Managed Solutions Corporation has announced the launch of what they claim is the world's first integrated CRM, workflow and administration system for the life and pensions industry.
The company has said that their solution, Lifewise, will, for the first time, provide life and pensions companies with the opportunity to reduce paperwork and improve relationships with their customers by unifying marketing, sales, service and administration functions around single customer information records. The product is also said to allow users to capture information through the internet or via call-centres, and can automate administrative tasks needed to service an account.
'With more than 50 percent of life and pensions new business lapsing and with a greater need to produce more flexible products more quickly, reliance on inefficient and inflexible administration systems is no longer an option,' says Michael Kelly, Managing Director, Managed Solutions Corporation.
By ending the reliance on traditional administration systems, Managed Solutions anticipate that Lifewise will lead the next IT revolution in the life insurance industry. By providing flexible product development on top of unified customer databases, the solution is claimed to empower companies in their ability to respond rapidly to market forces.
'To date, life and pensions companies have been slow to adapt to changing market forces,' says Elizabeth Stevens, Director of International Financial Consultants. 'The pressure is on. Key to the survival of most will be their ability to respond quickly and sensitively to customers' needs. The potential of a product such as Lifewise to help companies meet the challenges of doing business profitably in a rapidly changing environment is enormous.'
Investment in information systems in the global insurance industry is expected to reach $18.8bn over the next three years according to a Managed Solutions press release and in turn Lifewise is set to fill the gap that exists for a powerful customer-focused administration tool.