Dell Services today announced the deployment of a new Business Process Outsourcing (BPO) solution for Erie Family Life Insurance designed to reduce cycle times for new policy applications and provide increased functionality for insurance agents. The implementation of Straight-Through-Processing (STP) technology will help Erie Family Life, a division of Erie Insurance, expedite the process for customers to apply for and receive life insurance policies. STP will help eliminate hardcopy applications, mailing and paper production processes, and improve agent and consumer interaction. With this new functionality, Erie Family Life can enhance efficiencies and strengthen capabilities that help drive business growth.
The STP technology integrates seamlessly with a web portal developed by Dell Insurance Services for Erie Family Life agents. The portal provides a suite of web-based tools that allow agents to take an active role in the processing of life insurance applications. The use of electronic applications will help Erie Family Life reduce new business cycle times and can result in increased placement rates and premium revenue growth for the carrier and agents.
As Erie Family Life agents utilize electronic applications for their Term Life, Whole Life, and Universal Life policies, STP will also enable agents to input and process information directly through the LifeSys™ Policy-Processing System, the full-service policy administration platform developed by Dell Insurance Services. LifeSys is a powerful tool that provides real-time access to information for processing policies from initial applications to claims resolution.
Dell Services is a trusted provider of end-to-end business process, consulting, application and infrastructure solutions for the life insurance industry. Supporting numerous life insurance and annuity products, Dell Services delivers capabilities to manage discrete business functions such as document management or claims, or assume responsibility for entire policy lifecycles. Dell business solutions help free insurance companies from the high costs of in-house product administration and technology maintenance, so they can redirect their resources to strategic, business-building initiatives. Dell Services administers more than 2.5 million life, annuity, and specialty health policies for 30 insurance carriers.
“Dell Services is proud to assist Erie Family Life, a customer for more than four years, by helping reduce costs and increase the quality and efficiency of the company’s insurance policy administration. We are pleased to provide new functionalities such as STP that further strengthen Erie Family Life’s ability to support their agents and policyholders.”
Michael DeMott, executive director, Dell Insurance Services
“Because of Straight-Through-Processing technology, Erie Family Life is able to review and approve life insurance applications faster than ever. A great example is a recent whole life application that was submitted and approved in less than 24 hours using the new electronic application. That type of speed and service is what Erie is all about.”
Michael Plazony, senior vice president, Erie Family Life, noting the success of electronic applications with both agents and Erie customers.