi-channel distribution environment. The multi-time, award-winning software is constructed as a standard single life illustration system that can be transformed into a sophisticated multiple life/multiple plan system with a single button click.

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“Happy customers are what customer service is all about, and the WELIS team delivers services at a level not easily emulated by others within the Illustration System industry. Stephen Frederick and his team are a unique breed with an intense focus on excellence,” said Larry Berran, CEO, iPipeline. “Celent’s awards are highly coveted within the life insurance industry, and I am thrilled to see WELIS setting the bar for depth of customer service within our industry. Our focus will remain fixed on maintaining exceptional customer satisfaction.”

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“Celent’s framework for evaluating vendors is called the ‘Celent ABCD Vendor View.’ Our standard representation of a vendor marketplace is designed to show our industry readers at a glance the relative positions of each vendor in four categories: Advanced Technology, Breadth of Functionality, Customer Base, and Depth of Customer Service,” said Karen Monks, Senior Analyst, Celent. “In the category of Depth of Customer Service, WELIS emerged as the clear winner based on customer evaluations. We congratulate Stephen and his team on a job well done.”

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“Our customers are viewed as family at WELIS. Our team’s accessibility for them is second to none, and we understand the critical role Ascent plays in their agents’ abilities to attract and secure customers,” said Stephen Frederick, Senior Advisor, iPipeline. “We are honored to receive this award and committed to maintaining the same level of performance for our customers in the future.”

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Ascent will be integrated into iPipeline’s low code, SSG Digital® Platform to enable agents and advisors to quickly run real-time scenario-based illustrations, save them, and send them to customers for review and e-Signature through the PAS+® (Policy Administration System Plus) agent portal. Agents and advisors will also be able to run an illustration and include it during the e-App process to collect e-Signatures, reducing cycle times and improving iGO® e-App processing rates.

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To learn how you can implement iPipeline’s innovative solutions to automate how your products are marketed, sold, and processed, contact sales@ipipeline.com or call 1-800-758-0824, option 2.

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About iPipeline
iPipeline is a leading provider of low code, cloud-based software solutions for the life insurance and financial services industry. Through our SSG Digital, end-to-end platform, we accelerate and simplify sales, compliance, operations, and support. We provide process automation and seamless integration between every participant in our ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and their consumers on a global basis. Our innovative solutions include pre-sales support, new business and underwriting, policy administration, point-of-sale execution of applications, post-sale support, data analysis, reporting, user-driven configuration, consumer delivery and self-service, and agency and firm management.

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iPipeline’s platform is used by approximately 450 carriers and fund companies, 1,400 distributors and financial institutions, and their agents and licensed advisors in a cloud-based environment. With headquarters in Exton, Pennsylvania, iPipeline has locations in Boston, Bromley (UK), Burlington (Canada), Cheltenham (UK), Dallas, Davidson, Fort Lauderdale, Huntersville, Ontario (CA), Philadelphia, Pleasanton, and Salt Lake City. Visit www.ipipeline.com.

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For iPipeline:
Lisa Shea
Marketing
lshea@ipipeline.com
484-870-6234

MIB Acquires Paperless Solutions Group

MIB o2VWOQja-400x321 PSG download

PR Newswire

 

Expands Portfolio of Digital Solutions Expediting the Life Underwriting Process

 

NEWS PROVIDED BY

MIB Group, Inc.

 

MIB, the life insurance industry’s most trusted and secure partner for data-driven services, announced that it has acquired Paperless Solutions Group (PSG), a digital solutions provider. The acquisition expands MIB’s portfolio of solutions aimed at making the application and underwriting processes quicker and more efficient.

 

MIB’s expanded portfolio will include PSG’s products and tools that automate and facilitate the application process, including requirement gathering, signatures, policy delivery, application submission and underwriting risk assessment. These services integrate flexibly and easily with carrier systems and complement MIB’s existing products, which help insurers assess risk during and after the underwriting process.

 

“PSG has a long history of service to the life & health space with a special eye to process improvement,” said Jeff McCauley, President of PSG.  “The team and I are very excited to join the MIB Group as we believe the alignment of our products, services and personnel will bring even more innovation to the industry.”

 

“The life insurance industry is in the early stages of a digital transformation that has only accelerated since the onset of the pandemic,” said Brian Winikoff, President and CEO of MIB. “PSG’s portfolio of products and services are well positioned to support the industry’s quest to simplify and expedite the insurance application process and fit well with the solutions MIB offers our clients today.  Integrating PSG’s platform with our existing services will enable us to provide next-generation capabilities focused on automating the approach to selling and underwriting life insurance.”

 

PSG’s tools can be used individually, or on a bundled basis, and are easily incorporated into a carrier’s existing systems through robust API plug-in capabilities. “We believe PSG’s platform could provide significant value to the life insurance industry by streamlining the underwriting process and providing an efficient and reliable portal to collect key data closer to the point of sale,” said Winikoff.  That value is of critical importance as the life insurance industry looks to new technologies to help them drive efficiencies.

 

About Paperless Solutions Group
PSG is a leading provider of cloud-based software solutions for the life insurance and financial services industry. Our products and services provide unparalleled automation and integration for the insurance services industry. These innovative offerings conduct millions of transactions annually by enabling the presale, new business and underwriting, point of sale, and post-sale support. To learn more about PSG, please visit www.psginc.co.

 

About MIB
MIB Group, Inc. is the life and health insurance industry’s most trusted and secure partner for data-driven risk management and digital solutions that protect the financial integrity of its members and clients while addressing their evolving needs. Owned by its members who span the life insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably.  For more information about MIB, visit www.mibgroup.com.

 

Media Inquiries:
Betty-Jean Lane
MIB Group, Inc.
781.751.6135
blane@mib.com

 

SOURCE MIB Group, Inc.

Related Links

https://www.mibgroup.com