Bangalore, June 10, 2013— Leading IT services provider MphasiS, has unveiled an Insurance Sales Modernization (ISM) solution which enables Life Insurance and Annuity sales executives to fill out and process new insurance applications electronically, using their natural handwriting using paper and digital pen or tablets. MphasiS offers ISM as a hosted solution and is responsible for all system and agent set up including the preparation of application forms and coding of company specific rules for editing application data. With no startup costs and a fixed charge per agent per month--regardless of the volume of applications written, with ISM, agents can sign into an MphasiS portal to confirm that their handwriting has been interpreted correctly and the data has passed all company edits and then submit the application for immediate processing.
The system is also designed to check if all required forms have been included. Once all the necessary forms have been received and checked for completeness and accuracy, additional checks and calculations can be carried out to determine if the policy is eligible for instant issue, or the agent is eligible for an instant commission. Daily, weekly or other contest points can be calculated and the agent’s standing can be instantly displayed. This entire process can take place in a few minutes while the agent is still with the client.
Built in partnership with ExpeData, a global leader in natural input technologies including handwriting at the point of entry, and Anoto, the manufacturer of the digital pen used by MpahsiS, ISM provides many benefits to insurance agents including:
• dramatically reducing the time and cost for submitting new applications and ensure uniform submission of data, regardless of tool/device used.
• providing agents the option to use paper applications or tablets with no impact on overall savings.
• ability to complete applications without requiring internet connectivity.
• Additionally, if internet connectivity is available, all editing can be done in real-time while the agent is still with the client.