Pekin Life Insurance Completes Final Conversion to LIDP’s Life, Annuity, Health Administration Solution

Business Wire

After a total of six conversions, Pekin Life is now operating on a single modern platform and able to sunset its legacy life environment

WOODRIDGE, Ill.--(BUSINESS WIRE)-- LIDP Consulting Services (LIDP), a provider of innovative and proven software solutions and related services designed specifically for the life, annuity and health insurance markets, today announced Pekin Life Insurance Company, a multi-line company and an integral part of the Pekin Insurance® group of companies, is now fully in production with LIDP’s The Administrator solution.

After completing six successful conversions, Pekin Life is now operating on a single system and is able to take advantage of LIDP’s modern technology and operating environment for real time processing, improved productivity, enhanced document processing and customer communications, and overall better service for agents and insureds. Pekin Life has also been able to retire its legacy environment resulting in a reduction in operating costs.

The successful LIDP implementation is a result of Pekin Life’s focus on looking to the future and to determine how to best leverage technology to modernize the operation and create a digital environment.

According to Brian Lee, Senior Vice President and COO with Pekin Life, “At Pekin Life two of our core values are to be tech-savvy and innovative, so converting to LIDP was a good way to execute on our values and provide a better experience to our agents and policyholders.”

While Pekin Life currently has no specific LIDP expansion plans, the insurer is looking forward to capitalizing on the depth of functionality now available to them with the LIDP solution. For example, in addition to the efficiency and productivity improvements, due to the flexibility and robust capabilities of the new administration system, Pekin Life is now able to offer partial billing on its interest sensitive whole life product with varying premium --- a billing service not possible with the previous system. This new feature represents just the first of many potential added capabilities Pekin Life plans to explore and implement as appropriate for its business.

“We are very excited to have completed a total of six conversions to help Pekin Life meet its goal to consolidate its business on our single platform. Consolidation to a single system is a goal of many insurers and we hope the Pekin Life success will encourage others to consider LIDP for their needs,” said Kimberly Duke, LIDP’s CMO and director of sales. “We look forward to our continued work with the Pekin Life team as they learn more about the system, its capabilities, and how it can be best leveraged to deliver maximum value.”

LIDP’s policy administration system is a comprehensive, client-oriented, 100% online, real-time new business and contract administration system. The system processes all fixed, variable, traditional and non-traditional life, health and annuity insurance products., leveraging LIDP’s 35 years of functionality development and experience.

About Pekin Life Insurance

Pekin Life Insurance Company is an integral part of the Pekin Insurance® group of companies.

A multi-line company, Pekin Life Insurance Company offers individual and group life products; including term, universal life, Medicare supplement, annuity, credit insurance, debt protection, and pre-need coverages. Additionally, Pekin Life Insurance Company has a third party claims administration division, Group Plan Solutions, which is designed to provide employer-based, self-funded health plan administration. For additional information, visit www.pekininsurance.com.

About LIDP

Since 1979, LIDP has been providing innovative and proven software solutions and related services designed specifically for the life, annuity and health insurance industry. Today, over 80% of LIDP's staff is dedicated to the continued development and support of LIDP solutions. The company’s performance record and reputation illustrates its focus on and commitment to high quality and customer satisfaction. LIDP has an unblemished record in meeting customers’ expectations with no client litigation in its long history. For additional information, call LIDP at 630.829.7100 or visit www.lidp.com.