Woman’s Life, a provider of life and annuity products and fraternal benefits, has selected FAST Insurance Components to streamline application entry, case management and underwriting, and product calculation.
The FAST components were integrated with Vector, a policy administration system, and DocuShare, a content management system to provide capabilities to direct new business workflow to internal and external underwriters.
The company had a tight timeline in which to work and a mandate to deliver early success that demonstrated the financial benefits of the system. Implementation and testing of the system took less than five months.
With a fixed budget, Woman’s Life had to manage the scope of the project tightly. This was done through aggressively managing the prioritization and implementation of functionality.
The quality of the application entry process was improved through validations and reminders regarding policy replacements and plan and rider selections. Intangible improvements include reduced “off-system” documentation, such as paper applications, underwriting spreadsheets and follow-up sticky notes. It’s also easier to train new hires on simpler business processes.
