Seeking a Fully Integrated SaaS Solution
For nearly two decades, a major carrier’s Executive Benefits division has provided industry-leading non-qualified deferred compensation products through a network of specialized brokers.
For most of that time the division has partnered with Andesa Services, a Pennsylvania-based provider of integrated, web-based policy administration, plan administration, illustration, reporting, enrollment and self-service tools. This case study will examine the ongoing relationship between the two firms.
Unify Disparate Systems and Reporting Capabilities
In the early 2000s, the carrier’s Executive Benefits division was considering a revision to its outsourcing model. While the division was pleased with the performance of policy administration provider Andesa Services, it was examining options for presale and in-force illustrations. Likewise, the carrier had begun actively searching for a provider of web-based reporting tools.
The carrier sought to use the opportunity to maximize efficiency, ensure data integrity and offer both internal personnel and brokers streamlined, 24/7/365 access to key data.
Utilizing Andesa’s Fully Integrated Solutions
Policy Administration, Illustration, Reporting and Enrollment Consolidation
The carrier was impressed by the illustration capabilities of ADASTARTM, a Florida firm offering a full-featured solution, including web-based tools and “anytime, anywhere” data access. Andesa Services’ 2003 merger with ADASTARTM ultimately made it simple for the carrier to consolidate its policy administration and illustration providers.
The carrier also selected Andesa’s web-based reporting solution. More recently, the carrier partnered with Andesa in the development of a new broker efficiency suite, designed to efficiently support pre-sale enrollment activity, new business submission and post-issue policy administration.
The carrier utilizes multiple Andesa tools, including:
- The Andesa Policy Administration system, a scalable, cloud-based solution fully integrated with illustration and reporting engines.
- The Andesa Illustration system, a fast, flexible solution that empowers brokers and carriers to access uniquely accurate pre-sale and in-force valuations for a wide variety of both group and individually owned policies.
- The DataMart policy and case reporting solution, an integrated tool that makes use of Andesa’s secure, private cloud and centralized policy data warehouse to provide convenient access to reports at the case, division or policy level.
- Internet Transaction Manager, which enables carrier personnel to manage the entire policy lifecycle remotely, from any computer with web access.
- The Policy Snapshot policy inquiry tool, a web-based solution fully integrated with policy administration and illustration systems.
- The New Business and Enrollment Portal, including e-signature capabilities, which allows brokers to easily submit In-Good-Order data electronically.
- The Self-Service Portal, which enables policyholders and administrators to easily access data, and perform basic maintenance tasks without the need for an intermediary.
A ‘Win-Win’ Partnership with New Efficiencies
Deploying multiple Andesa systems in concert – policy administration, illustration, reporting, self-service and enrollment – has resulted in significant efficiency gains, both for the carrier and its brokers. In some cases, tasks that used to take weeks – particularly dealing with not-In-Good-Order new business data – now take just minutes.
Beyond the technology and efficiency increases, Andesa offers the carrier a level of professionalism, expertise and service rarely seen in the life insurance industry.
“We put a lot of trust in Andesa Services,” a carrier representative said. “That’s because of the quality of their people. It’s an old-fashioned relationship; you know you can trust what they say. They come through for you.’
“Trust is earned; it’s not given. They had to earn our trust – and they did, by delivering, being on time and making sure they did what’s best for us.”