Canadian and U.S. life insurers can outsource marketing and business administration to gain efficiencies and marketshare
TORONTO, January 28/2004- GeniSys and Transact One today announced a new business outsourcing program that allows life and health insurance companies to seamlessly outsource virtually every business administration process, from new business processing and managing in-force business to customer relationship management and, perhaps most surprising, marketing to their existing client base.
“Outsourcing administrative processes that were traditionally managed internally represents a shift in thinking for many insurance carriers,” says Mike Nurse, Senior Vice-President, Marketing for GeniSys. “Now, many are seeing the value of refocusing on their core business expertise and gaining significant cost efficiencies by tapping into external resources for administration, data and knowledge management.”
With Transact One, GeniSys has expanded its suite of outsourcing services to include an advanced sales and marketing tool that’s designed specifically to develop, execute and measure the effectiveness of marketing campaigns directed toward the existing client base. “Often the marketing focus is on reaching new clients, rather than on ensuring existing policyholders become repeat, multiple-product clients who are more likely to remain loyal to the company,” says Mike Nurse. “Many insurance carriers don’t know as much as they should about their own clients, primarily because they don’t have an internal skill for managing the knowledge. Without that skill in place, they haven’t been able to take advantage the information they already have.”
To fill the information void, GeniSys and Transact One have introduced an external marketing system, “BlueSun”, that not only mines the client database for useful demographic information and preferences, but also coordinates single or multi-product campaigns, whether through direct mail, telesales, Internet or email channels – individually or all at once. The culmination of both party’s solutions allows a carrier to launch a new innovative product campaign for their existing clients without having to worry about the administration around the initiative.
“BlueSun is a highly innovative approach to campaign management, tracking and reporting,” says Stewart Wigg, President Transact One. “Insurers are now able to generate new business from their existing client base in a way that’s highly targeted to meet the specific needs of clients. At the same time, they can do so without an investment in complex, intrusive programs and administrative staff to manage them”.
GeniSys is an international provider of market leading front and back-office policy administration services for the life and health insurance market. Utilizing experienced insurance professionals, refined business processes and best-of-breed technologies, GeniSys is able to provide substantial cost-savings and increased efficiencies for end-to-end policy administration services. In 2003 GeniSys processed over 220,000 new business applications and administered over 1.4 million policies for five (5) leading life and health insurance carriers.
GeniSys’ outsourced solutions allows insurance carriers to:
- Limit new technology investments
- Alleviate onerous fixed-costs for policy administration and new business processing
- Generate revenue by focusing on their core-competency of sales and marketing
Founded in 2000, GeniSys is a privately held company headquartered in Canada. For more information please visit www.genisysoutsourcing.com.
About Transact One
Transact One is a provider of software solutions and services to financial services organizations. BlueSun is their proven direct sales and marketing solution which has been architected from the ground up for insurance and banking organizations. BlueSun provides:
- Control of complex marketing campaigns
- Deep, multi-dimensional analysis of campaign results
- Sales and service tools for all sales channels such as agent hierarchies and call centers
- Monitoring and control of processes and participants, such as business partners
- Automated data mining that can produce predictive models for future targeting
For more information please visit www.transact-one.com.