Products promote efficiency, shorten sales cycles
In a market that is fiercely competitive, carriers, agents and brokers understandably look for any possible advantage in selling their wares, and software companies stand ready to provide products that speed processes and positively affect the bottom line.
Following are several of the many new technology products designed to deliver what the industry wants.
o Global IQX has announced the latest version of its IQX Platform, "designed to improve efficiencies and increase sales by automating the entire sales process from prospecting through enrollment for the group life and health market."
According to Ottawa, Ontario, Canada-based Global IQX, the platform supports ACORD XML standards for insurance and features an enhanced rules engine that allows insurers to configure business rules without relying on IT (Information Technology).
"By allowing authorized users to view and override business rules, carriers can adapt to marketplace changes more quickly, speeding time to market," the company states.
New features of the platform, according to the company, include:
==an enhanced component- and permission-based architecture;
==a case-centric view that makes it easier to track cases and their status;
==data import/export tools that accelerate the exchange of data such as company and plan information, employee census, premium and rate history; and
==channel management that allows permission-based access by users across departments.
"Using this technology, our customers can enjoy higher conversion rates, reduced maintenance and distribution costs while accelerating time to market and realizing revenue opportunities," says Michael de Waal, president of Global IQX. He adds that "clients have realized increased revenues, typically a 33% increase in personal productivity, as well as a reduction in time to market from an average of 90 days to one day."
The technology sells for between $375,000 and $1.9 million (U.S. dollars), depending on the number of components selected, a company spokesperson notes. Further information is available at www.globaliqx.com.
o MCP Premium Software has introduced equity-indexed annuity (EIA) software that "lets financial pros quickly illustrate the benefits of EIAs over other investments."
The software covers "virtually every product on the market," says Orange, Calif.-based MCP. It shows each EIA's rate of return under different scenarios, including Monte Carlo simulations. "The agent or advisor can readily do sophisticated modeling to show how adding an EIA can optimize a client's overall portfolio," the company notes.
MCP adds that the software is "easy to use" and that it helps broker-dealers and registered representatives comply with the National Association of Security Dealers' recent notice obliging members to tighten EIA sales practices.
The full version of the software runs on Microsoft Windows XP or Windows 2000, with an individual license priced at $995, the company says. The Lite version, available on the Web for individuals at $199, can be used by anyone with Internet access, says MCP, and a free trial is offered. Further details are available at www.mcppremium.com.
o SunGard Insurance Systems has announced the release of VIP Express, a sales and in-force illustration product.
According to Miami-based SunGard, the product provides insurance companies with a browser-based illustration system that "supports all types of life, annuity, disability and long term care products." It is offered as a hosted ASP (application service provider) solution into which companies can load product rules while applying their brand. As a result, "new products and features [are] available via the Web in a matter of days–without incurring any costs for new infrastructure," the company says.
