New Business Acquisition

STEP-New-BusinessOur New Business Acquisition component enables your company to launch new individual or group Life, Accident and Health insurance products, as well as update your existing products to keep pace with rapid changes in the market. Our platform delivers a straight-through solution for origination, issue, underwriting, claims and policy administration of insurance products.

With our platform, we enable you to fast track your product launch by placing technology at the service of your product, rather than allowing technical constraints to influence what you take to market.

The New Business Acquisition component collects and tracks information from an initial policy quote through the issuance of the actual policy. Our platform enables your company to achieve its strategic objectives by delivering:

Ease of use

  • Quick installation
  • Easy to understand
  • Broadly based: handles multiple forms of distribution and product
  • Readily integrated with other aspects of your business
  • Real-time information, 24/7 decisions
  • Reduces errors: rule-based “In-Good-Order” requirements

Cost Effectiveness

  • Cost reduction – Across the board: set-up, delivery, administration, commissioning, reserving and claims results
  • Improved metrics – Drives dramatic improvements in the industry new business cost metrics
  • Better pricing – Helps your company achieve or beat the pricing metrics in your products
  • Boosts efficiency – Eliminates significant and unnecessary expenses:  people, information, unsuitable prospects

Strategic Advantages

  • Transparency – Enables your company to leverage your value chain: customers, agents, service providers and staff
  • Competitive advantage – Positions your company to achieve profitability and price advantage over your competition

Step Solutions New Business Overview

New Business Flow and Product Configuration