MphasiS Launches a New Solution to Automate Processing of Insurance Applications Hosted Solution Enables Insurance Agents to Fill Out Applications Electronically to Dramatically Reduce the Time and Cost of Submitting New Applications Business Wire NEW YORK -- June 4, 2013 MphasiS, a leading IT services provider, today launched its Insurance Sales Modernization (ISM) solution to enable Life Insurance and Annuity sales executives to fill out and process new insurance applications electronically, using their natural handwriting. ISM will enable carriers to process new applications quickly and cost-effectively as well as lower Not-In-Good Order (NIGO) rates while allowing agents to complete applications in their preferred method using paper and digital pen or tablets---dramatically improving acceptance rates. MphasiS offers ISM as a hosted solution and is responsible for all system and agent set up including the preparation of application forms and coding of company specific rules for editing application data. With no startup costs and a fixed charge per agent per month--regardless of the volume of applications written, with ISM, agents can sign into an MphasiS portal to confirm that their handwriting has been interpreted correctly and the data has passed all company edits and then submit the application for immediate processing. The system is also designed to check if all required forms have been included. Once all the necessary forms have been received and checked for completeness and accuracy, additional checks and calculations can be carried out to determine if the policy is eligible for instant issue, or the agent is eligible for an instant commission. Daily, weekly or other contest points can be calculated and the agent’s standing can be instantly displayed. This entire process can take place in a few minutes while the agent is still with the client. “Most insurance companies spend too much time and money transferring information from a paper application onto their systems because many agents still prefer paper-based applications to record client information,” said John Streatfeild, Insurance Solutions, MphasiS. “With this in mind, we have developed the ISM Solution--to allow these agents to continue to use paper applications while realizing all the benefits associated with e-applications such as improving agent productivity and sales.” “Capturing data upfront to process applications continues to be time-consuming and cumbersome for insurance agents,” said Tom Benton, Principal, Novarica. “In addition, incorrect or incomplete data can delay the process even further and prevent carriers from capturing revenue. E-applications not only reduce human error but also free up agents’ time to pursue new clients.” Built-in partnership with ExpeData, a global leader in natural input technologies including handwriting at the point of entry, and Anoto, the manufacturer of the digital pen used by MphasiS, ISM provides many benefits to insurance agents including: *dramatically reducing the time and cost for submitting new applications and ensure uniform submission of data, regardless of tool/device used. *providing agents the option to use paper applications or tablets with no impact on overall savings. *ability to complete applications without requiring internet connectivity. Additionally, if internet connectivity is available, all editing can be done in real-time while the agent is still with the client. About ExpeData ExpeData, an innovative software company and a global leader in natural input technologies, provides an end-to-end software platform that automates the collection of natural input including handwriting at the point of entry. Information captured with tablets or digital pens is immediately converted to digital data and seamlessly integrated to backend systems. Straight-through processing eliminates cycle time delays, resulting in unsurpassed workflow optimization and significant cost savings. EDW solutions are used across the globe, delivering value in multiple industries. To learn more, visit http://www.expedata.net. About MphasiS MphasiS is a $1 billion global service provider, delivering technology-based solutions to clients across the world. MphasiS services clients in Banking & Capital Markets, Insurance, Manufacturing, Communications, Media & Entertainment, Healthcare & Life Sciences, Transportation & Logistics, Retail & Consumer Packaged Goods, Energy & Utilities, and Governments around the world. Our competency lies in our ability to offer integrated service offerings in Applications, Infrastructure Services, and Business Process Outsourcing. To know more about MphasiS, log on to www.mphasis.com. All rights reserved -© Copyright 2013 MphasiS Limited Contact: Schwartz MSL Shweta Agarwal or Kendra Dorr, 781-684-0770 mphasis@Schwartzmsl.com or MphasiS Carol Dennis, 201-424-2331 Senior Marketing Manager, Insurance Carol.Dennis@MphasiS.com
MphasiS Launches a New Solution to Automate Processing of Insurance Applications
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