Ebix (Streamline Process for the Insurance Industry) Ebix (Streamline Process for the Insurance Industry)

News & Events

Kitchener-Waterloo, Canada (May 10, 2010)

PlanetSoft Licenses The Policy Processor To Manulife Financial

Armonk, NY, USA (April 5, 2010)

Swiss Re and PlanetSoft announce Joint Venture

State of the art automated underwriting tool is unveiled at AHOU conference

Orlando, April 30, 2012 — Swiss Re, in conjunction with PlanetSoft, has launched America’s first end-to-end underwriting platform that supports the underwriting rules, already used in 80% of the life market.

plasma™ marries decades of underwriting experience and leading technology to multiple products lines and distribution channels to create a fully automated underwriting tool that supports Life Guide.

Once the consumer has completed the insurance application via plasma™, an underwriting decision is instantly rendered and a digital policy contract is issued directly to the policy owner. The plasma™ experience will be showcased throughout the annual AHOU Conference in Orlando, Florida.

“Today’s consumer is looking for fast results in an intuitive and interactive experience. Carriers need to meet that technical demand while being confident in their specific risk evaluation process and rules for multiple lines of business and distribution channels. We believe plasma™ meets the needs of both the consumer and the carrier,” says Jason Bowman, Head Accelerated Underwriting & Data Insights, North America, at Swiss Re.

plasma™ addresses new business submission challenges by offering a comprehensive on line reflexive application which can be completed via a web browser or an app for mobile devices.

The application recognizes over 6500 medical disclosures through a free-text dictionary and is fully integrated with all data vendors. As the consumer provides the details, plasma™ determines the next process step and tracks multiple business metrics for intelligent feedback and reporting.

“This is an exciting event that will allow a real time, hands on experience with the mobile application,” says Ash Sawhney, of PlanetSoft. “We have been very focused on solving the technical and business challenges facing our industry and by bringing together the best of PlanetSoft and Swiss Re for this standalone product, and are very confident in the plasma™ offering.”

http://www.swissre.com/media/news_releases/nr_automated_underwriting_tool_unveiled_ahou_conf_120430.html

Swiss Re

The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated "AA-" by Standard & Poor's, "A1" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com

Reinsurance

Property-casualty and life and health insurers choose Swiss Re for its innovative reinsurance solutions, capital strength and expertise. Alongside sophisticated risk modeling and a geographically diversified portfolio, Swiss Re's insurance and public sector clients can benefit from its leadership in insurance-based security solutions and services for comprehensive risk management. For more information about Swiss Re's reinsurance offering, please visit www.swissre.com/reinsurance

PlanetSoft

Incorporated in 1998, PlanetSoft has grown rapidly to be recognized as a major technology provider addressing mission critical processes in the Life and P&C segments of the insurance industry. Focused in the areas of streamlining distribution centric processes, including a seamless transaction of underwriting insurance via web portals and mobile devices, PlanetSoft is accelerating insurance sales and service through technology. For more information about PlanetSoft and its solutions please visit http://www.ebix.com/home.aspx

PlanetSoft Announces Managed Services for Life Insurance Processing

PlanetSoft is the leading provider of process automation software solutions for the Life Insurance Industry.  The Policy Processor ™’ (TPP) – Is the most advanced and comprehensive straight-through end-to-end new business and underwriting system for life insurance. TPP supports all life insurance products across all distribution channels and all forms of underwriting.

PlanetSoft announced the launch of its Managed  Services Division, which will now support Outsourcing for data entry of applications.  Paul Howman, EVP at PlanetSoft explained several benefits of this program, which include: 

  • Able to meet established production timelines during peak periods without adding staff or over time
  • 50-60% reduction in cost compared to in-house data-entry
  • High quality standards & accuracy ( We provide double data entry to ensure quality)
  • Services Levels and Turn-Around-Times that are significant improvement over in-house operations
  • Option for 24 X 7 Service.
  • Improved Customer/Producer satisfaction due to accuracy and improved service standards
  • Reporting and communication protocols that provide real-time access to operational metrics
  • Reduced re-issues and re-works, resulting in higher placement ratios
  • Highly qualified and trained professionals who know and understand the Life Insurance Industry.

Paul Howman further explained, "this offering will allow companies to take a finite administrative process and make it better, faster, and cheaper.  If a carrier is looking for ways  to improve their new business operation, this is low hanging fruit that they should seriously consider.  This will provide a tangible and measurable return on investment"

Carriers interested in exploring the benefits of this program are invited to call Paul Howman at 612-518-8283, or email Paul.Howman@PlanetSoft.com

About PlanetSoft

PlanetSoft's solutions are geared towards automating the distribution, processing and underwriting of insurance products, and management of distribution relationships. The PlanetSoft solutions are configured on an insurance industry specific, web-services, straight-through-processing platform called Planet interact. This unique and differentiated platform is data driven, which enables PlanetSoft to meet its customers requirements through configuration, rather than coding, thereby meeting all business requirements, expediting time to market and reducing the overall cost of ownership.

For more information about PlanetSoft and its solutions please visit http://www.PlanetSoft.com/home.aspx

PlanetSoft receives ACORD Early Adapter AWSP and ACORD Early Adapter Plug ‘n’ Play Award

ACORD, Fort Lauderdale, FL, USA (Nov 3, 2011)

PlanetSoft, a leading provider of New Business and Underwriting Platform, is recognized by ACORD with two Awards. These are “Early Adapter-AWSP” and “Early Adapter – Life and Annuity Plug ‘n’ Play”, 2011. These awards demonstrate PlanetSoft’s contribution towards development and adoption of new-age industry standards.

Since inception, PlanetSoft’s focus is towards Transforming Customer & Agent Acquisition Processes for Insurance. PlanetSoft was one of the first few companies to work with ACORD for the Plug ’n’ Play initiative, which will take ACORD standards to the next level and thus help insurance carriers with faster implementation.

“PlanetSoft has been a long time supporter of the ACORD standards. We are extremely pleased and proud to receive this esteemed award”, said Sudhir Bajaj, CEO PlanetSoft.  “We commit to continue our contribution towards development and will always adopt initiatives that will help our customers. I thank ACORD team for these awards and opportunity to work on such innovative initiatives."

"Carriers are looking for ways to automate core processes, such as customer acquisition and producer management.  The most challenging part in this endeavor is to figure out how the systems will talk to each other.  The Plug 'n' Play standards will make it easier, thereby reducing the timelines and project costs", explained Ash Sawhney, EVP PlanetSoft.

About PlanetSoft

PlanetSoft's solutions are geared towards automating the distribution, processing and underwriting of insurance products, and management of distribution relationships. The PlanetSoft solutions are configured on an insurance industry specific, web-services, straight-through-processing platform called Planet interact. This unique and differentiated platform is data driven, which enables PlanetSoft to meet its customers requirements through configuration, rather than coding, thereby meeting all business requirements, expediting time to market and reducing the overall cost of ownership.

For more information about PlanetSoft and its solutions please visit http://www.PlanetSoft.com/home.aspx

Max New York Life adds Traditional and Variable Life products on PlanetSoft’s "The Policy Processor"

Delhi, India (Nov 1, 2011)

‘Max New York Life and PlanetSoft have announced that as a result of the success of the initial implementation, Max New York Life has extended its implementation of PlanetSoft's New Business Processing and Underwriting Solution - The Policy Processor (TPP) for all their Traditional and Variable Life products. As a result, they are now getting the benefits from this State-of-the Art New Business & Underwriting system across all lines of business and distribution channels. Producers have been able to quickly adapt to the system as a result of its ease of use and the intuitive nature of the system. Max New York Life also implemented the PlanetSoft e-Application module, which enables case entry directly from branch offices.

Nazir Damji, Executive Vice President and Chief Underwriter from Max New York Life commented, "The system has proven beneficial to our New Business and Underwriting process. This will allow us to continue to raise the bar for service provided, improve our turnaround times for processing our new business and realize an overall reduction in the cost of our operations. With the PlanetSoft solution, we are not only able to deliver more with same set of resources, but bring in swift regulatory changes, new product launches or implement dynamic process changes".

“With the changing regulatory scenario and continued pressures on expenses, this was very vital step for our organization. Doing 60,000 to 90,000 (on an average) new applications a month now, we have demonstrated the scalability of the PlanetSoft TPP solution and as a result of our partnership with PlanetSoft and their innovative technology, MNYL is truly positioned to set the standards in the Indian Insurance Industry”, shares Hitesh Arora, CIO, MNYL.

According to Subba Raju, Director, PlanetSoft, "This implementation is another proof point of the scalability of Planet Interact, the unique application generator framework that is the base technology for all PlanetSoft vertical applications”.

Sudhir Bajaj, CEO PlanetSoft commented, “It is heartening to realize real business agility as a value proposition driven by flexibility of PlanetSoft technology. The success of this program lies in the true collaborative nature of the implementation with the Max New York team.

About Max New York Life

Max New York Life Insurance Company Ltd. is a joint venture between Max India Limited, one of India's leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. The company has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The company has more than 7,300 employees and 33,500 agent advisors at 466 offices across 389 cities. For more information please visit www.maxnewyorklife.com

About PlanetSoft

PlanetSoft is a leading provider of mission critical software and services solutions to the insurance industry. The solutions are focused in the areas of distribution, processing, and underwriting of insurance products; management of producer relationships, including licensing, contracting, hierarchy management, and compensation management; and straight through claims processing. The solutions are configured on an insurance industry specific web-services straight-through-processing platform called Planet Interact. This unique and differentiated platform is data driven, which enables PlanetSoft to meet its customers requirements through configuration, rather than coding, thereby meeting all business requirements, expediting time to market and reducing the overall cost of ownership. For more information please visit http://www.PlanetSoft.com/home.aspx

For more information about PlanetSoft and its solutions please visit http://www.PlanetSoft.com/home.aspx

PlanetSoft extends its ACORD-Compliant Life Insurance New Business and Underwriting Platform – The Policy Processor (TPP)TM to include ACORD Plug and Play capabilities

ACORD LOMA Insurance Systems Forum - San Diego, California. (May 23, 2011)

PlanetSoft, a leading provider of Web Services Straight-Through-Processing (STP) ACORD-Compliant Life Insurance New Business and Underwriting Platform – The Policy ProcessorTM (TPP) announces successful testing and implementation of the ACORD Life, Annuity, and Health plug and play services at the Plug and Play Tooling Jamboree – hosted by ACORD PnP Consortium.

"PlanetSoft has been a long time supporter of the ACORD standards – as our entire Life New Business Underwriting Platform is ACORD compliant. We are extremely pleased to have this opportunity to take part in the Plug and Play Tooling Jamboree – truly a ground-breaking event for the industry as whole says Sudhir Bajaj, CEO PlanetSoft. I congratulate ACORD PnP Consortium executive team for their leadership in furthering the ACORD framework by enabling organizations to adopt standards via the PnP route. We look forward to continue to work with the PnP Consortium to promote this expanded set of standards for both, our clients and the industry."

To learn more about ACORD's PnP Consortium, please visit http://www.acord.org/pnp

About PlanetSoft

The solutions of PlanetSoft are geared towards automating the distribution, processing and underwriting of insurance products, and management of distribution relationships. The solutions of PlanetSoft are configured on insurance industry specific, Web-services, straight-through-processing platform called Planet Interact. This unique and differentiated platform is data driven, which enables PlanetSoft to meet its customers’ requirements through configuration, rather than coding, thereby meeting all business requirements, expediting time to market and reducing the overall cost of ownership. For more information, visit http://www.PlanetSoft.com/home.aspx

PlanetSoft launches – The Policy Processor (TPP)™ Lite on SAAS platform

ACORD LOMA, San Diego, CA. (May 23, 2011)

PlanetSoft, a leading provider of life insurance new business and underwriting solution, announces the launch of The Policy Processor (TPP)TM Lite in a SaaS model. This will make industry's most innovative solution available to the mid tier insurance companies.

"TPP Lite has all the features that are required by mid market carriers. The technology is coupled with the rapid implementation capability that make it cost compelling." says Sudhir Bajaj, CEO of PlanetSoft. With ready connectivity to the third parties/vendors like MIB, MVR, Rx, etc as an ACORD Plug and Play standard interface, carriers will benefit from improved time to market. Transactional pricing allow for the optimization of capital outlays.

The key features of TPP Lite are:

  • End-to-end new business and underwriting solution that includes the core modules like Case initiation, Case Management, Requirement Management and Underwriting.
  • Equipped with innovative utilities like auto loading of requirements and automation testing framework.
  • Available as an outsourced hosted model or as an enterprise deployed solution.

About PlanetSoft

PlanetSoft's solutions are geared towards transforming customer and agent facing processes. Specializing in automating new business processes of insurance products, and management of distribution relationships. The PlanetSoft solutions are configured on an insurance industry specific, web-services, straight-through-processing platform called Planet interact. This unique and differentiated platform is data driven, which enables PlanetSoft to meet its customers requirements through configuration, rather than coding, thereby meeting all business requirements, expediting time to market and reducing the overall cost of ownership. For more information, visit http://www.PlanetSoft.com/home.aspx

PlanetSoft Receives XCelent Technology Award for Life Insurance New Business and Underwriting Platform – The Policy Processor (TPP)

Hartford, CT. (April 4, 2011)

PlanetSoft is recognized by Celent, a leading research and advisory firm serving the financial industry with its prestigious XCelent Technology Award for top performance in the area of Advanced Technology in the firm’s latest research report entitled "North American Life Insurance New Business and Underwriting Systems, 2010".

The report reviewed 12 new business and automated underwriting systems in use for life and annuity products. As part of the evaluation process, Celent looked at the availability of features and functionalities in the systems and how the systems interfaced with third party data providers.

"The features and functionalities in the systems evaluated all help to speed policy issue and reduce costs associated with new business and underwriting processes," says Karen Monks, Analyst with Celent's Insurance Group and author of the report.

"We are extremely pleased to receive this recognition from Celent" says Sudhir Bajaj, CEO, PlanetSoft. "This award is a testament to our long-term commitment to delivering world-class technology platform designed exclusively for the life insurance industry. TPP is a Web-services Straight-Through-Processing (STP) platform which transforms the way new business is processed – from application, through underwriting, to interfacing with various internal and external systems across the enterprise - most of which can be configured versus customized. Today, TPP is time tested and has positioned PlanetSoft as the leader in automation of Life Insurance New Business and Underwriting processes."

For more information, visit http://www.celent.com/124_3326.htm

About PlanetSoft

The solutions of PlanetSoft are geared towards automating the distribution, processing and underwriting of insurance products, and management of distribution relationships. The solutions of PlanetSoft are configured on insurance industry specific, Web-services, straight-through-processing platform called Planet Interact. This unique and differentiated platform is data driven, which enables PlanetSoft to meet its customers’ requirements through configuration, rather than coding, thereby meeting all business requirements, expediting time to market and reducing the overall cost of ownership. For more information, visit http://www.PlanetSoft.com/home.aspx

PlanetSoft Licenses The Policy Processor To Manulife Financial

Kitchener-Waterloo, Canada (May 10, 2010)

Manulife Canada has licensed PlanetSoft's New Business Processing and Underwriting Solution, called The Policy Processor (TPP). The system, titled under a project called "Arrow" will be instrumental in streamlining Manulife's Canadian operations.

Manulife selected PlanetSoft after a detailed market assessment and significant due-diligence of solutions in the market and the option to build a solution in-house. "The PlanetSoft solution was the best option available. The depth and breadth of the product offering combined with the flexibility of the meta-data driven configuration convinced us that TPP is the solution that will meet our strategic objectives.", said Alan Bett, AVP, Individual Insurance IT, Manulife.

The solution will streamline and automate all the key functions related the new business processing, including: Application Data Capture, Case Management, Requirements Management, and Underwriting. According to Alan Bett, AVP, Individual Insurance IT, Manulife "The solution will be a significant step forward in our ability to process new business. It will raise the bar of quality, service, and speed of delivery in our industry. The main drivers for us were: Making it easier for the distributors to do business with Manulife, improve the quality and turn around time of our new business processing, and overall reduce the cost of our operations. We are truly positioning ourselves to set the standard of service in Canada through technology innovation."

The web-based system will make it easier for producers to submit and track their new business submissions. The automated requirements management module will provide a significant improvement over how the process is management in the industry today, and the underwriting capabilities of TPP will provide the necessary tools for consistent and quality risk assessment.

"Manulife is a marquee client. Their selection of TPP is a testament to the product leadership and the quality of the team that stands behind the product. We are delighted that Manulife chose us as the partner who will help them maintain the highest level of operating excellence in new business processing." said Ash Sawhney (EVP, PlanetSoft)

About Manulife Financial

Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com

About PlanetSoft

PlanetSoft's solutions are geared towards automating the distribution, processing and underwriting of insurance products, and management of distribution relationships. The PlanetSoft solutions are configured on an insurance industry specific, web-services, straight-through-processing platform called Planet interact. This unique and differentiated platform is data driven, which enables PlanetSoft to meet its customers requirements through configuration, rather than coding, thereby meeting all business requirements, expediting time to market and reducing the overall cost of ownership. For more information about PlanetSoft and its solutions please visit http://www.PlanetSoft.com/home.aspx

Swiss Re and PlanetSoft announce Joint Venture

Armonk, NY, USA (April 5, 2010)

Press Release

Max New York Life goes live with PlanetSoft's solution - "The Policy Processor"

Delhi, India (April 5, 2010)

Max New York Life and PlanetSoft have announced that Max New York Life has gone live and into production with PlanetSoft's New Business Processing and Underwriting Solution - The Policy Processor (TPP). The solution automates end-to-end processes from field data capture to underwriting in the home office. The system supports rules-based processing at various stages in the life cycle.

Nazir Damji, Executive Vice President and Chief Underwriter from Max New York Life commented, "Our staff is amazed at the simplicity of working on the system. We had excellent experience working with PlanetSoft. They were very flexible in meeting our unique business requirements and configured the system to meet our needs from front to back-end processing. The volumes that we expect are large, over a million policies a year, therefore it was important to have a system that could support such volumes".

According to Subba Raju, Head of Product Strategy at PlanetSoft, "Max New York Life was an important implementation. Their volumes and breadth of functionality required a very scalable solution. We are pleased to take Max NY Life live with the system and look forward to supporting them in the future".

Responding to why Max New York Life picked PlanetSoft, Nazir responsed: "Meeting our business requirements was a key criteria, also we were looking for a new age technology that could also support e-Applications. The configurability of the PlanetSoft system and the ease of making changes is very impressive".

Sudhir Bajaj, CEO PlanetSoft commented, "We are continuing to expand the foot-print of our products beyond the North American market. Max New York Life is a marquee example of a global player and we are pleased that The Policy Processor will support their high volume business in India. The ability to support multiple geographies and accommodate the unique requirements of Max New York Life is a testament to the flexibility of the product. Our team is very excited to see them go live with the system".

About Max New York Life

Max New York Life Insurance Company Ltd. is a joint venture between Max India Limited, one of India's leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. The company has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The company has more that 10,000 employees, and 71,229 agent advisors at 715 offices across 389 cities. For more information please visit www.maxnewyorklife.com

About PlanetSoft

PlanetSoft is a leading provider of mission critical software and services solutions to the insurance industry. The solutions are focused in the areas of distribution, processing, and underwriting of insurance products; management of producer relationships, including licensing, contracting, hierarchy management, and compensation management; and straight through claims processing. The solutions are configured on an insurance industry specific web-services straight-through-processing platform called Planet Interact. This unique and differentiated platform is data driven, which enables PlanetSoft to meet its customers requirements through configuration, rather than coding, thereby meeting all business requirements, expediting time to market and reducing the overall cost of ownership. For more information please visit http://www.PlanetSoft.com/home.aspx

PlanetSoft's solution "The Policy Processor" scores high on IBM Scalability Test

Hyderabad, India (November 1, 2009)

Press Release

SBI Life Goes Live Successfully in Channel Management Systems Using PlanetSoft's "Producer Support System"

Mumbai, India (May 16, 2009)

SBI Life has successfully launched Channel Management System on 15th April, 2009. CMS caters to end-to-end requirements pertaining to enrollment, hierarchy, compensation and maintenance. The solution provides straight through processing and incorporates flexibility using highly configurable business requirements. "This is a milestone for SBI Life having opened out the solution to business group right on time at the beginning of the new financial year". Says …..Jaya Iyer, Program Manager, SBI Life.

Sudhir Bajaj, CEO PlanetSoft, stated, "It is a significant achievement for PlanetSoft in successfully implementing Channel Management System tailored to Indian Insurance business environment and IRDA regulations for SBI Life. The success is the culmination of collaborative efforts from all participants of SBI life and PlanetSoft".

Channel Management System helps significantly in supporting planned growth and increased demand for automated processes with the flexibility of adapting to changes to meet market demand. Massive calculations around commissions and Incentives would help and support SBI Life in successfully executing timely compensation management.

This is a leap over current conditions of multiple interdependent heterogeneous systems. The volume speaks in terms of number of new agents being enrolled and support current strength of sales force. It helps both home office team as well as people on the field to significantly improve their performance in executing their sales efforts.

"PlanetSoft was reliable in responding to the demands of SBI Life while adapting changes with short notice. The PlanetSoft team has helped us to sail through this phase with their dedication, support and expertise both in business and technologies and I dedicate this achievement of milestone to the entire SBIL-PlanetSoft team" says Bhaskar Jutti, CIO, SBI Life

About SBI Life

SBI Life Insurance Company Limited is a joint venture between the State Bank of India and BNP Paribas Assurance. SBI Life has a unique multi-distribution model encompassing Bancassurance, Agency and Group Corporate. BNP Paribas Assurance is the life and property & casualty insurance unit of BNP Paribas - Euro Zone’s leading Bank. BNP Paribas, part of the world's top 6 group of banks by market value and a European leader in global banking.

SBI Life extensively leverages the SBI Group as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. SBI's access to over 100 million accounts across the country provides a vibrant base for insurance penetration across every region and economic strata in the country ensuring true financial inclusion.

Agency Channel, comprising of the most productive force of more than 63,000 Insurance Advisors, offers door to door insurance solutions to customers.

About PlanetSoft

PlanetSoft"s solutions are geared towards automating the distribution, processing and underwriting of insurance products, and management of distribution relationships. The PlanetSoft solutions are configured on an insurance industry specific, web-services, straight-through-processing platform called Planet interact. This unique and differentiated platform is data driven, which enables PlanetSoft to meet its customers requirements through configuration, rather than coding, thereby meeting all business requirements, expediting time to market and reducing the overall cost of ownership. For more information about PlanetSoft and its solutions please visit http://www.PlanetSoft.com/home.aspx

Indiana Farm Bureau Insurance Goes Live With PlanetSoft's System

Indianapolis, IN (May 11, 2009)

Indiana Farm Bureau Insurance announced today they are now live with The Policy Processor: PlanetSoft’s new business processing and underwriting system. The system automates the intake and processing of new business applications. "This is a major milestone for us in our ability to automate our processes and handle increased volumes," stated Carl Shepherd, Senior Vice President.

Sudhir Bajaj, CEO PlanetSoft, stated, "It is always a great feeling of pride to see our clients" go live and start to experience the true power and benefits of The Policy Processor in a production environment. Both our teams worked collaboratively to make this happen, and we are very pleased with the outcome of a very successful implementation."

The system now allows Indiana Farm Bureau Insurance to process cases in minutes, what used to previously take over two days. The automation allows Indiana Farm Bureau Insurance to handle record volumes and improve time service for their producers.

Dana Devine, chief underwriter, who directed project implementation, commented, "PlanetSoft lived up to their commitments. The technology was supported by a team of dedicated and knowledgeable resources who guided us throughout the process. This was a major initiative for Indiana Farm Bureau Insurance and PlanetSoft was fully committed to ensuring a successful implementation."

The solution is now fully integrated in Indiana Farm Bureau Insurance's environment. "It was critical for us not only to see the system perform functionally, but to also be integrated into our environment," said Joe Murphy, system development manager. "We are very pleased to see the PlanetSoft solution now working in our environment, fully integrated with other packaged systems and third-party vendors. The PlanetSoft Integration Hub (i-Hub) is the foundation for the next phase of our project, the electronic application. We will then have straight through processing, which is the key objective of the project."

About Indiana Farm Bureau Insurance

Indiana Farm Bureau Insurance, organized in 1934 by Indiana Farm Bureau, Inc., has grown to include insurance products for auto, life, home, business and farm. Banking and other financial services and products also are available through its local offices. Indiana Farm Bureau Insurance serves Hoosiers through an extensive network of more than 450 agents and 1.200 employees living and working throughout the state of Indiana. With a home office in downtown Indianapolis and local offices in all 92 counties, Indiana Farm Bureau Insurance is the largest writer of farm insurance and the second largest writer of personal lines insurance in the state of Indiana.

About PlanetSoft

PlanetSoft's solutions are geared towards automating the distribution, processing and underwriting of insurance products, and management of distribution relationships. The PlanetSoft solutions are configured on an insurance industry specific, web-services, straight-through-processing platform called Planet interact. This unique and differentiated platform is data driven, which enables PlanetSoft to meet its customers requirements through configuration, rather than coding, thereby meeting all business requirements, expediting time to market and reducing the overall cost of ownership. For more information about PlanetSoft and its solutions please visit http://www.PlanetSoft.com/home.aspx

PlanetSoft Licenses The Policy Processor To Indiana Farm Bureau Insurance

Aliso Viejo, CA (May 16, 2007)

PlanetSoft announced that Indiana Farm Bureau Insurance has licensed The Policy Processor (TPP) to automate their life insurance business and underwriting process. The new system will help Indiana Farm Bureau Insurance reduce manual and paper based processes, resulting in improved service and reduced processing times. Additionally, information will become more quickly available to support clients, producers and customer service representatives.

"We reviewed several vendors in our search for new business and underwriting technology, and TPP best matched our needs," said Carl Shepherd, Senior Vice President, Life, of Indiana Farm Bureau Insurance. "PlanetSoft's technology and architectural structure allows for the flexibility we need in order to meet our immediate and on-going requirements."

"We welcome Indiana Farm Bureau Insurance to our family of clients and look forward to helping them achieve significant improvements in productivity and quality," said Sudhir Bajaj, CEO of the PlanetSoft. "The selection after extensive due diligence is a testament to PlanetSoft's product capabilities."

Main functionalities of the system include:

  • Electronic Online Applications
  • Automated Requirements management
  • Flexible Underwriting
  • Case management for exception based management
  • Straight through processing integration hub

About Indiana Farm Bureau Insurance

Indiana Farm Bureau Insurance, organized in 1934 by Indiana Farm Bureau, Inc., has grown to include insurance products for auto, life, home, business and farm. Banking and other financial services and products also are available through its local offices. Indiana Farm Bureau Insurance serves Hoosiers through an extensive network of more than 450 agents and 1,200 employees living and working throughout the state of Indiana. With a home office in downtown Indianapolis and local offices in all 92 counties, Indiana Farm Bureau Insurance is the largest writer of farm insurance and the second largest writer of personal lines insurance in the state of Indiana.

About PlanetSoft

PlanetSoft's solutions are geared towards automating the distribution, processing and underwriting of insurance products, and management of distribution relationships. The PlanetSoft solutions are configured on an insurance industry specific web-services straight-through-processing platform called Planet Interact. This unique and differentiated platform is data driven, which enables PlanetSoft to meet its customers requirements through configuration rather than coding, thereby meeting all business requirements, expediting time to market, and reducing the overall cost of ownership. For more information please visit http://www.PlanetSoft.com/home.aspx.

PlanetSoft's PlanetSoft, Inc. has announced that Combined Services LLC of Concord, NH has licensed its Policy Processor™ for processing of group and voluntary insurance products within the General Agency marketplace.

Orlando, FL (May 23, 2005)

PlanetSoft, Inc. has announced that Combined Services LLC of Concord, NH has licensed its Policy Processor for processing of group and voluntary insurance products within the General Agency marketplace. PlanetSoft also announced the general availability of its Policy Processor for Group Insurance.

"In Combined Services, we found a premier partner focused on the distribution of group insurance products. Combined Services has a clear mandate towards processing and customer service excellence, and we are very pleased they have chosen our platform to further this mandate."

Key functionalities of the system include:

  • Client Management
  • Proposal Management
  • Contact Management
  • Correspondence
  • Administrative Service Invoicing
  • License Renewal Tracking
  • Reporting
  • Commission Accounting
  • Data Exchange with Carriers
  • Producer Portal
  • Commission Reconciliation
  • Event based messaging

"Recognizing the competitive environment we felt it was important for us to operate our business on a technology platform that will enable us to be flexible and responsive to the end customer, producers, sales representatives, and our carrier network. Our goal was to upgrade our technology in a manner that would give us a competitive edge while reducing our overall cost of technology ownership and maintenance. PlanetSoft's configurable framework will allow us to create enhanced efficiencies and tighter customer relationships through a model that is tailored to our needs", said Brian Francis, President and CEO of Combined Services.

Sudhir Bajaj added, "Combined Services business model fits well with our product strategy and direction. Our goal is to continue to enhance the group insurance functionality to include home office processing, underwriting, and administration. Our framework configuration approach has enabled us to launch new business processing and underwriting solutions across multiple product lines, including individual life, annuities, and group insurance."

About Combined Services, LLC

Combined Services LLC offers a complete portfolio of insurance products and services through the region's finest insurance producers. As one of New England's largest employee benefits distributors, we maximize the purchasing power of an expansive client base to negotiate the most attractive and competitive insurance programs for our customers.

Combined Services offers a comprehensive array of products that include; group life and disability, dental, worksite products, 401(k) plans, and services such as flexible spending account administration and COBRA compliance administration.Visit www.combinedservices.com for more information

PlanetSoft's Policy ProcessorTM Selected by Sun Life Financial for Life Insurance New Business Processing and Underwriting

Las Vegas, NV (May 24, 2004)

PlanetSoft has announced that Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, in Wellesley Hills, Massachusetts, has licensed its Policy Processor™ to develop a new business administration and underwriting system to streamline the processing of life insurance applications

"We believe that each customer has unique processing requirements," said Sudhir Bajaj, CEO PlanetSoft. "The insurance industry has long struggled with the build versus buy options. Our framework provides a compelling alternative that combines the benefits of both these traditional approaches. The adoption of Policy ProcessorTM by Sun Life Financial establishes us as the leading platform for straight through life insurance processing."

Main functionalities of Policy Processor™ being utilized to provide the solution include:

  • Front-end electronic forms to capture application data
  • Rules-based requirements determination
  • Electronic requirements fulfillment
  • Case management
  • Rules based underwriting assessment
  • Support policy issue, settle, and close functions
  • Cash management and reconciliation
  • Interfaces through an integration hub with internal legacy systems including agency, policy administration, and imaging

"PlanetSoft's unique framework approach gives us the opportunity to fulfill all our business requirements," said Mark DeTora, Vice President, Individual Insurance for Sun Life Financial. "The initiative underscores our commitment to serving our producers and customers."

About Sun Life Financial

Sun Life Financial is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Tracing its roots back to 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2004, the Sun Life Financial group of companies has assets under management of US$282.1 billion.

Sun Life Financial Inc. trades on the New York (NYSE), Toronto (TSX) and Philippine (PSE) stock exchanges under ticker symbol SLF. Visit www.sunlife-usa.com for more information.

Standard Life Insurance Company Of Indiana Selects PlanetSoft's Policy Process Accelerator™ For End-To-End Life Insurance New Business Processing And Underwriting.

Las Vegas, NV (May 24, 2004)

Underwriting Alliance, a division of Standard Life Insurance Company of Indiana (SLI), Indianapolis, IN, has licensed PlanetSoft's Policy Processor™ 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 Processor™ after evaluating other solutions in the market. Their model requires a scalable 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.

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 Processor™, 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 Processor™ 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.

PlanetSoft Launches The Policy Processor ™, A Configurable New Business Underwriting Support System

(March 31, 2003)

PlanetSoft launches The Policy Processor, a configurable new business underwriting support system - .A Full service Agent and Customer Portal providing an Integrated Underwriter Support solution configured to your requirements.

Unlike rigid packaged applications, The Policy Processor is a configurable web based application.

The Policy Processor offers an "increase in revenue" proposition by providing for jet underwriting your cases, reduced new business processing costs and with reduced dropout rate of applicants resulting in increased revenue.

The application integrates data from internal and external systems such as illustrations, agency policy administration, issuing systems, and Data from 3rd party providers resulting in an end-to-end cohesive solution for you. An comprehensive underwriter support provided through queue and view cases, capture notes and organize communications, use u/w work sheet for assisting in rating the cases in fact allowing for Jet underwriting the cases.

PlanetSoft launches Mortgage Process Accelerator™ A comprehensive solution to streamline the loan origination and vendor management process, through a workflow based Business Rules Engine.

(October 10, 2002)

PlanetSoft announces the launch of Mortgage "Process Accelerator" built on its "Planet Interact" Web Services framework. A Comprehensive solution offered to the Mortgage sector, whereby the process of Loan Origination and Third Party Vendor Management is automated and integrated.

Mortgage Process Accelerator's key features include:

Loan Origination:

PlanetSoft's web services Process Accelerator provides end-to-end processing of mortgage loans. The application provides an unprecedented ability for loan originators to configure, manage, and analyze their company-specific business processes. Key components of the Loan Origination module include:

  • Leads Management
  • Online Application Entry
  • Automated application processing through a rules-based engine
  • Integration with Auto-Underwriting systems
  • Third Party Vendor Integration
  • Closing
  • Post closing CRM activities
  • Mortgage Dashboard to provide a 360 Degree view of the customer/prospect
  • Proactive event-based communication such as alerts, notifications, emails, automated faxes.

Third Party Vendor Management

The Mortgage Process Accelerator will allow mortgage companies to manage third party relationships which include Appraisals, Flood Certification, Title Searches, Title Insurance and Clearance, Closing and Recording. Key components of the Vendor Management Module include:

  • Order Initiation
  • Order Tracking Dashboard
  • Order Fulfillment
  • Invoicing
  • Accounting
  • Dynamic rules-based workflow allocation and vendor capacity management
  • Dynamic Notification
  • Forms Library to maintain client products

PlanetSoft Rolls Out Planet Interact Process Collaboration Framework

(June 15, 2002)

PlanetSoft introduces Planet Interact a process collaboration framework targeted to the financial services and insurance industries. Planet Interact will allow companies to streamline business processes within and across organizations. The framework will address process inefficiencies in a number of insurance functional areas, such as underwriting, policy administration, claims management, and agency management. In the broader financial services sector the framework will address process inefficiencies in processing securities and servicing institutional assets.

Xchange expands Strategic Development Capacity with PlanetSoft Partnership

(May 7, 2002)

Xchange Frees Internal R&D Domain Experts to Focus On Platform Enhancements As Company Outsources Maintenance and Platform Porting Xchange, Inc., innovators in helping businesses capture more profit in each customer interaction, today announced that it will outsource its ongoing maintenance and platform porting activities to PlanetSoft, Inc. under terms of a newly- signed contract. The deal will increase the number of Xchange's internally available developers who will be redeployed on product enhancements and next generation evolution.

PlanetSoft has enjoyed a four year record of success with Xchange and we look forward to a seamless transition into this new and expanded relationship," said Sudhir Bajaj, CEO of PlanetSoft, Inc. We have tackled a variety of projects together and this new chapter is a natural move for us both," he added.

PlanetSoft's long-standing relationship with Xchange has produced a skilled set of engineers whose experience with the Xchange product line is comprehensive. PlanetSoft has executed projects for much of the Xchange product line including designing and implementing feature enhancements to Xchange Campaign, such as Name Mapping and the Multi Row Insert functionality for all databases. They have also participated in Internationalization projects for Xchange, including designing and implementing Date/Time and Numeric modifications to the code base.

Xchange Internal R&D Domain Experts to Drive on Customer-Focused Enhancements "The choice of PlanetSoft was simple based on our long relationship and their deep familiarity with our code," said Charlie Phillips, vice president of engineering of Xchange. "This move will free up development staff and increase our capacity to deliver strategic projects and customer-requested enhancements," he continued.

"The outsourcing and redeployment should increase our customer satisfaction by improving our capacity in both customer service and R&D. It's a double play, allowing us to focus on strategic development efforts internally while increasing the dedicated resources we have allocated to pure maintenance," Phillips stated.

Microsoft Gold Certification Press Release

(May 15, 2001)

PlanetSoft named member of Microsoft Gold Partner Program

PlanetSoft, Inc., a systems integrator and software solutions developer, today announced it has been selected as a new member in the Microsoft Gold Certified Partner Program for E-Commerce solutions. PlanetSoft, Inc. has been named as a Microsoft Gold Certified Partner for E-Commerce Solutions due to its competence in the latest Microsoft e-commerce technologies and its proven track record of customer satisfaction. Membership in the Microsoft Gold Certified Partner Program will provide PlanetSoft with resources to excel further in developing and deploying robust Microsoft e-commerce solutions that will help speed customers' time to market and reduce costs. "We are extremely pleased with our new status as a Microsoft Gold Certified Partner for E-Commerce Solutions," said Sudhir Bajaj, CEO of PlanetSoft. "Being a Gold member of the program allows us to clearly promote ourselves to customers as having proven expertise in providing high-quality e-commerce solutions. The incremental benefits provided through our Gold membership will allow us to continue to enhance the offerings that we provide for customers. This distinction of being selected as a Microsoft Gold Certified Partner combined with our offshore development center and our continued commitment to stay on the cutting edge of Microsoft technologies allows PlanetSoft to offer a value proposition that is unparalleled in our industry.

The Microsoft Gold Certified Partner Program provides a way for customers to identify companies that have proven their commitment and expertise in one or more specialized areas when delivering Microsoft technologies. Microsoft Certified Partners need to meet a higher set of criteria for each category, including enhanced certification and a portfolio of real-world customer references, and are thus identified as the most skilled partners in specific solution areas."

"Today's pressures to build the best E-Commerce solutions can be critical to business success information. These solutions need to be reliable yet deployed very quickly, said Rosa Garcia, general manager of the Partner Programs Group at Microsoft Corp. Microsoft recognizes that companies don't want to choose a technology partner that needs to learn on the job they need a partner with proven experience. Today, Microsoft recognizes PlanetSoft for documenting customer satisfaction with numerous e-commerce deployments. This distinction brings value to the Microsoft Gold Certified Partner Program and makes it clear that PlanetSoft has the skills and experience to provide high-quality e-commerce solutions on Microsoft technology."

PlanetSoft Enters Into Partnership With Bea Systems

(October 20, 2000)

PlanetSoft signs partnership with BEA Systems to provide leading edge e-commerce solutions to the marketplace. BEA Systems, Inc. (Nasdaq: BEAS) is one of the world's leading e-business infrastructure software companies, with more than 11,000 customers around the world, including the majority of the Fortune Global 500.

PlanetSoft collaborates with clients to build innovative, workable, and customized solutions.
PlanetSoft transforms the ways financial services and insurance companies process their new business.