The Doorway to Straight-Through Processing: Life Insurance Electronic Applications 2016 North American Vendor Spectrum

by Karen Monks,  Colleen Risk, November 8, 2016
Product Trends/ Reviews
North America

Abstract

Celent has released a new report titled The Doorway to Straight-Through Processing: Life Insurance Electronic Applications 2016 North American Vendor Spectrum. The report was written by Karen Monks and Colleen Risk, both analysts with Celent's Insurance practice.

An electronic application opens the door to straight-through processing, which can transform the insurance buying experience, increase agent and customer satisfaction, and potentially sell more insurance.

This report profiles the following vendors: C2L Biz, CSC, Ebix, Equisoft, Insurance Technologies, Intellect Design, iPipeline, Majesco, and StoneRiver.

“An electronic application is an essential ingredient for straight-through processing,” says Colleen Risk, a senior analyst in Celent's insurance practice and coauthor of the report. “It opens the STP door by essentially eliminating not in good order cases.”

“eApplications are available as stand-alone systems or as more comprehensive solutions that integrate with illustration or automated underwriting systems,” says Karen Monks, analyst in Celent's North America insurance practice and coauthor of the report. “The vendors in this report offer web-based insurance application software with a wide variety of features and functionality needed by life and annuity providers.”

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

Overview of Electronic Applications

4

How Can an eApplication Fulfill an Insurer’s Highest Priorities?

5

What Are the Capabilities an eApplication Should Provide?

9

Who Are the Main Vendors in the Electronic Application Market for Life Insurers?

14

C2L Biz

15

CSC

19

Ebix

23

Equisoft

27

Insurance Technologies

31

Intellect Design

35

iPipeline – AFFIRM

39

iPipeline – iGO

43

Majesco

47

StoneRiver

51

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