Helping Life Settlement Provider in Secondary Market

Life Settlement Provider
Logica Infotech designed and developed as well as implemented ERP and process automation for USA based life settlement provider in secondary market.

Business Need

Our client, one of leading USA based insurance provider in secondary market and portfolio manager, offers one of the widest range of insurance products continuously seeking better and more efficient methodologies to apply to the secondary market for life insurance. By being proactive in their business practices, they add value to the assets they purchase and the clients they represent.

The Solution

The entry of new players into the insurance industry, coupled with the introduction of new technology, has resulted in a change in customer loyalty and buying behavior patterns. This trend, coupled with the introduction of more stringent regulations has made the insurance industry increasingly competitive. To maintain profitability and improve revenues, insurers are pressured to not only reduce cost, but deliver higher levels of customer service. Our client adopted life settlement business process outsourcing and IT process outsourcing as part of its operating model to improve efficiencies, rationalize costs and enhance competitiveness. In 2009, they partnered with Logica Infotech in order to tap into our deep domain expertise and IT operational excellence. According to our client, they chose Logica Infotech because, “We were one of the early adopters of outsourcing as part of our business model, and evaluated a number of providers before deciding to partner with Logica Infotech. We were impressed with Logica Infotech’s commitment to our business, their understanding of the insurance and life settlement industry, their strong operational capability and, above all, their alignment with our culture, which was critical for the success of this program.”

Key Customer Benefits

By consolidating and standardizing the life settlement business processes, improving life settlement process efficiencies, reducing cost of operations and enhancing customer service, Logica Infotech team has developed life settlement processes through enterprise resource planning. Specific benefits delivered to the client by the Logica Infotech team include:

  • Faster response time for customer inquiries: Improved to within 24 hours with an accuracy rate of over 98 percent.
  • Improvement in the average handling time for secured document transfer: Improved by a range secured web applications.
  • Efficient life settlement case processing: Reduced from 15 days to 3 days basically 80 percent improvement in case processing life cycle improving overall efficiency.

For more information or to learn about our service offerings, please click here or write to us at sales@logicainfotech.com.