ACORD LOMA Insurance Systems Forum: Interview for OPUS Make the Sale from OpusMakeTheSale on Vimeo.

So just how many keystrokes can be saved by technology? Calling on an example from a proof of concept test, Treutel said that they counted keystrokes. “In one submission that we were able to transfer electronically from the retail agent to the general agent to the carrier and back again, we saved 10,000+ keystrokes.”

Current Conditions
At the start of the session, Deibler discussed the problems currently facing the E&S industry and explained why the use of automation and technology is essential. “The E&S industry is very huge, over $30 billion. There are millions of transactions. But it is a very, very paper-based manual processing flow. There are a lot of unique supplemental forms that carriers have developed over the years. And there are substantial redundant data recording processes,” said Deibler. “It’s not unusual that the same data would be recorded on a submission six to eight times in the process before a quote was ever produced. That’s probably more typical than unusual. [There are] huge redundancies and inefficiencies in the process.”
This initiative was launched to: · Increase implementation of ACORD Standards · Build on standard market successes · Increase automation · Take advantage of existing technology · Increase use of Real Time and Download · Improve workflows · Improve profitability and sales
After just two years of regular calls and face to face meetings the group has made great progress:

· Several supplemental ACORD Forms are completed or in development.
· A sub-group is focusing on ways to market these successes to the industry to increase adoption.
· Systems have been developed to take advantage of the standardization.
· Membership in the group is up substantially.

“The interest level at this point is continually increasing. We have lots of folks that are recognizing that we’re making progress, that things are being accomplished in a very significant way, and we’re going to make some serious inroads into this process,” stated Deibler. “300 [participants] is a good number but it’s not enough … we’d like to see additional E&S carrier involvement in the process … [along with] anyone with an interest or focus in the E&S world.”

Three-Pronged Attack
Following up on the group’s formation, Treutel said that “it was like the alignment of the stars. Everything came into place at the same time. At the start of this effort we wanted to hit the ground running … so we broke into three segments all working concurrently to make the most progress as quickly as possible.”

1 – Websites
One focus was on general agent websites. While companies in the standard insurance market have robust websites, general agent sites are often just promotional. To help these sites evolve, the group established a roadmap showing how companies can go from level 1 sites (basic marketing) to a level 4 (incorporating Real Time and increasing automation).

2- Standards
The second focus was on company-specific forms — forms which many organizations felt were so unique they couldn’t be standardized. “We started looking at all of these special applications from all of these carriers, and it was amazing that a lot of the information was really the same,” Treutel said. “We were able to identify that 80% to 90% of the information in some cases was the same on all of the different applications. That’s where the idea came from to start focusing on ACORD Standards. We can get the 80% right now by using ACORD applications and then for that 20%, let’s work together to get those more standardized.”

3 – Implementation
Implementation was the third major focus. Treutel pointed to the work already being done by the ACORD E&S Working Group headed by ACORD Board Member and COO of Warwick Resources Keith Savino. To date, the working group has produced such forms as the ACORD 105 – Apartment Building Supplement and the ACORD 106 – Vacant Building Supplement that are both used with the ACORD 125 Commercial Insurance Application.
“One of the other major initiatives we’re going to have is to work with all of you in this room on getting these forms implemented so they can actually be used. Because if it’s just a piece of paper gathering dust, there’s no point in it,” said Treutel. “We can all do business more efficiently, effectively and profitably and all make more sales. It’s a win-win scenario,” she added.

Seeing is Believing
Rounding out the session was a demonstration of one solution in a real-world environment. Montney used a solution created by Appulate, Inc.
· · · ·
An ACORD application was entered by Treutel through her agency management system. It was sent through a “print driver” process which converted it into ACORD XML. The ACORD message was sent to the Cochrane & Company system that had a “catcher” waiting. It received the request, and provided a link to the quote all in a matter of seconds.
This is a significant time savings from the existing methodology where it might have taken days using manual, and repetitive, data entry.
By doing this live demo, the audience saw first-hand that you could connect the dots and bring efficiency to the workflow. “One of the biggest things missing in the E&S market is the ability to connect the dots, said Montney.”We need a more established mechanism to connect the dots … we need solutions that can be pushed out for everybody, and this is where we’re engaging vendors.”
In this scenario, the solution utilized a web portal. However, Montney emphasized that portals are not the answer, just a stepping stone to future technology. “Web portals are a great start to building out services to retailers but it needs to be just that, a start. If you don’t build on from there, as soon as something better comes along, customers are going to go somewhere else.”
Deibler emphasized that the group was not endorsing any particular technology and that there were other solutions that accomplished the same task. The solution demonstrated was just one of many now available or being developed.

What’s ahead for the group? More work, more forms, more standards, and more participation. Their next face-to-face meeting is at the ACORD Implementation Forum in November.

As published in the ACORD Weekly Newsletter (www.acord.org) on 14 July 2010 and 21 July 2010

To remain competitive, insurers must get new business in, process it promptly and accurately and get it back out to their advisors and ultimately their clients. A lack of integrated technology combined with redundant business processes present significant obstacles to getting this done efficiently, often leading to unplaced business.

The Life Insurance industry was one of the first to adopt new technologies when computers became available in the 1950s. While the insurance industry has found that technology is a powerful tool, most software applications today are stand-alone desktop applications that are not integrated with one another or other systems and data. This lack of integration is a major stumbling block, particularly at the point of sale. Numerous stand-alone systems – each with its own user interface – make the process challenging, frustrating and time consuming for advisors and customers alike.

PROBLEM #1: REDUNDANT MANUAL INPUT

Accuracy and efficiency is impeded due to the repeated entry of client data across many systems and often manual paper forms. The current industry practice often involves multiple points of entry by multiple individuals for the same client data during the sales cycle for a life insurance policy. For example, an advisor, an advisor’s assistant, head office administrator, head office new business administrator and underwriting administrator might enter the same client data in the following locations:

1. Advisor’s personal CRM
2. Needs Analysis worksheet or software
3. Concepts worksheet or software
4. Illustration software
5. Agency administration system
6. Policy application (scanned electronically, most often preceded by a paper application)
7. Carrier new business system
8. Carrier underwriting system
9. Policy issue system

Any errors are prone to the ‘multiplier effect’ whereby any single error is multiplied many times. Where an agency does business with multiple carriers, the complexity grows, magnifying the risk of repeating data entry errors and/or making new ones. Valuable time is wasted in checking and double-checking for accuracy, adding unnecessary steps to the process while increasing costs and decreasing customer satisfaction.

PROBLEM #2: NEW SOFTWARE VERSIONS AND UPDATES

Updating the various carriers’ software every time a new version or a patch is released is a tedious and time-consuming process that also affects efficiency. Many carriers put their software updates on a disc and send them out by mail, and are able to provide only limited instructions and support for those updates. Many illustration software programs do not easily coexist, and updates to these programs sometimes interfere with the functionality of existing software.

PROBLEM #3: REMOTE ACCESS

The inability of advisors to access important information remotely is another major hindrance to making the sale. Advisors often meet their clients off-site (in their homes or in a coffee shop, for example).  In these situations, the advisor has limited access (if any) to the databases or systems needed. A break in the sales cycle happens in order to remit collected or updated information to the agency and to the carrier. Or manual processes are used instead of technology, significantly increasing processing time, and likelihood of not-in-good-order applications.

INNOVATIVE SOLUTION: AN INTEGRATED, MODULAR POINT-OF-SERVICE SYSTEM

There is a clear business need for a shorter sales cycle; increased data accuracy supported by improved processes and reduced administration. An innovation in point-of-service systems would meet these needs by integrating tools for each step in the insurance sales cycle including: client data capture; financial worksheets (assets/liabilities, income/ expenses); financial needs analysis; concept storyboards and calculations; illustration software; and electronic applications, ultimately enhancing the ability to achieve straight-through processing of applications. These tools would also seamlessly integrate with agency administration software as well as underwriting and policy issue systems. Multiple functionalities via the same user interface would simplify the sales process for the carrier, the advisor and the client, improving the customer and advisor experience throughout the process. Business concerns at the carrier and agency levels would be met in a secure environment with an intuitive and accessible interface.

The features of this solution would include:

• A central repository of data
• An integrated modular sales system
• Secure information exchange between advisor and carrier
• The capability to connect to agency systems through the web
• Functions as a standalone desktop module
• A simple, easy-to-use interface

ONE POINT UNIFIED SYSTEM

The single most important feature of this solution would be the central repository of information, which would eliminate the need for repetitive data entry and increase accuracy and efficiency in procedure. Data entered by the advisor in any module in the system would be entered only once, making it accessible to all the other modules that require it, including to an electronic application featuring electronic signatures. As a result, data entry errors would be minimized.

INNOVATIVE BENEFITS

For carriers, the use of a unified, modular sales system would allow much greater control over software, advisors’ activities, and client’s policies. Head office could turn agency access to products on or off, and any rate changes or product updates could be implemented online. Changes would filter digitally to each copy of the system at the agency and advisor offices, eliminating the need to manually mail out updates on disc. The need for support and the costs of licensing multiple software programs would be greatly reduced.

The system would be accessible from anywhere, whether on an advisor’s local computer or via the web from a remote location, thereby shortening the life sales cycle. The days of having to get back to the office to run illustrations and prepare the electronic forms for transmittal to the carrier would be over; all this could be done remotely and in the presence of the client. A module would handle policies already inforce, providing an opportunity to significantly enhance customer service. The advisor could service existing policies for the client, or use the data to identify any gaps in the client’s needs and act to close the gap by running illustrations on the spot.

OPUS: MAKE THE SALE

OPUS is an integrated, modular point-of-service system that consolidates the stages of the insurance and financial sales cycle from end to end. One-time-one-place, single point of data capture and data access eliminates redundancy, ensures accuracy and creates efficiencies in procedure by dispensing with repetitive, manual manipulation of data and enables straight through processing of applications.

Open and standardized technology allows for a shared, collaborative workflow and development in partnership to build solutions that are tailored for different needs. OPUS is a configurable system that lets you create custom point-of-service solutions for advisors, providing them the means to build fruitful relationships with their clients.

OPUS includes these 5 built-in modules:                  The System is comprised of 4 add-on modules:

1.    Administration                                                                    1.  Needs

2.    Resources                                                                              2.  Concepts

3.    Relationships                                                                       3.  Illustrations

4.    Worksheet                                                                             4.  Forms

5.    Calculators

FOR MORE INFORMATION

If you are interested in knowing more about how OPUS will shorten your sales cycle, improve accuracy and reduce administration time, contact us at 1.877.575.5510 or send an e-mail to info@opusmakethesale.com.

illustrate inc to provide Online Needs Analysis and Insurance Quoting solution to employees of the Ontario education system

(TORONTO, Canada – June 16, 2010) illustrate inc, today announced the signing of its newest client: Teachers Life Insurance Company. Teachers Life, a fraternal, not-for-profit organization that provides life insurance and critical illness policies to members of the education community in Ontario, will retain illustrate inc to provide an online Needs Analysis, Insurance Quoting and Electronic Application solution. The system will be developed using illustrate inc’s newly launched OPUS platform.

“We have long been in need of a simple, easy-to-use online solution for our members,” explains Doug Baker, President and CEO of Teachers Life. “We were looking for a solution that would enable our members to determine independently the type and amount of insurance they need, and then easily obtain the right coverage for them and their families. We wanted to work with a company which is well established in this industry, and has a reputation for delivering powerful solutions quickly and cost effectively.”

OPUS is an integrated, modular point-of-service platform that consolidates the stages of the sales cycle from end to end. Members of the education community will be able to access OPUS directly from the web, where each step in the process will be captured from beginning to end. Customers will be able to not only analyze their life insurance needs and obtain electronic insurance quotes online, but they will also be able to fill out an intuitive and user-friendly insurance application form. Using the simple wizard-based tool they will be guided easily through the entire application process, including the underwriting requirements.

“We are very excited about the opportunity to partner with Teachers Life,” says Zahir Dhalla, founder and President of illustrate inc. “OPUS, our One-Point-Unified-System, is an ideal fit for Teachers’ requirements. We look forward to providing our online solution in a format that is easy for members to use and which will facilitate the sale of Teachers Life’s multiple product offerings.”

OPUS for Teachers Life will launch this summer, and will provide the education community of Ontario with dedicated web access to a variety of life insurance products, including term life and critical illness. One-time-one-place, single point of data capture and access will ensure fast and accurate processing of members’ insurance applications. This will enable Teachers Life to rapidly deliver their members’ insurance policies.

illustrate inc is a privately held company with significant expertise in illustration and point-of- service systems used in the insurance and financial services sectors. illustrate inc has grown steadily over the past 20 years as a result of its hard focus on addressing industry need for efficiency, effectiveness and speed to market. With clients in Canada and abroad, illustrate inc continues to evolve to anticipate and meet the changing needs of the insurance and financial services industries.

Teachers Life is the largest educator-owned, not-for-profit fraternal insurer in North America. For over 70 years Teachers Life has been providing insurance solutions for the education community and as a fraternal giving back to members and the community through various member rebate programs, support of educational events and championing both local and global causes.

Media Contact: Lorne Brown
illustrate inc
pr@opusmakethesale.com
(416) 626-6230

(TORONTO, Canada – May 21, 2010) illustrate inc, today unveiled OPUS, its newest product line for point-of-sale solutions to the insurance and financial services industries.

“There is a real need in both industries to eliminate the requirement for advisors to use separate, disconnected software for each step of the sale,” says Zahir Dhalla, founder and President of illustrate inc. “We developed OPUS, which stands for One Point Unified System, to be a powerful tool to enable straight through processing.“

OPUS is an integrated, modular point-of-sale platform that consolidates the stages of the sales cycle from end to end. One-time-one-place, single point of data capture and data access eliminates redundancy, ensures accuracy and creates efficiencies in procedure by doing away with repetitive, manual manipulation of client data.

“By unifying each functional component into one system, OPUS dramatically shortens the sales cycle and allows a much faster, more accurate delivery of the contract,” adds Dhalla. “OPUS addresses many of the inefficiencies inherent in the current process of generating sales, particularly for life insurance products. OPUS really does enable advisors to make the sale!”

Lorne Brown, VP of Business Development, explains that OPUS “offers significant benefits for the life insurance and financial services industries:
• It’s configurable, allowing advisors to create custom point-of-sale solutions, which gives them the means to build fruitful relationships with their clients.
• It integrates with existing systems used in financial services distribution, including CRMs and illustration software.
• It’s scalable: our clients can buy as much or as little of OPUS as they need, and add more modules when they need more functionality.”

Out of the box, OPUS includes five built-in modules. Four add-on modules are available to address the complete sales life cycle for financial products, unifying advisor administration, client functionality, and financial worksheets with needs analysis, sales concepts, illustrations, and electronic forms. This effectively facilitates straight-through processing from initial client contact to submission of an application. This web-based solution runs in both connected and disconnected mode, so advisors don’t need to have web access in order to complete the sale.

illustrate inc is a privately held company with significant expertise in illustration and point-of-sale systems used in the insurance and financial services sectors. illustrate inc has grown steadily over the past 20 years as a result of its hard focus on addressing industry need for efficiency, effectiveness and speed to market. With clients in Canada and abroad, illustrate inc continues to evolve to anticipate and meet the changing needs of the insurance and financial services industries.

Media Contact: Lorne Brown
illustrate inc
pr@opusmakethesale.com
(416) 626-6230

PROBLEM #1: REDUNDANT MANUAL INPUT
Accuracy and efficiency is impeded due to the repeated entry of client data across many systems and often manual paper forms. The current industry practice often involves multiple points of entry by multiple individuals for the same client data during the sales cycle for a life insurance policy. For example, an advisor, an advisor’s assistant, head office administrator, head office new business administrator and underwriting administrator might enter the same client data in the following locations:
1. Advisor’s personal CRM
2. Needs Analysis worksheet or software
3. Concepts worksheet or software
4. Illustration software
5. Agency administration system
6. Policy application (scanned electronically, most often preceded by a paper application)
7. Carrier new business system
8. Carrier underwriting system
9. Policy issue system

Any errors are prone to the ‘multiplier effect’ whereby any single error is multiplied many times. Where an agency does business with multiple carriers, the complexity grows, magnifying the risk of repeating data entry errors and/or making new ones. Valuable time is wasted in checking and double-checking for accuracy, adding unnecessary steps to the process while increasing costs and decreasing customer satisfaction.

PROBLEM #2: NEW SOFTWARE VERSIONS AND UPDATES
Updating the various carriers’ software every time a new version or a patch is released is a tedious and time-consuming process that also affects efficiency. Many carriers put their software updates on a disc and send them out by mail, and are able to provide only limited instructions and support for those updates. Many illustration software programs do not easily coexist, and updates to these programs sometimes interfere with the functionality of existing software.

PROBLEM #3: REMOTE ACCESS
The inability of advisors to access important information remotely is another major hindrance to making the sale. Advisors often meet their clients off-site (in their homes or in a coffee shop, for example). In these situations, the advisor has limited access (if any) to the databases or systems needed. A break in the sales cycle happens in order to remit collected or updated information to the agency and to the carrier. Or manual processes are used instead of technology, significantly increasing processing time, and likelihood of not-in-good-order applications.

INNOVATIVE SOLUTION: AN INTEGRATED, MODULAR POINT-OF-SALE SYSTEM
There is a clear business need for a shorter sales cycle; increased data accuracy supported by improved processes and reduced administration. An innovation in point-of-sale systems would meet these needs by integrating tools for each step in the insurance sales cycle including: client data capture; financial worksheets (assets/liabilities, income/ expenses); financial needs analysis; concept storyboards and calculations; illustration software; and electronic applications, ultimately enhancing the ability to achieve straight-through processing of applications. These tools would also seamlessly integrate with agency administration software as well as underwriting and policy issue systems. Multiple functionalities via the same user interface would simplify the sales process for the carrier, the advisor and the client, improving the customer and advisor experience throughout the process. Business concerns at the carrier and agency levels would be met in a secure environment with an intuitive and accessible interface.

The features of this solution would include:
A central repository of data
An integrated modular sales system
Secure information exchange between advisor and carrier
The capability to connect to agency systems through the web
Functions as a standalone desktop module
A simple, easy-to-use interface

ONE POINT UNIFIED SYSTEM
The single most important feature of this solution would be the central repository of information, which would eliminate the need for repetitive data entry and increase accuracy and efficiency in procedure. Data entered by the advisor in any module in the system would be entered only once, making it accessible to all the other modules that require it, including to an electronic application featuring electronic signatures. As a result, data entry errors would be minimized.

INNOVATIVE BENEFITS
For carriers, the use of a unified, modular sales system would allow much greater control over software, advisors’ activities, and client’s policies. Head office could turn agency access to products on or off, and any rate changes or product updates could be implemented online. Changes would filter digitally to each copy of the system at the agency and advisor offices, eliminating the need to manually mail out updates on disc. The need for support and the costs of licensing multiple software programs would be greatly reduced.
The system would be accessible from anywhere, whether on an advisor’s local computer or via the web from a remote location, thereby shortening the life sales cycle. The days of having to get back to the office to run illustrations and prepare the electronic forms for transmittal to the carrier would be over; all this could be done remotely and in the presence of the client. A module would handle policies already inforce, providing an opportunity to significantly enhance customer service. The advisor could service existing policies for the client, or use the data to identify any gaps in the client’s needs and act to close the gap by running illustrations on the spot.

OPUS: MAKE THE SALE
OPUS is an integrated, modular point-of-sale system that consolidates the stages of the insurance and financial sales cycle from end to end. One-time-one-place, single point of data capture and data access eliminates redundancy, ensures accuracy and creates efficiencies in procedure by dispensing with repetitive, manual manipulation of data and enables straight through processing of applications.
Open and standardized technology allows for a shared, collaborative workflow and development in partnership to build solutions that are tailored for different needs. OPUS is a configurable system that lets you create custom point-of-sale solutions for advisors, providing them the means to build fruitful relationships with their clients.

OPUS includes these 5 built-in modules:
1. Administration
2. Resources
3. Relationships
4. Worksheet
5. Calculators

The System is comprised of 4 add-on modules:
1. Needs
2. Concepts
3. Illustrations
4. Forms

FOR MORE INFORMATION
If you are interested in knowing more about how OPUS will shorten your sales cycle, improve accuracy and reduce administration time, contact us at 1.877.575.5510 or send an e-mail to info@opusmakethesale.com.

Unified communications is a term being used more and more these days. What it is and what it does for a company varies based on implementation.

As a recent Information Week article points out: “For some, it’s just a matter of replacing consumer chat tools like AIM and Messenger with enterprise versions. For others, it’s going all the way to deploying high-end desktop videoconferencing. For most, though, what’s important is the ability to pick and choose the pieces of UC to implement.”

At ACORD, the IT department has been hard at work selecting and deploying UC technologies across the enterprise to promote collaboration and increase efficiency. This includes electronic faxing, voice mail through email, desktop videoconferencing, instant messaging, and VoIP telephony. All of them are integrated at the desktop level and accessed using a single user sign-on.

“What we needed to do was find the technologies that helped make us more efficient and coordinated. The more efficient we are internally, the better we can serve our members. While free apps work in their own ways, they don’t provide an integrated capability, stability or overall efficiency. ACORD is about collaboration and UC provides that collaborative platform,” said Frank Neugebauer, CTO, ACORD.

Information Week’s article concurs. “Another interesting data point from our survey is that the two business considerations that most commonly drive a UC implementation are improving employee collaboration and improving employee efficiency. Those two factors outdistance all others by 25 and 18 percentage points, respectively.”
“ACORD staff work and travel worldwide. The ability to communicate easily, coordinate efforts, share desktops and documents to get the work done is essential,” said Neugebauer. “Today, ACORD staff all use one communicator system and have desktop phones that integrate with Outlook and Microsoft Office Communicator. ACORD members seamlessly plug into this environment using their regular telephones.”

Unified communications is here. Information Week’s survey found that 30% of those polled have already deployed UC and another 30% plan to do so in the next couple of years. “ACORD is taking advantage of the technologies available today and their ability to increase operational efficiency,” said Neugebauer.

Read the full article here

Author: Michael Carroll

Insurance Software Deal Trends 2009 – Deal data provided by software vendors active in insurance, shows that insurers are still investing in solutions, despite the market turmoil.  Look at where investments have occurred by metacategory and subcategory – June 5, 2009. Celent

Life Insurance Mergers & Acquisition Activity Next 12 Months – The number of mergers and acquisitions (M&A) in the life insurance industry could dramatically increase over the next year, as improving economic conditions release pent-up demand. – May 12, 2009, according to Towers Perrin Study.

Sun Life Financial acquires UK business of Lincoln National. – Sun Life Financial Inc. announced today it is acquiring the United Kingdom operations of Lincoln National Corporation. The value of the transaction is approximately £195 million (CDN$359 million) – June 15, 2009

Investment in technology infrastructure is a core focus at illustrate inc. We are continually working to enhance our platform to meet the industry’s rapidly evolving needs. In 2010, our core components and framework will be compliant with Microsoft Windows 7.

Over the course of the coming year, we will continue to expand the breadth and depth of our flagship One Point Unified System, otherwise known as OPUS, with a powerful suite of modules designed to support the entire sales life cycle. Our newest modules, retirement and estate planning, are designed to create valuable sales opportunities by identifying and quantifying your clients’ short- and long-term financial goals compared to available resources.

In 2010, OPUS will be enhanced to run in online or offline mode. This simply means that the application will be smart enough to detect whether you have internet access or not and launch the appropriate version. There are significant savings to be realized in development and training from having one application that looks and feels the same in either desktop or web environments.

More exciting enhancements are planned for launch in 2010, including electronic prospecting, illustrations on personal digital assistants (PDAs) and E-signature capability.
Look for more details in upcoming issues of Insight.