Life Individual

The application and administration of insurance coverage to individuals and their families has unique challenges. Individual life consumers often accept the first coverage offered among competing insurers. This means the cycle time with which applications are processed is a key consideration for growing this line of business. If this process is not completed in an accurate and timely manner the customer may take their business to a competitor.

Insurance applications, supporting documentation and data arrive from multiple systems and locations. Critical case file information such as Medical Information Bureau records and attending physician statements must be collected and consolidated. Reinsurance applications further complicate and extend the processing time depending on the face value of the policy. Then appropriate staff must review all data within a case file in a timely manner to insure completeness, accuracy and eliminate fraud. Management must also have the ability to check application status during processing with the ability to expedite and prioritize.

The IPD Solution
An IPD Ultera Individual Life Solution speeds the timeliness and accuracy of processing Individual life applications. Ultera can eliminate paper intensive transactions and automate manual steps in the work process. Ultera underwriting worksheets add efficiency and accuracy to the process by ensuring that all requirements are completed. Underwriters are provided with all relevant information aggregated into one graphical interface for rapid decisions.

Ultera provides:

• Unified work environment and providing 30% - 50% more productivity and improved customer service
• Reduce unit costs
• Online interface with a complete work inventory for underwriting or customer service
• User friendly intelligent graphical user interface (iGUI) that:
• consolidates the data from the most practical systems and applications to one - Underwriting, Customer Service or Claims Workbench,
• View all case file documents and data
• Automate and manage the life cycle of case file
• Web access for remote brokers and agents,
• Comprehensive executive information system (EIS) to track and manage work
• Rapid deployment, and low total-cost-of-ownership (TCO)
• Store, manage and view all documents and data and maintain compliance