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STANDARD
LIFE INSURANCE COMPANY OF INDIANA SELECTS PLANETSOFT'S POLICY PROCESS
ACCELERATORTM FOR END-TO-END LIFE INSURANCE NEW BUSINESS PROCESSING
AND UNDERWRITING.
LAS VEGAS
(May 24, 2004): Underwriting Alliance, a division of Standard Life
Insurance Company of Indiana (SLI), Indianapolis, IN, has licensed
PlanetSoft's Policy ProcessorTM to streamline the case management
and underwriting decision process for use in their Third Party Underwriting
Services division.
"PlanetSoft's state-of-the-art technology has enabled Underwriting
Alliance to build a technology platform which allows us to access
a nationwide network of high quality, experienced underwriters. This,
coupled with Standard Life's ability to bear risk allows us to provide
the life insurance industry with a unique underwriting solution,"
said Bob Schnell, Senior Vice President of Standard Life Insurance
Company of Indiana. "PlanetSoft's leading technology along with their
commitment to the success of Underwriting Alliance's Third-Party Underwriting
(TPU) model will result in our ability to offer a unique alternative
for the insurance industry."
Main functionalities of the system include:
- Rules-based requirements determination
- Electronic requirements management
- Case management
- Role-based Dashboard
- Interfaces to imaging system
- Event-based messaging and correspondence
- Interface to client administration system
"We are pleased that The Underwriting Alliance has selected PlanetSoft's
Policy ProcessorTM after evaluating other solutions in the market.
Their model requires a scaleable solution that is rich in functionality,
and can support the unique processing requirements of multiple clients.
The Policy Processor is best suited for such a model because it is
configured on a flexible framework and provides remote processing
and underwriting capability. The Underwriting Alliance's top class
case management and underwriting skills supported by this state-of-the-art
technology will create a winning model for outsourced life insurance
underwriting and new business processing" said Sudhir Bajaj, CEO of
PlanetSoft.
About Underwriting Alliance
Underwriting Alliance, a division of Standard Life Insurance Company
of Indiana, is a third-party underwriting service whose focus is providing
high quality life insurance underwriting and risk management expertise.
Services include risk selection, decision management and case management
of underwriting requirements. Risk selection is performed through
a nationwide network of highly qualified, experienced underwriters.
Underwriting Alliance shares in the mortality risk via reinsurance
assumed through SLI.
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.
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