MphasiS Launches a New Solution to Automate Processing of Insurance
Hosted Solution Enables Insurance Agents to Fill Out Applications
Electronically to Dramatically Reduce the Time and Cost of Submitting New
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
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
“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.
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
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
Shweta Agarwal or Kendra Dorr, 781-684-0770
Carol Dennis, 201-424-2331
Senior Marketing Manager, Insurance
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