MphasiS, an IT services provider, has launched an Insurance Sales Modernization (ISM) solution to enable life insurance and annuity sales executives to fill out and process new insurance applications electronically, using their natural handwriting.
According to MphasiS, ISM is designed to enable carriers to process new applications quickly and to lower not-in-good-order rates, while allowing agents to complete applications in their preferred method using paper and digital pen or tablets, improving acceptance rates.
ISM is offered as a hosted solution, says MphasiS, adding that it is responsible for all system and agent set up, including the preparation of application forms and coding of company-specific rules for editing application data. Agents can sign into an MphasiS portal to confirm that their handwriting has been interpreted correctly and the data has passed all company edits, and then submit the application for immediate processing. The entire process can take place in a few minutes, while the agent is still with the client.
