LifePRO® increases speed to market
While reducing costs and improving service
Sentry Insurance, a mutual insurance company in Stevens Point, Wisconsin
Sentry wanted to consolidate three mainframe life insurance policy administration systems on a single solution using the latest technologies.
- 3 Policy Admin systems
- Traditional Products, Health Products, Universal Life, and Variable Annuities
- 80,000 Policies
- Enterprise Integration
Bringing new products to market at an average of 9 months and a year was entirely too long. Creation of new management reports took a large amount of development time. Poor access to information also affected customer service.
Sentry Insurance chose LifePRO® from EXL for its superior functionality, and because the policy administration platform runs on the Windows Server operating system and Microsoft SQL Server data management software and is built on the Microsoft .NET Framework.
Since implementing they have seen improved business agility and access to data as well as reduced operating costs and better customer service.
- 80,000 Policies converted to LifePRO®
- Reduced number of administration systems to One
- $450,000 Annual IT costs reduced by
- $60,000 Reduction in cost of each new product rollout
Increase speed to market, reduce costs and improve service
The Project Included:
- Retirement of three Mainframe Policy Administration systems
- Conversion of approximately 80,000 policies along with associated clients and agents
- Products included traditional life, universal life and annuities
- Direct integration with general ledger, valuation, agent compensation and appointment, claims, document management and workflow
- Use of LifePRO® as the central system of record for processing of all lines of business
- Consolidation of all Life, Health and Annuity business to LifePRO®
- $450,000 in cost savings annually
- Speed to market improved by 60%
- Development costs reduced by $60,000 per product
- Responses to customers in real-time, instead of next-day