Dell Services Implements Straight-Through-Processing (STP) Technology to Help Erie Family Life Insurance Accelerate Policy Delivery
- New Business Process Outsourcing (BPO) solution designed to reduce cycle times for new policy applications
- STP technology to help Erie Family Life reduce costs, improve processes, drive revenue, assure quality and strengthen customer relationships
- Dell Services administers more than 2.5 million life, annuity and specialty health policies for 30 insurance carriers
The STP technology integrates seamlessly with a web portal developed by Dell Insurance Services for Erie Family Life agents. The portal provides a suite of web-based tools that allow agents to take an active role in the processing of life insurance applications. The use of electronic applications will help Erie Family Life reduce new business cycle times and can result in increased placement rates and premium revenue growth for the carrier and agents.
As Erie Family Life agents utilize electronic applications for their Term Life, Whole Life, and Universal Life policies, STP will also enable agents to input and process information directly through the LifeSys™ Policy-Processing System, the full-service policy administration platform developed by Dell Insurance Services. LifeSys is a powerful tool that provides real-time access to information for processing policies from initial applications to claims resolution.
Dell Services is a trusted provider of end-to-end business process, consulting, application and infrastructure solutions for the life insurance industry. Supporting numerous life insurance and annuity products, Dell Services delivers capabilities to manage discrete business functions such as document management or claims, or assume responsibility for entire policy lifecycles. Dell business solutions help free insurance companies from the high costs of in-house product administration and technology maintenance, so they can redirect their resources to strategic, business-building initiatives. Dell Services administers more than 2.5 million life, annuity, and specialty health policies for 30 insurance carriers.
“Dell Services is proud to assist Erie Family Life, a customer for more than four years, by helping reduce costs and increase the quality and efficiency of the company’s insurance policy administration. We are pleased to provide new functionalities such as STP that further strengthen Erie Family Life’s ability to support their agents and policyholders.”
Michael DeMott, executive director, Dell Insurance Services
“Because of Straight-Through-Processing technology, Erie Family Life is able to review and approve life insurance applications faster than ever. A great example is a recent whole life application that was submitted and approved in less than 24 hours using the new electronic application. That type of speed and service is what Erie is all about.”
Michael Plazony, senior vice president, Erie Family Life, noting the success of electronic applications with both agents and Erie customers.
Dell Inc. (NASDAQ: DELL) listens to customers and delivers innovative technology and services that give them the power to do more. Dell Services develops and delivers a comprehensive suite of services and solutions in applications, business process, consulting, infrastructure and support to help customers succeed. Learn more at www.dell.com.
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 12th largest automobile and 14th homeowners insurer in the United States based on direct premiums written and the 20th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has over 4.3 million policies in force and operates in 11 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 company.
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