(Detail of Peoria Civic Center. Photo credit: Kevin May.)
Illinois Mutual Life Insurance Company (Peoria) will implement EXL’s (New York) LifePRO platform for digital customer acquisition, policy administration and analytics, according to a vendor announcement. In business for over a century, Illinois Mutual sells life insurance, disability income insurance and workplace insurance solutions in 47 states through independent agents.
EXL reports that the agreement comprises the LifePRO Digital Suite (LDS) for electronic quoting and application (eApp), which includes rules-engine-based automated and accelerated underwriting, workflow, and document generation for all worksite, disability income, life insurance and annuity products. The contract also includes the implementation of LifePRO for administration and analytics across new business, policy administration, claims, and agent support. Illinois Mutual will migrate all existing business to LifePRO as part of a technology consolidation strategy, the vendor reports.
Illinois Mutual sought a vendor partner and solution that would meet five goals necessary to realize its ambition to be a digital insurer, according to Katie McCord-Jenkins, the insurer’s President and Chairperson:
- To enable the delivery of innovative new products to market more quickly;
- Enable straight-through processing and automated underwriting;
- Improve business operations through streamlining and automating processes; and
- Enhanced service provided to clients and agents.
“Our partnership with EXL positions us to meet all of those goals,” McCord-Jenkins comments.
“The breadth of product coverage provided by EXL LifePRO, combined with web services-based new business functionality of the EXL LifePRO Digital Suite, enables solid backend processing combined with a modern, streamlined and real-time user experience,” observes Jeffrey Wann, VP, IT, Illinois Mutual.
End-to-End Digital Solution
“This new strategic relationship further demonstrates the strength of our platform transformation strategy and positions LifePRO as an end-to-end digital solution,” comments Keith Johnson, senior VP and head of EXL’s Life and Annuity business. “Combined with LifePRO’s market leading position to support a broad range of life, health, disability and annuity products, the omnichannel straight-through processing capabilities of our solution will lead carriers into a new generation of insurance.”
The vendor notes that LifePRO Digital Suite includes multi-channel interfaces, underwriting, workflow engines, and document production modules to automate new policy issuance. Claiming for the system a highly flexible architecture and modern design, EXL asserts that LDS can be used for any life, health or annuity product, for group or individual lines of business.