LifePRO® creates seamless consolidation
Improving operational efficiencies and reducing costs
The client was a life insurance subsidiary of a leading 25 US insurer, headquartered in the Midwest. The client needed to simplify and streamline its operations and rationalize 5 separate systems which were used to administer a mixed block of life, health and annuities.
The client’s IT environment consisted of multiple administration systems, each specific to a certain line of business. The processes were unique to those products, along with specialized teams to support and maintain each of the systems.
- 3 Policy Administration systems
- 1 Agency system
- 1 Claim system
- 300,000 policies
- Enterprise Integration
The client partnered with EXL to implement LifePRO® a Life, Health and Annuity policy administration system. LifePRO® replaced a legacy vendor policy administration system, two homegrown policy administration systems, and two additional ancillary systems (agency and claims). Over the course of just 18 months, approximately 300,000 policies and associated clients, agents and claims were converted to the new system. LifePRO® was integrated with enterprise systems at the client site, including straight through processing of new business.
THE PROJECT INCLUDED:
- Retirement of Policy Administration systems, one Agency system, and one Claim system
- Conversion of approximately 300,000 policies along with associated clients and agents
- Products included disability income, deferred and immediate annuities, term, whole life, and universal life
- Direct integration with general ledger, valuation, electronic submission of new business, three document management, illustrations, imaging, and reinsurance reporting
- Use of LifePRO® as the central system of record for processing of all lines of business
EXL LifePRO® consolidated all Life, Health and Annuity business into its system providing a single, comprehensive view of the business. LifePRO® was a single source of operational information across disability income, deferred and immediate annuities, term, whole life, and universal life business which streamlines operations, improves operational efficiency, and reduces costs.
for the conversion to get completed
policies converted to LifePRO® along with associated clients, agents, and claims
administration system to work with