Report Highlights SE2 as Leader in Market Success and Delivery Capability, including Technology Solutions and Innovation; Delivery Footprint; and Buyer Satisfaction

 

TOPEKA, KS, OCTOBER 11, 2017 — SE2, a leading third-party administrator for the North American life insurance and annuity industry, announced today that it has been named as a “Leader” as well as a “Star Performer” in the Everest Group PEAK Matrix™ Assessment 2017 for Life and Pensions (L&P) insurance BPO.  SE2 earned the “Star Performer” title based on demonstrating the strongest forward and upward movement (2015-2016) on the PEAK Matrix.

 

Everest Group’s PEAK Matrix™ Assessment Report 2017 examines the global L&P insurance BPO market and its service provider landscape (17 service providers researched for 2017).   The report provides a detailed analysis of the capabilities and market performance of service providers and their relative position on the Everest Group PEAK Matrix and will assist key stakeholders (insurance providers, service providers, and technology providers) to understand the current state of the L&P insurance BPO service provider landscape.

 

“SE2’s domain expertise and technology-aided delivery capability have helped it remain differentiated in L&P Insurance BPO market. Domain expertise helps SE2 to offer truly end-to-end management of processes within L&P including the complex and judgment-intensive ones. Its technology-heavy business process management has helped it in creating a niche for itself, catering to buyers’ need across life insurance and annuities segments. With its robust suite of technology solutions and cutting-edge platforms, it is well positioned to serve the needs of next-generation buyers as well,” said Anupam Jain, Practice Director, Everest Group.

 

“We are honored to be recognized as a Leader and Star Performer in the Life & Annuities Insurance BPO assessment report 2017 by Everest Group.  SE2 continues to invest in future-proofing its customers from transformational shifts occurring in the industry. In many ways, SE2 is also helping accelerate our clients’ digital journey.  This recognition by Everest Group validates the quality and strength of our offerings and commitment to the industry,” said Gautam Thakkar, CEO, SE2.  “Life & Annuity insurers are now leveraging SE2’s end to end digital platform through retiring of their legacy back office systems, streamlining product introduction, reducing the cost and time to market, and by helping carriers introduce new and innovative products to cater to the rapidly changing consumer.”

 

The Everest Group assessment evaluated 17 service providers on the four key areas of performance, experience, ability and knowledge.  The report classified companies into three categories of Leaders, Major Contenders and Aspirants. The Everest Group Life and Pensions Insurance BPO – Service Provider Landscape with PEAK Matrix™ Assessment 2017 can be accessed here.

 

 

About SE2

SE2 is a leading technology and third party administration company focused on the North American life and annuity insurance industry. SE2 has an unmatched track record in optimizing back-office operations to future-proof insurance companies. SE2 combines peerless industry domain knowledge with a leading-edge administration technology platform to help clients launch products rapidly, improve efficiencies, shift to a variable cost model and maximize profits while dramatically improving the customers’ experience. SE2 supports more than 20 direct clients, represents more than 35 carriers in North America and services more than 1,000 life and annuity products. SE2 has approximately $100 billion in assets under administration and has been recognized as an industry-leading innovator. In May 2017, SE2 was recognized as one of the “20 Most Promising Insurance Technology Solution Providers” by CIOReview. Visit SE2 at www.SE2.com or at LinkedIn to learn more.

 

SE2 Contact:

Ashish Jha

908.419.4230

ashish.jha@SE2.com

 

Underwriting is the most important component of life insurance. In order to be successful and remain viable, life insurance companies must successfully cover mortality risk and do a great job at risk pooling and risk evaluation so they can price each risk appropriately. Pricing risks wrong can be disastrous and threaten the long-term viability of the organization. In the short term, carriers might sell more policies if they price risks wrong, but failing to price risk correctly and create the right blend of risk diversity in a risk pool can lead to bankruptcy.

 

Today’s marketplace is very complex, and while life insurers are selling many policies to high-end customers, they are underserving the lower and middle markets.  There seems to be no viable product or viable way of distributing products to these individuals, who could benefit from buying coverage. The products just aren’t priced appropriately for this segment.

 

Life insurers rely on new customers to grow, and reaching – and selling to – the lower and middle segments has the potential to significantly increase the number of insureds. However, finding prospective customers and bringing them aboard is anything but simple. Conventional life insurance sales are costly and inefficient. Customer acquisition costs are too high, and customer conversion ratios are too low. What’s more, the application process is far from instantaneous and prospective customers typically have to wait a long time for the carrier to approve their application.

 

At the same time, the operating environment and marketplace are changing. The life sales channel that has been in place for many years is optimized for higher-income customers, and agents don’t have much incentive to pursue mid-market customers. Millennials, the next generation of life insurance customers, prefer to shop online for products and services. However, this segment hasn’t had many options for acquiring life insurance via their preferred channel. Unable to properly reach this large and growing segment, life insurers are missing out on a tremendous opportunity.

 

Changing the way customers apply for life insurance is a game-changer for carriers. Customers are now demanding a simple, intuitive application and buying process that meets their demand for a seamless, online purchasing experience and eliminates the long wait for an approval, maximizing conversion rates. Unfortunately, legacy technologies and teams cannot always adapt to this environment quickly and cost-effectively. However, it’s essential for life insurers to optimize the application process to meet the expectations of younger and mid-market customers and at the same time, the process must be efficient and cost-effective for insurers to implement.

 

Based on the SE2 Aurum Platform, SE2 Digital Direct Life enables insurers to offer customers an easy-to-use way to shop and apply for life insurance, providing a near-instant response to online applications to improve the buying experience and increase sales. And because SE2 Digital Direct Life is offered as-a-service, the solution also makes it simple for life insurers to quickly and cost-effectively enter new markets with no risk, minimal development and little training.

 

Vinod Kachroo, Chief Information Officer, SE2
LOMA Resource Magazine, October 2017