SOURCE: se2

se2

August 07, 2013 08:00 ET

se2 Announces Enhanced Life Insurance Policy Administration Technology and Outsourcing Services

TOPEKA, KS--(Marketwired - Aug 7, 2013) - se2 announced the latest enhancements to its life insurance policy administration technology and outsourcing services.

Over the course of six short months, se² upgraded its multi-tenant life insurance offering by implementing the FAST platform to support the processing of policies for a variety of products including term life, whole life and interest-sensitive whole life, while concurrently converting a block of 21,000 life insurance policies.

This enhanced offering leverages se2's flagship technology to enable carriers to quickly implement a flexible, state-of-the-art insurance solution and bring new products to market with greater agility. The hosted or full-service life offering is an alternative to on-premise policy administration replacement initiatives.

"One major barrier to wider scale adoption of BPO using a consolidated platform is the time and cost required to move the existing products and policies to a new platform," explained Celent's Chuck Johnston, Research Director, Insurance. "Modern, configurable policy administration platforms in the hands of BPO providers with strong insurance expertise promise to reduce the time and cost of conversion. Celent believes this can greatly enhance the value of BPO offerings by both reducing the myriad support issues associated with antiquated 'lifted and shifted' platforms, and making the data associated with these polices more accessible to the enterprise," said Johnston.

se2's Director of Product and Services Development Mark Kelly stated, "Our variable cost model will substantially reduce customers' operating expenses. It offers predictable per policy costs, which will contribute to lowering fixed costs."

The integration of the FAST platform into the overall se² technology solution has provided a versatile customer centric architecture for bringing new products to market or replacing legacy systems. New product implementation at se² is generally estimated to take less than five months, depending on a number of variables and the complexity of product requirements.

Customized solutions are available for new, in-force and closed blocks of term, whole life, interest sensitive whole life and universal life, variable universal life insurance. Carriers may align processes for insurance policy administration, virtual mailroom servicing, commissions, licensing and appointments and billing.

"An important benefit of se2's distributed IT framework is that we provide high quality ongoing administration to support our clients when issuing and processing new business," Kelly said.

The advanced solution is an outgrowth of se2's proven distributed architecture and service-first culture for annuity products. se2 Annuity customers may now achieve similar operational goals for their life business.

For more information on life insurance policy administration technology and outsourcing services, contact Tom Spencer tom.spencer@se2.com and visit se2.com

About se2
se2 provides business technology and processing solutions for the financial services and retirement planning sector. se2 offers service end-to-end for life and annuity processing with an award-winning state-of-the-art technology platform and an astute understanding of regulatory compliance issues unique and specific to the financial services industry. se2's life and annuity acumen, coupled with its dedicated processing capabilities, places it in the forefront of the business processing outsourcing (BPO) industry. se2's technology platform has been recognized as an industry-leading innovation by the Computerworld Honors Program and the CIO 100 Awards. For more information, visit http://www.se2.com.

Contact Information

  • For more information:
    Michel' Cole
    (785) 438-3396
    se2

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