The portal-based software will integrate with back-end systems which Conseco hopes will offer an advantage in introducing new products, reducing cycle time to issue new policies and paying commissions to agents faster.
Industry surveys show that many carriers are looking to build some type of electronic application with e-signature functionality in the next two years, said Mike Cloutier, insurance solutions director for Paragon. With this straight-through approach, Conseco has reduced underwriting time with less paperwork, fewer errors and fewer incomplete applications.
It is hoped that the new solution will enable Conseco agents to enter new business applications electronically from their laptops and log into their agent portal to upload the new client data and check status of cases in underwriting. The business process management component aims to ensure that all relevant information is captured before final submission, while the digital signature and integration components of the solution will complete the straight-through processing.
Paragon will offer its electronic application (EApp) framework to insurance and financial services firms, claiming to reduce cycle time for new business acquisition by 20-50%.
The framework is part of Paragon’s STP suite of solutions for insurance that include front-end data capture through EApp, adaptors for data integration with third parties, content management and business process management.
