LIDP Consulting Services: A Quantum Leap in the Insurance Market

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Kimberly Duke, CMO & Director of Sales and Matthew Segreti, CTO, LIDP Consulting ServicesKimberly Duke, CMO & Director of Sales and Matthew Segreti, CTO LIDP Consulting Services Inc. is celebrating its 40th year in business with continued growth and an award-winning solution for the 4th year in a row. Since 1979, LIDP has been providing innovative and proven software solutions and related services designed specifically for the life, annuity, and health insurance industry. Today, over 80 percent of LIDP's staff is dedicated to the continued development and support of LIDP solutions. The company’s performance record and reputation illustrate its focus and commitment to a high-quality system and customer satisfaction. “Our track record of success, and our ability to deliver on our promises on time and budget for 40 years is nearly unheard of,” says Kimberly Duke, CMO and Director of Sales. “It is exciting to be growing the business and preparing for the next 40 years.” LIDP has successfully implemented their solutions at more than 35 North American companies and has completed hundreds of successful projects over the years. Most recently completing the largest ‘big bang’ conversion project the life insurance market has ever seen, which included converting nearly 5,000,000 contracts in a three-day weekend. The ability to complete large scale conversions and implementations are a tribute to the partnership LIDP has built with each respective customer.

On Par with Evolving Insurance Needs

In addition to understanding the true meaning of partnership and delivering excellent customer service, LIDP’s unwavering focus and genuine commitment to its original mission statement has kept it as a top solution provider for many years. “The vision to know what lies beyond, the knowledge to bring it into focus, and the mission to make it a reality, this mission has kept LIDP’s research and development personnel and innovation labs busy for years,” adds Kimberly. LIDP knew back in 1979 that life insurance carriers needed to streamline their policy administration efforts to reduce costs and more effectively grow their business.

We are continuing to expand and enhance the breadth of functionality to the core platform(s) to ensure that carrier clients stay ahead of regulatory changes and the needs within the life insurance arena

In the late 70’s and early 80’s, a rapid rise in the sale and acceptance of some revolutionary new products such as UL, VUL, and other unbundled products complicated service; and without effective software and system solutions to handle these products, administrative costs escalated. In 1984 LIDP launched The Administrator which was specifically designed to handle both traditional and non-traditional products. As the first solution with these capabilities, their success was instant and LIDP has continued its pursuit of product, processing, and technological leadership throughout its four decades of service. As time and the needs of the life insurance industry have evolved, so has LIDP.

In 2011 LIDP used its original platform, The Administrator, as a blueprint for the future; and in 2015 they were able to launch their new system, Titanium. Titanium takes advantage of the most modern technology available while building on the breadth of product and processing functionality available in its predecessor. Titanium administers the whole life cycle of insurance; illustrations, new business, underwriting and issue, policy & contract administration, agent management & commissions, and claims processing.

Titanium is a modern platform that fully exposes itself to web services and is offered as “platform agnostic” giving carriers the flexibility to utilize any operating environment desired. Most commercially available Application Servers and Open Source solutions can be used, as well as the carriers choice of RDBMS; DB2,Oracle, SQL Server, and PostgreSQL are all supported. Titanium can be deployed in the cloud, hosted, or on-prem and all are available for both their SaaS and enterprise offering. Their SaaS offering allows carriers to take advantage of LIDP’s Titanium solution while only paying for the volume of business being processed.

“This gives carriers looking to launch a single product, or carriers looking to grow their direct-to-consumer lines the ability to do so quickly and cost-effectively,” says Kimberly “Carriers can introduce new products and take advantage of our robust functionality as needed while giving them a clear path for growth.”

The Leading-Edge of Technology

In January LIDP completed its brand-new innovation lab in their Venice, FL office. This innovation lab is designed to nurture the intellectual capital that will surely be the future of LIDP. Currently there are several projects under the leadership of Matthew Segreti, CTO at LIDP. “LIDP and our partners vision of the future in the life insurance industry has led to the focus on a few key projects which will enhance Titanium, as well as provide new product offerings,” states Segreti.

"Titanium is a modern platform that fully exposes itself to web services and is offered as “platform agnostic” giving carriers the flexibility to utilize any operating environment desired"

Aura will be LIDP’s newest and most feature rich user interface. Allowing clients to maintain and interact with Titanium in a cloud ready, scalable, and distributable environment. Aura will provide new and existing customers an easy to navigate, clean, and elegant user interface. All while still maintaining the full breadth of functionality and ease of use expected in a product from LIDP. Using the latest in available web technologies and design principals, Aura takes advantage of cutting-edge tools and libraries such as Angular, Angular Material, and Spring. “By using the tools available to us, Aura has become a highly flexible and scalable system. All while still allowing us to focus on the business functionality that will make any enterprise run as efficiently as possible,” says Matthew Segreti.

While project Aura is the main focus of the new innovation team there are several other exciting projects on the horizon for them which will include a new CSR and agent portal. LIDP’s other team members are continuing to expand and enhance the breadth of functionality to the core platform(s) to ensure their carrier clients are staying ahead of regulatory changes, trends and the needs within the life insurance arena. As in the past, the future of LIDP will be marked by innovative designs and focused on servicing the life insurance industry and developing the technologies which power it.

- Sarah Fernandes
    March 20, 2019