(Image source: Federal Life homepage.)
Federal Life Insurance Company (Riverwoods, Ill.) has deployed DXC Technology’s (Tysons, Va.) DXC Assure for Life and Wealth to enhance the policy buying experience for their customers and agents, streamline key processes, and drive business growth. The solution provided to the long-term DXC customer was built on cloud-based architecture, implemented on Amazon Web Services (AWS), and provided to Federal Life on an “as-a-Service” basis.
DXC Technology describes the DXC Assure implementation for Federal Life as providing an end-to-end insurance management solution that streamlines new business acquisition for the insurer by guiding producers through the data-gathering process, ensuring that all necessary information is collected at the point of sale. The solution automatically captures information and submits it through a paperless, self-service process for immediate consideration. As a result of the solution, Federal Life now benefits from straight-through processing of online policy requests with electronic signatures, according to the vendor.
“Accelerating the application process and providing a superior customer experience that meets and exceeds our customers’ expectations is of critical importance to Federal Life Insurance Company,” comments Bill Austin, CEO, Federal Life Group, Inc. “DXC’s platform, backed by DXC’s strong life and annuities expertise, will support us in providing a rich, easy-to-use online application experience on any device, and give us the flexibility to adapt to evolving customer needs quickly and cost effectively.”
DXC Assure for Life and Wealth comprises electronic applications, forms management, policy administration, flexible product configuration, claims management and more. The vendor asserts that it helps insurers transform and reimagine customer-facing applications to deliver a high-quality user experience accessible on any device.
Foundation to Modernize Legacy IT Landscape
Federal Life, a longtime DXC customer, has plans to bring current and future products to DXC Assure for Life and Wealth deployed on AWS, leveraging it as a foundation to modernize the legacy IT landscape with new digital cloud-based capabilities, according to DXC.
“We are proud to continue our collaboration with Federal Life as it builds its digital business,” comments Phil Ratcliff, VP and general manager, Global Insurance, DXC Technology. “DXC Assure for Life and Wealth addresses key challenges that insurers are facing in today’s fast-changing market, and it will enable Federal Life to transform its business processes while improving new business speed-to-issue by streamlining and accelerating policy submission.”
DXC describes its electronic application capability as a key component of DXC Assure for Life and Wealth. The overall solution accommodates contemporary life and wealth products, including term, traditional, variable and equity index life and annuity products. Business-focused API services dramatically simplify integration with customer, agent, third-party services and corporate systems. DXC Assure for Life and Wealth is an integrated solution that can be deployed in whole or in parts, enabling carriers to get into production quickly with only the components they need now, according to the vendor.