Infotech Lead India: IT service provider MphasiS says its Insurance Sales Modernization (ISM) solution enables insurance executives to fill applications electronically.
Targeting the life insurance sector, the new ISM solution enables annuity and life insurance sales executives to fill and process insurance applications electronically, using their natural handwriting.
MphasiS says ISM will enable carriers to process new applications quickly and cost-effectively as well as lower Not-In-Good Order (NIGO) rates while allowing agents to complete applications in their preferred method using paper and digital pen or tablets, improving acceptance rates.
MphasiS offers ISM as a hosted solution and is responsible for all system and agent set up including the preparation of application forms and coding of company specific rules for editing application data.
The IT service provider does not charge any startup costs and a fixed charge per agent per month.
MphasiS ISM is designed to check if all required forms have been included.
Daily, weekly or other contest points can be calculated and the agent’s standing can be instantly displayed. This entire process can take place in a few minutes while the agent is still with the client.
“Most insurance companies spend too much time and money transferring information from a paper application onto their systems because many agents still prefer paper-based applications to record client information,” said John Streatfeild, Insurance Solutions, MphasiS.