SAAS-DELIVERED POLICY ADMIN SOLUTION FOR L/H/A
SEG Software LLC (SEG) a Glastonbury, Conn.-based provider of policy administration software to the life, health and annuity industries, today announced the introduction of SEG SaaS, the "software as a service" (SaaS) offering of its policy administration solution.
The SEG SaaS is designed to include straight-thru-processing capabilities for all lines of life and annuity products, as well as modules for carriers with niche needs such as commission and payout processing. With SEG SaaS, carriers are able to quickly and easily take advantage of the cost and process efficiencies of SEG Admin's modern technology and rules engine, the company says.
SEG's rules engine technology enables each carrier to quickly configure its unique product features and product calculations. In addition, regulatory requirements can be changed to meet each carrier's interpretations of the statutes.
SERVICE TO STREAMLINE LIFE PRODUCT FILING
Actuarial Risk Management Ltd. (ARM) developed a services program to help life insurance organizations optimize their product filing programs by streamlining the way companies prepare and file their product forms with the state insurance jurisdictions. This service is designed for life insurers that continually do not receive approvals of their policy forms and supplementary filings within an acceptable time frame. "The Compliance ARM" guarantees to improve carriers' speed-to-market objectives, the Austin, Texas, company says.
"This service offering for the life sector enables ARM to inject insight on both sides of the compliance equation," says Corwin Zass, the founder of Actuarial Risk Management Ltd. "Combining the expertise of our senior actuaries with that of our seasoned compliance specialists produces an effective business process allowing us to either supplement internal staff or allow a carrier to outsource all phases of the compliance process, including drafting, filing, and reporting. Our delivery optimizes the form development and filing process."
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