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Benekiva (Des Moines, Iowa) and Management Research Services Inc. (MRS; Milwaukee, Wisc.) have partnered to combine Benekiva’s SaaS claims and servicing platform and MRS’ underwriting rules engine. The vendors’ collaboration enables carriers to offer new insurance and financial services products to claimants during the claim disbursement process through a technologically enabled new business automation, according to a joint statement from the vendors. The statement characterizes the partnership as bringing two powerful insurance technology solutions together to facilitate a new prospecting and retention opportunity for carriers. “Capitalizing on claimants is low hanging fruit for carriers. Benekiva’s configurable rules-based, reflexive technology now will facilitate the exceptional experience after the claim is paid, making claims a revenue driver,” the statement says.
Benekiva reports that it has embedded MRS’ comprehensive underwriting rules engine into the platform to enable new insurance and financial products to be offered to beneficiaries during the claim disbursement process. The platform now delivers the intelligence to turn claimants into cross-business prospects, the companies say, offering a highly secure, automated, complex application process initiated when a claim is paid out. Beneficiaries will have a simple underwriting experience and claims associates will not have to manage any manual data extraction and data entry, the vendors say.
“The combination of MRS’s no-code, reflexive rules engine with Benekiva’s claims process will provide a powerful tool for carriers to retain assets,” comments Tim Dineen, CEO, MRS. “Our robust API layer combined with our extensive network of third-party data providers enables us to automate the underwriting process for all life, health, and annuity products. Together, our platforms will enable a frictionless, straight through process for consumers and carriers. We look forward to its success.”
Optimized Solution for Carriers
“MRS’ high-end technology complements Benekiva from an asset retention and new business perspective, says Bobbie Shrivastav, Co-Founder and COO, Benekiva. “MRS’ rules engine is extremely efficient in collecting all information needed to make a point-of-sale decision. The capabilities and flexibility of our own platform coupled with MRS’ enhances what both solutions have to offer. Their underwriting capabilities are exceptional, and we look forward to providing an optimized solution to carriers.”