Web-based Sales/Service Application Facilitates Processing of New Business
Markham, Ontario, and Boca Raton (NAILBA Annual Meeting) November 21, 2002 – InSystems, the premier provider of insurance portal solutions, announces InSystems New Business eXterity (NBX), insurance e-application software enabling the automation of traditionally paper-based manual processes for creating and submitting new insurance applications. Using InSystems NBX carriers can:
- reduce errors
- accelerate processing times
- improve placement rates, and,
- increase agent retention.
Offering out-of-the-box insurance functionality and integration with industry standards such as ACORD XMLife, InSystems NBX makes it easier for a carrier’s distribution channel to write new business, even when in disconnected mode. NBX’s reflexive, interview-style data capture facilitates a natural dialog between agents and applicants electronically capturing required data based on business rules. Agents are not required to re-ask for information that is already known. Interview data and data from complementary systems are easily integrated with underwriting and third party systems, accelerating processing times across a carrier’s front and back offices resulting in faster delivery of policies, and commissions.
InSystems NBX is deployed within a portal using InSystems eXterity, the first insurance-specific portal software, and, is built on a proven and scalable J2EE-based architecture that allows carriers to add users and lines of business predictably without straining the hardware and software infrastructure. In addition, NBX allows Business Analysts to build and customize application module functionality to meet unique requirements.
“Life/health insurers are embracing the Web to increase efficiency and reduce costs in communicating with agents, policyholders and shoppers. Celent predicts that by 2005, the majority of U.S. life/health insurers will offer agent and policyholder Web portals for new business, self-service, field force management, and document distribution,” states Matthew Josefowicz, Senior Analyst, Celent Communications. “Celent sees a trend toward the use of vendor-provided solutions in new Web front-end projects which are generally cheaper and faster to implement than internally-developed solutions.”
According to Mark Rush, Vice President of Sales with West Coast Life Insurance Company, “Online electronic applications in particular, have significant potential to enhance the new business application process for agents, general agents and carriers alike. By making the process easier to conduct at the point-of-sale, carriers should receive more business in return for their investment in the technologies that support it.”
“The goal for InSystems NBX, either standalone or as part of an integrated sales/service platform is to enable a carrier to enhance relationships with a captive or independent sales force by making it easier for them to conduct business,” noted Andrew Jackson, Chief Marketing Officer and General Manager, eXterity, InSystems. “The impact of technology is huge for carriers who deploy it aggressively. As the buying public becomes more sophisticated, so must the technologies that support the distribution channels. New Business eXterity is an example of portal technology that can enhance and extend a carrier’s e-infrastructure well into the future.”
About InSystems eXterity
InSystems eXterity is insurance portal software combining a portal server with a suite of insurance application modules to create and extend insurance portals such as customer self-service and agent-broker portals. InSystems eXterity makes it faster and less expensive to develop, deploy and enhance custom-built portals, providing greater business agility.
InSystems is the premier provider of insurance portal software and a leading provider of document automation solutions. Only by using InSystems e-business software can financial services organizations deliver web-based personalized sales, fulfillment, and service capabilities across all of their relationships, boosting efficiency, decreasing costs, improving service and increasing revenues. Founded in 1989 and based in Toronto, Canada, InSystems www.insystems.com, a wholly owned subsidiary of Standard Register www.standardregister.com, has more than 350 insurance customers in 24 countries, including over 50 of the largest insurance groups in North America and over 55,000 life insurance agents and agencies.