Life insurance is ripe for a revolution! While global wealth management industries have grown dramatically in the past 15 years, the life industry remains in the doldrums. This is largely due to the endemic problems of slow and complex assessment and processing that make it costly to put business on the books and deters the development and recruitment of new direct and intermediary channels.

• lack of business agility in length of time and expense in taking new products or enhancements to mark
• processing costs are prohibitively high
• time-consuming, labour-intensive paper based systems
• high application error rates
• clean skin (accepted at standard rates with no further assessment required) rates as low as 15%
• excessive suspense accounts
• new intermediary channels deterred through aversion to processing complexity
• complexity and reliance on traditional underwriting business models limits the development of internal and direct sales channels
• regulatory changes in some markets demand new solutions to help advisers to provide a more holistic approach to needs

• consumers grossly uninsured or under-insured
• low penetration rates particularly in the under-45s age group
• institutional client bases, such as banks, largely untapped
• alternative distribution channels, such as financial advisers, mortgage brokers and accountants offer massive cross sell opportunities

Unlocking this potential and overcoming the challenges requires a fresh solution to product, underwriting, business processing and intermediary and customer service. Straight Through Solutions offers a complete, configurable and flexible solution, based on a simple to use, web-based platform. Its superior intelligence and functionality allows on the spot application, underwriting and policy issue processing, giving your business the potential to:

• Deliver market agility enabling soft configurable product amendment, construction and publication to channels, markets, countries as required
• Create competitive barriers in speed-to-market of innovative solutions
• Quickly respond to competitive offerings through quick and agile product enhancement
• Provide an ideal tool for capturing the financial advisory market
• Facilitate internal distribution through salaried advisers, tied advisers, branches, kiosks, call centres
• Enable companies to establish a direct to customer internet sales channel
• Provide an opening into alternative channels, such as mortgage brokers and general insurance brokers
• Develop under-exploited customer segments, especially those with lower average premiums
• Assist advisers to address any regulatory obligations for providing holistic advice
• Increase closure rates
• Improve business persistency

Lower Costs

• Product agility significantly reduces cost and speed to market
• Automation that significantly lower costs of underwriting and processing
• Reduce in-suspense cases
• Electronic clean skin filtering – consistent, high quality and fast decisions
• Re-focus underwriting resources on more complex cases
• Grow sales volumes with significantly smaller scaling of underwriting and processing resources

Enhance service proposition

• "Easy to do business with"
• 'One Touch' Application convenience
• Mitigating major source of intermediary frustration
• Instant fulfilment for clients
• Immediate protection
• Faster commission payments