(Photo credit: Muhammad Mahdi Karim.)
Pekin Life Insurance Company, part of the Pekin Insurance group of companies (Pekin, Ill.) has converted six legacy systems onto LIDP Consulting Services’ (Woodridge, Ill.) The Administrator policy administration solution, and is now using the system as its single policy administration platform. Pekin Life offers a variety of life insurance products, funeral preplanning, and credit and debt protection.
As a result of the conversion, the insurer now enjoys real-time processing, improved productivity, enhanced document processing and customer communications, and overall better service for agents and insureds, as well as reduced maintenance costs as a result of its legacy system sunsetting, according to the vendor.
Better Experience for Agents and Policyholders
“At Pekin Life two of our core values are to be tech-savvy and innovative, so converting to LIDP was a good way to execute on our values and provide a better experience to our agents and policyholders,” comments Brian Lee, senior VP and COO, Pekin Life.
Among the advantages of the new core platform, Pekin Life is now able to offer partial billing on its interest sensitive whole life product with varying premium—a service not possible with the previous system, according to the vendor. Pekin Life is currently exploring other capabilities enabled by The Administrator, the vendor reports.
“We are very excited to have completed a total of six conversions to help Pekin Life meet its goal to consolidate its business on our single platform,” comments Kimberly Duke, CMO and director of sales, LIDP. “Consolidation to a single system is a goal of many insurers and we hope the Pekin Life success will encourage others to consider LIDP for their needs. We look forward to our continued work with the Pekin Life team as they learn more about the system, its capabilities, and how it can be best leveraged to deliver maximum value.”