JPF Leverages Fiserv IS Illustration Solution

As part of its ongoing effort to achieve straight-through processing and improve accuracy, Jefferson Pilot Financial has adopted Fiserv Insurance Solutions' (Cedar Rapids, Iowa) Life Portraits Enterprise Solution illustration sales software.

Jefferson Pilot Financial (JPF; Omaha, Neb.; $4.1 billion in revenue) deployed the browser-based software, which includes an integrated needs analysis module, in the summer of 2005 to enhance the sales process for both the carrier and selling agent, explained Chris Rice, assistant vice president of field technology of JPF at the LOMA Emerging Technology Conference at the Gaylord Texan Resort & Convention Center in Dallas.

Selection of Fiserv's Life Portraits Enterprise was driven in part by solution's having a common interface for sharing data with NaviSys (Edison, NJ) Front Office, a rules-driven platform JFP is using to automate document workflow and support underwriting, according to Rice, who said that the Fiserv product will help the carrier to achieve straight-through processing.

"We made the assumption that the majority of our agents were still using the yellow pad approach to interviewing clients and gathering data," said Rice. "We did not want to trip over our data internally and thought if we could connect our existing software, utilize Web-enabled technology and compile it with the ability of office data entry we could automate workflow for agents in the field." Rice also hopes the endeavor will also reduce costs of application handling because agents would be able to pull applications off of the Web.

Agents using the desktop or Web version of the Fiserv illustration software will deliver a prompt to the to consider accepting a form or quote. If accepted, the illustration system will connect to the NaviSys rules engine to generate forms so the agent can download them. "When a sales representative takes it to the client, they can present the illustration and all information is saved, " explained Rice. "After they close the sale they can submit the case back along with the scenarios they used back at the office." The illustration system also lets agents send clients medical history applications to complete online.

With the combined systems, JPF expects a 37 percent increase in applications by 2007 and a faster application turnaround. The insurer is also pursuing adding an electronic signature pad in the next year.