Erie Indemnity Company, a provider of home & tenant insurance policies and boat insurance, has deployed Dell Services's Business Process Outsourcing (BPO) solution, to reduce cycle times for new policy applications and provide increased functionality for insurance agents.
The implementation of Straight-Through-Processing (STP) technology will help Erie Family Life, a division of Erie Insurance, expedite the process for customers to apply for and receive life insurance policies.
According to insurer, STP will help eliminate hardcopy applications, mailing and paper production processes, and improve agent and consumer interaction.
With this new functionality, Erie Family Life can enhance efficiencies and strengthen capabilities that help drive business growth.
The use of electronic applications will help Erie Family Life reduce new business cycle times and can result in increased placement rates and premium revenue growth for the carrier and agents.
As Erie Family Life agents utilize electronic applications for their term life, whole life and universal life policies, STP will also enable agents to input and process information directly through the LifeSys Policy-Processing System, the full-service policy administration platform developed by Dell Insurance Services.
LifeSys is a powerful tool that provides real-time access to information for processing policies from initial applications to claims resolution.