Revolutionizing Policy Administration: How LIDP’s Titanium Is Future-Proofing Life Insurers for Tomorrow and Beyond

By Staff Writer Sponsored By LIDP Consulting Services

To remain competitive in the world of digital immediacy and convenience, more than 75% of life insurance companies want to enhance their users’ experiences. Whether they are looking for smoother, more streamlined processes for their agents and internal teams or looking to make their users’ experiences entirely web-based, these goals require an advanced policy admin system that is flexible, customizable and scalable.

Enter Titanium, a cloud-based, award-winning solution designed to meet the needs of insurance carriers. But Titanium is more than just a software product; it’s the means to modernize a carrier’s entire infrastructure so as not to become irrelevant as the industry evolves.

For this article, INN spoke with Matthew Segreti, chief technology officer and senior vice president of product development at LIDP. He shared how the company is changing the game for life insurers with a customer-first approach and a cutting-edge policy admin system, Titanium.

Legacy problems meet innovative solutions

Despite advances in technology, many life insurance companies continue to rely on outdated systems running on mainframes and using programming languages like COBOL. While some individuals may still possess the knowledge to operate those systems, expertise is quickly becoming scarce. As a result, it’s essential for life insurance carriers to modernize their infrastructure. With Titanium, carriers not only bring themselves up to date with the latest technology but also future-proof policy administration for tomorrow and beyond.

This modernization is particularly important because policy administration is one of the most critical aspects of a life insurance company’s business. The complexities involved in maintaining a life insurance policy over someone’s lifetime are vast, making it very different from managing a P&C policy, for example.

With Titanium, life insurance companies can streamline their operations across the entire policy life cycle, from product configuration to claims processing to everything in between. This comprehensive solution eliminates the need for third-party systems, such as ones used for illustrations or e-apps and includes all the necessary components to service policies for the life of the contract.

Titanium’s all-in-one platform enables life insurance companies to house all their data, making it easier to provide agents with access to critical information when they need it. With a robust agent portal that includes features such as e-apps and real-time illustrations, agents can provide clients with immediate answers to questions about policy values and other important details. The customizable dashboard gives agents access to all policy transactions, underwriting statuses, commissions and licensing information, and more, empowering them to provide exceptional service and support to clients.

Cashing in on cost savings

In addition to the many benefits of an all-in-one system, life insurance companies can also save on costs by adopting a cloud-native deployment architecture.

This approach allows for horizontal scaling of systems and provides flexibility in how the application stack scales when load is necessary. To address the challenges of heavy processing times at the end of the month or quarter, Titanium’s migration to containerization enables insurers to deploy the application stack to any cloud provider or even on-premises.

This technology allows life insurance companies to automatically scale their systems based on anticipated load, reducing costs by eliminating the need to overprovision infrastructure.

In addition to the cost savings associated with cloud-native deployment, LIDP has set a goal for 2023 to make Titanium even more cost-effective by building it entirely on open-source technologies.

This approach would eliminate additional costs for data storage because open-source databases offer the same flexibility and security without the added expenses. By adopting open-source technologies, life insurance carriers can further reduce spending while maintaining the high level of functionality and security required for their operations.

Best-of-both-worlds approach

Despite the rapid pace of technological change, many life insurance companies have been slow to adopt new technologies, largely due to the difficulty of digital transformation — especially when it involves replacing a carrier’s current policy admin system. This core system is critical, and attempting to rip it out and replace it can be a daunting task for companies.

This common challenge drove the development of Titanium. A modern policy admin software system, Titanium takes the best-of-both-worlds approach to modernization. It enables life insurance companies to migrate and convert legacy data into a new policy admin system, or to start fresh. Throughout the modernization process, LIDP strives to make the transition as smooth as possible, providing a superior user experience.

Installation is as simple as pushing a button, and LIDP handles the integration and data validation while clients explore new features available with Titanium. To facilitate integrations, LIDP has created over 200 unique RESTful API endpoints, enabling different computer systems to communicate and exchange information with ease. This helps insurers take all the necessary “puzzle pieces,” such as a general ledger system or a document management system, and ensure they are in place during the transition, accounting for every area of the business that the policy admin system touches.

“At our core,” said Segreti, “we believe a technology platform should never be the bottleneck to our clients’ growth and success. Our platform operates seamlessly in the background, providing the necessary infrastructure and support to enable life insurers to stay ahead as the landscape evolves.”

Maintaining status as an industry leader

Life insurers need to modernize to enhance the user experience and also to grow and maintain their position as an industry leader.

Part of that is bringing new products to market. However, insurers can face challenges with introducing new products because they are not configurable in the insurer’s current policy admin system. LIDP works with insurers to address these issues by taking their existing functionalities and seamlessly moving them to Titanium.

A common hurdle for carriers is the struggle to launch products quickly, often taking six months or more. With Titanium, however, actuaries can experiment with policy features and pricing and test new life insurance products, define the underwriting requirements, build the application, and bring the product to market within just a few weeks, thanks to the system’s flexibility.

“Staying ahead of their competition and establishing themselves as an industry leader requires speed to market,” stated Segreti. “Recently, a client was able to go live with a new product sooner than expected, and it tripled their sales expectations. This was really exciting for them, and Titanium helped facilitate that.”

This rapid time to market allowed the company to gain a competitive advantage and achieve outsized sales performance. However, bringing a product to market is just the first step.

To establish dominance in the industry, insurers must also focus on improving engagement between agents, prospective clients and policyholders, as well as ensuring effective communication between internal departments. Titanium’s features, such as instant notifications, can help with this effort, enabling insurers to deliver a seamless experience to customers and stay ahead of the competition.

A holistic approach that drives growth and success

LIDP takes a unique and holistic approach to problem-solving, recognizing that technology alone is not enough to solve the complex challenges the life insurance industry may face. That’s why they focus on developing a deep understanding of the life insurance business’s pain points, enabling them to provide tailored solutions that address specific needs and drive growth.

LIDP’s team of experts is dedicated to identifying advancements and opportunities that can benefit their clients and the industry as a whole. They work closely with their life insurance carrier clients to turn innovative ideas into reality, leveraging their expertise and knowledge to stay ahead in a rapidly changing industry.

Through a holistic approach, LIDP delivers custom solutions that meet the unique needs of each client to help them achieve their strategic objectives and thrive.

“At LIDP, we are dedicated to supporting our clients and helping them navigate the challenges of the insurance industry. Titanium combines technology with our business expertise, empowering insurers to succeed in the digital age,” Segreti added.

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