- Proprietary, Internet-Based Solution Streamlines Sales, Application
Processing, and Policy Issuance for Term Life Insurance Products -
NEW YORK, Aug. 21 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today announced the formal launch of BISYS Life Solutions, its proprietary,
Internet-based solution that automates and expedites the entire sales and
issuance process for term life insurance policies. BISYS Life Solutions
enables term cases that provide up to $1 million in coverage to be issued in
20 days or less, and reduces the time agents have historically been required
to invest in the placement of smaller term cases from hours to minutes. The
revolutionary term fulfillment solution is the brokerage industry's first
multi-carrier electronic information gathering solution that supports every
aspect of selling low-cost term policies, and generates material benefits and
efficiencies for both BISYS and its clients.
BISYS Life Solutions enables agents to consolidate all of the applicant
information required by multiple carriers on a one-page electronic form,
eliminating the need to complete multiple labor-intensive, time-consuming
carrier-specific forms. The one-page form, which requires less than five
minutes to complete, can be accessed and completed online, or is available for
paper-based completion and submission via fax. Agents confirm their policy
requests by e-signature or attestation, which is a major efficiency milestone
in the paper-intensive insurance industry. BISYS and its service providers
then manage and complete the entire application and issuance process on behalf
of producers, including the necessary telephone interviews with applicants,
and medical testing and reporting. BISYS submits completed applications to
carriers, and supports agents with online case status available 24x7.
Historically, agents were involved in every step of this time-intensive
process, but the full-service capabilities of BISYS Life Solutions allows them
to outsource the entire process to BISYS, which enables them to dedicate more
time and attention to larger premium cases that require personal attention.
Jose Suquet, president of BISYS Insurance and Education Services, said,
"BISYS Life Solutions is unlike any other Internet-based distribution process
of its kind, and is a strategic component of the 'e-revolution' that enables
our clients to run illustrations online, request underwriting advice and
solutions online, contract with carriers online, and now, sell and process
their term policies online. BISYS Life Solutions dramatically simplifies the
sale of low-cost term policies, and literally saves agents hours of time they
have historically invested in small cases."
BISYS Life Solutions provides agents with numerous benefits, including:
-- Expedites the entire sales process and policy delivery
-- Eliminates the need to complete and track multiple, time-intensive
forms
-- Replaces carrier-specific sales and issuance processes with a standard
process
-- Automatically orders paramedic exams
-- Reduces agents' expenses with an automated process
-- Enables agents to focus on higher premium, higher revenue cases
The innovative distribution solution also provides BISYS with material
benefits, including:
-- Significantly reduces cycle time, which enables the fastest policy
delivery in the industry
-- Provides BISYS and participating carriers with low-cost processing for
lower-premium policies
-- Positions BISYS with additional competitive differentiation and
advantages in the insurance brokerage industry
-- Enhances the value-added capabilities and usage of
http://www.BISYSinsurance.com
-- Enables BISYS' case managers to focus on larger cases and relationship
building
Life Solutions benefits carriers by expediting the processing and issuance
of lower profit term cases. The efficiencies provided by BISYS' revolutionary
term fulfillment solution also provide competitive advantages for the
participating carriers and is expected to attract additional producers to
their term product lines.
In addition to supporting independent producers, BISYS Life Solutions
provides material benefits for the broker-dealer marketplace. The innovative
processing solution supports both experienced and inexperienced financial
advisors with a simple, efficient process that supports diverse consumers'
needs for term life insurance.
Mr. Suquet concluded, "We believe BISYS Life Solutions, which supports the
sale and issuance of small term life policies, strategically complements the
best-of-breed distribution solution we are developing in conjunction with The
Depository Trust & Clearing Corporation (DTCC), which will revolutionize the
sale and processing of other types of life insurance products and annuities."
About BISYS Insurance and Education Services Group
BISYS is the nation's largest independent distributor of life insurance,
linking a national network of more than 100,000 financial services
professionals with the traditional and variable life, annuity, long-term care,
and disability products manufactured by more than 200 insurance companies.
During fiscal year 2002 (ended June 30th) BISYS brokered the sale of
life-related insurance with policy premiums exceeding $400 million, and
annuities representing more than $1.3 billion in premiums. BISYS is also the
nation's third largest independent wholesaler of commercial lines of
property/casualty insurance, linking a national distribution network of more
than 1,200 retail brokers and agents with the commercial lines of P&C products
manufactured by more than 60 carriers. During calendar year 2002, BISYS
brokered the sale of commercial P&C insurance representing approximately $500
million in premiums. BISYS supports its life-related and commercial P&C
distribution platforms with complete sales and back-office support services,
including agent licensing, contracting, and continuing education solutions;
advanced case design; application processing; underwriting assistance;
commission reconciliation; and policy owner services.
BISYS' library of more than 225 pre-licensing, continuing education, and
advanced designation training courses supports virtually every compliance need
and stage of career development for both life and P&C insurance and investment
professionals. Annually, financial services professionals enroll in more than
300,000 of these courses, which are delivered through technology-based and
traditional training alternatives. BISYS complements its training programs
with a fully integrated, Internet-enabled product suite that automates every
insurance licensing requirement.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 20,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 380 clients,
representing more than 2,200 mutual funds, hedge funds, private equity funds,
and other alternative investment products with more than $650 billion in
assets. BISYS' largest group also provides retirement services to more than
15,000 companies in partnership with 40 of the nation's leading banks and
investment management companies, and offers analytical research and
competitive intelligence through its Financial Research Corporation (FRC)
subsidiary. Through its Insurance and Education Services group, BISYS is the
nation's largest independent distributor of life insurance and the premier
provider of the support services required to sell traditional and variable
life, annuity, long-term care, and disability products. BISYS is also the
nation's third largest independent wholesaler of commercial lines of
property/casualty insurance. This group complements its insurance
distribution services with a comprehensive compliance management solution that
supports insurance and investment firms and professionals with more than 225
certification and continuing education training courses, and a sophisticated
suite of products and services that automates the entire licensing process.
BISYS' Information Services group provides information processing and imaging
solutions to more than 1,150 financial institutions. This group also supports
more than 120 insurance companies with a suite of asset retention solutions,
and provides complete program management for corporate-sponsored cash
management accounts. Additional information is available at http://www.bisys.com.
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting the Company's operations, markets, services and related
products, prices and other factors discussed in the Company's periodic filings
with the Securities and Exchange Commission.
SOURCE BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Jose Suquet, President of BISYS Insurance and
Education Services, +1-212-907-6083
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