MINNEAPOLIS, MN--(Marketwired - Apr 30, 2013) - MphasiS Wyde has released Wynsure v5.0, a new version of the end-to-end multi-line insurance system that provides more functionality to support group policies, an enhanced portal and an improved user interface and experience. Used by life, health and property-casualty insurers in North America, Europe and Asia, Wynsure is one of the few true multi-line insurance administration platforms on the market.
Wynsure has consistently been a popular choice for group policy administration. Version 5.0 now supports payroll deduction for group contracts and individual policies sold at the worksite. It also supports guaranteed-issue products, personalized and standardized group benefit plans, and manages invoicing frequency including providing a consolidated invoice for three types of group products (individual, group and worksite).
Wynsure v5.0 provides an improved user experience. Its CRM dedicated desktop allows users to find client information, start transactions from the client summary and record customer contacts. The contract summary screen lets users view endorsement details, including endorsements in progress. Accounting screens have been simplified to show only financial transactions, which can be filtered by type. Underwriting process review has been simplified and made more user friendly.
"Wynsure's continued success in the group marketplace reflects both improvements in the system and the rapidly growing interest in core systems replacement by all types of group insurers," said Chad Hersh, Managing Director of Novarica's insurance practice. "Regulatory and competitive changes make a modern, flexible core system with a low total cost of ownership more critical than ever."
Its advanced portal, wPortal, now lets users download and display all documents generated in the back office for claims, invoices and policies. It also introduces improvements for administering group policies, including the ability to endorse group policies, terminate enrollments, submit a claim and change the coverage beneficiary. History, accounting, claim notification also boast improved functionality. wPortal now supports portlets using the WSRP standard.
Reporting functions, based on downstream feeds to a reporting database, have also been enhanced. New business services have been improved to boost performance and business behavior. New interfaces for ACORD and PRDG standards, XML format and portal services have been implemented.
"Multi-channel, portal-based rich customer experiences for brokers, plan sponsors and participants around enrollment, billing, claims and general service are critical for success in this market," said Chuck Johnston, Director of the Americas Life/Annuity & Group Practice at Celent. "MphasiS Wyde is focusing on these key challenges in the latest release of Wynsure, especially within wPortal, and by targeting the overall user experience."
About MphasiS Wyde:
Headquartered in Minneapolis, Minnesota, USA, with a modern Research & Development (R&D) center in Paris, France, MphasiS-Wyde has developed and deployed Wynsure, a proven software platform, at many of the leading insurance carriers in North America and Europe. Wynsure is a multi-language, multi-currency, easily customizable software product that offers policy administration, claims and billing solutions across Life & Annuities (L&A), disability, health and Property & Casualty (P&C). Wynsure platform can be deployed at an insurance carrier for one or multiple lines of business as a complete end-to-end solution. MphasiS-Wyde has over 200 employees who possess significant domain expertise. To learn more about Wynsure visit www.wynsure.com.
MphasiS is a $1.1 billion global service provider, delivering technology based solutions to organizations. With more than 37,000 employees, MphasiS represents companies across a wide range of industries including Banking and 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. We are uniquely positioned to offer our clients the highest level of expertise. To learn more about MphasiS, please visit www.mphasis.com