New
Tele-Underwriting Model for Life Insurance Combines the Experience
of Professional Underwriters with the Speed and Flexibility of
Internet Technologies
PlanetSoft
Partners with IBU, Inc. to Offer Life Insurance Companies a Complete
Tele-Underwriting Management Solution to Streamline Processes
and Improve Quality
Las
Vegas, NV May 24, 2004 - The promise of tele-underwriting as a
cost effective means to conduct reliable applicant interviews
and streamline underwriting processes is finally being realized
through a new partnership between PlanetSoft and IBU, Inc. Together,
the companies have developed a new model for tele-underwriting
that combines state-of-the-art web-based technologies with the
talents of experienced underwriters to conduct telephone interviews.
The new model is enabled by PlanetSoft's new business processing
and underwriting platform - The Policy ProcessorTM, which will
allow IBU underwriters to enter applicant information directly
into state approved application forms. With built-in connectivity
to other vendors such as para-med companies and a "fillable forms"
capability, information is dynamically populated, reducing the
need for dual entry. An online client visibility dashboard provides
real-time status updates.
Working with individual life insurance customers, PlanetSoft and
IBU will develop customized tele-underwriting solutions to accommodate
company specific requirements, such as approved applications forms
for each state in which policies are issued. The Policy ProcessorTM
will allow life insurance companies to benefit from the latest
industry standards, such as ACORD data formats and forms, and
the emerging X-Forms standards from the W3C.
Additionally, the tele-underwriting solution from PlanetSoft and
IBU is designed to apply the right level of expertise to each
phase of the underwriting process. Experienced IBU underwriters
conduct initial interviews with applicants and gather medical
history information. For calls that don't require underwriting
expertise, the resources of PlanetSoft's offshore call center
are employed. The result offers insurance companies the best possible
full-service solution - high quality and reliable applicant interviews
with professional call center resources at competitive pricing.
"Leveraging
the talent and experience of IBU with the technology and offshore
capabilities of PlanetSoft, life insurance companies can now benefit
from higher quality telephone inspection reports priced 40 percent
less than other major US inspection vendors," said Sudhir Bajaj,
PlanetSoft CEO. "Inspections are often a requirement of reinsurance
treaties. This cost savings flows straight to the bottom line."
"The
PlanetSoft-IBU tele-underwriting solution combines the gut instincts
and knowledge of experienced underwriters with the latest technology,
offering life insurance companies a quantum leap in productivity
and cost savings," said Lincoln Tedeschi, IBU president.
This
partnership underscores PlanetSoft's commitment to helping the
insurance industry utilize state of the art technology with offshore
BPO services to achieve processing efficiencies.
About IBU
IBU, Inc. is a trusted outsourcing partner to the life and health
insurance industry providing comprehensive and reliable tele-underwriting
support services. With a dedicated team of experienced life and
health underwriters the company offers an innovative approach
to improve the quality and efficiency of underwriting. By investing
in technologies that capitalize on the knowledge and experience
of underwriting professionals, IBU delivers telephone interviews
that are far superior to traditional call center providers.
About PlanetSoft
PlanetSoft specializes in process optimization for the financial
services industry, focused on electronic applications, processing
and decision management. "Planet InteractTM", a web services
platform for straight through processing delivers configured solutions
to streamline customer specific business processes. Vertical solutions
include "The Policy ProcessorTM" an end-to-end application for
new business processing and underwriting of life insurance. PlanetSoft
supplements its technology solutions with high-quality offshore
processing and development capabilities to offer turnkey solutions
to its customers.
Visit www.planetsoft.com
for more information.
