Success in the life insurance arena is heavily reliant on innovation, as well as the ability to launch new and appropriate products, tap new markets and meet the expectations insureds have for a great customer experience. While insurers work hard to meet these objectives, their technology and processes often hold them back. Some insurers are limited by their legacy technologies, and many insurers are simply unable to fully leverage industry and customer data with powerful analytic tools that can give them actionable insights for better decision-making.

 

Insurers must grow in order to remain successful, and reaching new markets with targeted and appropriate products via their preferred channel is essential for organic growth. However, many life insurers today are focused on selling to higher-end clients and aren’t concentrating on reaching the lower and middle market. This can be an expensive mistake.

 

Some life organizations are actively pursuing the high-opportunity lower and mid-market segment, but they aren’t necessarily going about it in an optimal way. In the past, some life insurers have created entirely new companies as their go-to-market strategy to reach lower and mid-market prospects. This is a very difficult, expensive and complex endeavor, and it’s not a very efficient method for going after a new segment.

 

Instead, life insurers need a more streamlined solution that doesn’t require them to create a brand-new company – or even simply buy and implement software. There’s a more cost-effective way: working with a service provider and leveraging its technology platform. This new service model can help insurers simply reach new markets, leverage their existing technology and develop better products and get them to market quickly.

 

A business-process-as-a-service (BPaaS) platform gives insurers the ability to go after the lower and middle market without having to create a new business entity and allowing them to work with their existing legacy systems. With a true end-to-end platform, insurers don’t have to buy software and integrate it into their environment. They just need to develop a product they believe will succeed in the market – the solution should make it easy to execute the strategy.

 

At the same time, the solution should be able to optimize the efficiency of carriers’ back-end processes while better leveraging analytics around data and getting information to the right areas at the right times and process transactions with minimal intervention at multiple touch points. This level of efficiency has never before existed in the industry – until now.

 

SE2 is making it easy for life insurers to create viable products for the lower and middle-markets while facilitating the underwriting process by providing better insights, better data and quicker decision-making capabilities. It gives insurers the ability to create a new channel to sell to otherwise unreachable customers while optimizing the underwriting process and delivering near-instantaneous application decisions. In fact, today, it typically takes 45 to 60 days to underwrite complex policies. SE2’s process for low-end, simplified product policies only requires minutes to underwrite and deliver an application decision.

 

Built on the SE2 Aurum Platform, SE2 Digital Direct Life features a plug-and-play, open architecture for the flexibility to integrate with existing systems and external data sources using industry standard protocols. The easily-implement solution enables carriers to enter the market with a digital life insurance product in three to six months, far less time and less costly than it would take to do on their own.

 

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