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LIDP Consulting Services (Woodridge, Ill.), a provider of software solutions and services for the life, annuity and health insurance markets, has announced the availability of software-as-a-service (SaaS) deployment for its The Administrator – Titanium Edition (Titanium) solution. Carriers can choose to implement the Titanium SaaS option in the cloud or hosted as a private cloud at LIDP’s Woodridge, Illinois location with a backup site at its Venice, Fla., facility, according to the vendor.
LIDP pitches the new SaaS option as offering the insurance industry a modern life, health, and annuity administration solution that is able to be quickly and cost-effectively deployed as a key component of a carrier’s digital transformation strategy. The LIDP SaaS option aims at helping even the smallest of carriers to affordably modernize back office core systems, swiftly enter new markets, and rapidly introduce new and innovative products, according to the vendor
“As our industry moves more and more to a new generation of digital insurance shopping, purchasing and processing, we see our SaaS option as an ideal approach for carriers looking to easily and affordably leverage modern technology for back office operations, while they focus more time and effort on the front-end customer interaction, sales, and support,” comments Kimberly Duke, CMO and director of sales, LIDP. “The SaaS option also creates great opportunity for LIDP, giving us a strong solution to expand our footprint in all segments of the life, annuity, and health administration markets – from the smallest carriers to tier one.”
New Licensing Option
LIDP has introduced a new licensing option with the SaaS offering, giving insurance carriers what the vendor characterizes as a low risk, monthly license option based on policy counts. Titanium SaaS clients have access to new releases as well as an option to bring the system on premise under guaranteed terms. LIDP still continues to offer its standard perpetual licensing option.
The SaaS-deployed version of LIDP’s Titanium policy administration system includes all the functionality to process all life, health, annuity products, including: fixed, variable, equity indexed, traditional, non-traditional, individual, and worksite on a single system—in the same manner as the traditional, on-premise option, according to the vendor. In keeping with the goal of speedy implementation and integration simplicity, the vendor says that Titanium is built entirely on Java Enterprise Edition (JEE).