TOPEKA, Kan.– SE2, a leading third party administrator in North America for the Life and Annuities market, announced today that it has been named as a ‘Leader’ in the Everest Group PEAK Matrix™ Assessment 2016 for Life and Pensions (L&P) insurance BPO.
“Our assessment shows that SE2 has invested in technology solutions and innovations and has proven ability to deliver transformative end-to-end services in life and annuity insurance resulting in strong overall buyer satisfaction,” said Anupam Jain, Practice Director, Everest Group.
“We are delighted to be recognized as a ‘Leader’ in the Life, Annuities and Pensions BPO space by Everest Group,” said Gautam Thakkar, CEO, SE2. “This recognition is a testimony to our significant investments in disruptive technology backed by strong insurance operations capabilities and speaks to our unique ability to enable insurance carriers to future-proof against the transformative and disruptive shifts underway in the industry.”
SE2 uniquely combines purpose-built, reliable, end-to-end operation services with SE2 Aurum, the most advanced and complete technology platform for life and annuity insurance, to enable rapid expansion into new market segments, faster new product launches and seamless servicing of open and closed blocks of business. SE2’s local domain-driven operations and delivery centers in Kansas and New Jersey enable a best of breed service model by blending local capabilities with its global centers.
The Everest Group report evaluated 20 service providers on four key areas: Performance, Experience, Ability and Knowledge (PEAK). Service providers were then positioned on the PEAK Matrix based on the evaluation of two key dimensions: market success and delivery capability. The Everest Group Life and Pensions Insurance BPO – Service Provider Landscape with PEAK Matrix™ Assessment 2016 can be accessed here.
SE2 is the leading third-party administrator for the North American life and annuity insurance industry. Recognized for its innovation, 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 enable insurance carriers to shift to a variable cost model. SE2 helps clients launch products rapidly, improve efficiencies 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.
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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
2012 proved to be a banner year for life and annuity insurance services provider, SE2, as they signed six new North American clients. SE2 will launch and service new products and service in-force business for these clients. The business crosses both Life and Annuity, including Fixed Annuity, Indexed Annuity, Term Life, Whole Life, and Interest Sensitive Whole Life. The number of business process outsourcing (BPO) servicing decisions made by life and annuity carriers in 2012 reflects growing demand for cost-effective, transformative insurance solutions.
According to Craig Weber, CEO of Celent, “BPO has become a mainstream option, for both launching new products and for bringing a variable cost model into play for inforce business. The race to capture assets as the baby boomers retire means that getting new products online quickly and delivering superior service are more important than ever,” said Weber. “For many carriers, BPO is an ideal tool to address these issues. Plus it can change the cost structure for in-force business, which is nearly impossible via a traditional platform play.”
“SE2 saw tremendous growth opportunities throughout 2012, gaining new clients and earning new business through our life and annuity expertise, superior technology, and a cultural alignment with our prospects and clients,” stated Dave Keith, CEO of SE2. “These awards are a testament to the successful conversions and servicing of existing clients and demonstrate the value SE2 provides to carriers throughout the insurance and annuity industry as a trusted source for innovative technology solutions.”
Carriers have discovered how to unleash greater value through SE2’s ability to scale, which enables carriers to lower administration costs, improve service levels, and launch new product. By employing SE2’s advanced technologies while shifting to a variable cost model, carriers gain the potential to pass cost savings on to their customers and shareholders. This approach allows carriers to allocate internal resources to focus on other strategic business initiatives and be more profitable.
The number of significant partnerships SE2 earned in 2012 encapsulates the firm’s strategy to address critical needs throughout the industry. The number of new client relationships provides long-term benefits for existing SE2 partners by bringing additional scale and investment to the SE2 model and strengthening stability long into the future.
SE2, an Eldridge business, is a leader in the US life and annuities insurance technology and services industry. SE2 has a proven track record in delivering technology driven transformations for the life and annuity insurance industry. SE2 uniquely combines the maturity and peerless industry knowledge of its 125+ years of life insurance industry heritage with its end-to-end digital platform to enable the rapid launch of new and innovative products through existing as well as digital channels. SE2 currently administers nearly 2 million active policies on behalf of its 25+ clients. SE2 has over $100 billion in assets under administration and handles more than 200,000 new business applications annually.
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