Large Enterprise Legacy Life Insurance Carrier
SITUATION
Large enterprise “legacy” Life Insurance Carrier with approximately 2000 agents:

- 125,000 policies issued each yearTerm, Variable, Whole and Universal Life
- High overhead and new business costs
- 85 underwriters
- 150 call center service agents
- 130 tele-services support
- Average acquisition cost per policy issued: $1400
Technology
- Complex legacy: 20 systems; four generations
- Separate Document Management, Work Flow, Quoting, Billing, E-Apps, Underwriting, Issuance systems
- Multiple IT shared services support staff
- PMO overhead to manage systems updates
Process
- Paper and manual based system
- APS ordered on every case, regardless of size or if third party data suggests it is not necessary
SOLUTION
- Implemented integrated STEP Solutions Platform
RESULTS
Reduction in business operation headcount and policy cost

- 25 underwriters (71% reduction)
- 200 call center service agents (33% increase for improved customer service)
- 60 tele-services support (54% reduction)
- 125,000 policies issued each year
- Term, Variable, Whole and Universal Life
- ~2000 captive agents – few active sales agents
- Average all-inclusive acquisition cost per policy issued: $625
Technology
- Integrated STEP Platform
- One system, SaaS operations, fully managed hosting
- Straight-through processing – 60% decisions in < 1 day
Process
- E-Apps, web-based submissions
- Medical risk assessment and initial risk assessment using rules base targets APS and Labs only when required
- External consumer databases for verification / risk assessment