Managed Solutions announces first policy administration-to-CRM 'total' life and pensions solution -- Royal Nederland is first customer
Managed Solutions' system will boost customer and contract management for life and pensions businesses. Royal Nederland to implement the new solution.
January 26, 2000 - London - Managed Solutions Corporation today launched Lifewise, the world's first integrated customer relationship management (CRM), workflow and policy administration system for the life and pensions industry. During the Lifewise launch the company also announced that the life insurance arm of the Dutch insurer Royal Nederland, Royal Nederland Leven, will implement Lifewise for its entire life and pensions policy portfolio.
Lifewise is the only web-enabled, scaleable, multi-tier, front-to-back office solution available. For the first time, life and pensions companies have the opportunity to reduce paperwork and improve relationships with their customers by unifying marketing, sales, service and administration functions around single customer information records.
Lifewise allows users to capture information through the internet or via call-centres, and can automate every administrative task needed to service an account. Altering or creating financial policies can also be done more easily and quickly than with existing legacy systems, some of which have been in operation for 30 years.
Michael Kelly, Managing Director, Managed Solutions said, 'With more than 50 percent of life and pensions new business policies lapsing and with a greater need to produce more flexible and competitive products quickly, reliance on inefficient and inflexible administration systems is no longer an option. Y2K has come and gone and there is growing demand from businesses to modernise outdated policy administration with browser-based solutions readily positioned for e-insurance.'
Mr. Govert Trouwborst, Director at Royal Nederland Leven, said at the Lifewise launch, 'By ending the total reliance on traditional administration systems, Lifewise is leading the next IT revolution in the life insurance industry. By providing fast flexible product development on top of unified, enriched customer databases and the ability to do business through new enabling technologies, Lifewise will empower our company to respond rapidly to market changes. We searched hard for a new solution for our business and we believe that Lifewise presents us with a wonderful opportunity to improve our overall effectiveness as a leading insurance provider.
'With the rapid growth of the internet as a sales channel, Lifewise positions us to take advantage of the sizeable opportunity and take an early lead,' he said.
Elizabeth Stevens, Director of International Financial Consultants and author of Lafferty Publications' Life Insurance 2010 report, commented, 'To date, life and pensions companies have been slow to adapt to changing market forces.'
She went on to say, 'The pressure is on in the industry. Key to the survival of most will be their ability to respond quickly and sensitively to customers' needs. The potential of a product such as Lifewise to help companies meet the challenges of doing business profitably in a rapidly changing environment is enormous.'
Investment in information systems in the global insurance industry is expected to reach $18.8bn over the next three years and Lifewise is poised to fill the gap that exists for a powerful customer-focused policy administration tool. It is already receiving interest from European and US life companies keen to adopt a cost-effective approach to improved business performance.
Additional information on Managed Solutions Corporation
Managed Solutions Corporation is dedicated to developing technologies that will improve profitability and enhance customer service and interaction within financial services organisations. The company's CRM, workflow and administration technologies are designed to be implemented together, separately or with existing life and pensions administration systems. Managed Solutions' CRM and workflow solutions are sold separately under the Clientwise and Workwise brands.
The company employs 120 staff at its offices in Dublin, Boston, the UK, and the Netherlands. Customers include Britannia Group, Canada Life (UK & Ireland), Northern Rock, Derbyshire Building Society, Legal & General, Reaal (Netherlands) and Friends First (Ireland).
Additional Information on Royal Nederland
Royal Nederland's life operation, Royal Nederland Leven, was established in Holland 12 years ago and operates an extremely successful broker-based life and pensions business with about 300 staff. The company is owned by insurance giant AGF, which in turn is 51percent owned by Germany's Allianz Group - Europe's largest insurance company.
