LIDP Consulting Services: Torchbearers of Policy Administration

Kimberly Duke, CMO & Director of Sales, LIDP Consulting ServicesKimberly Duke, CMO & Director of Sales
While most insurance companies in the 1980s were still processing business primarily via manual workflows, LIDP (Life Insurance Data Processing) was being born to help usher the industry into the era of automation. The launch of LIDP’s original life and annuity administration system, The Administrator, considered innovative at the time, became the administration system of record for many of the early adopters of digital tools in insurance. Today, the Illinois-based company is known as LIDP Consulting Services and it continues to be the torchbearer for insurance carriers looking to transform and modernize.

For over three decades, LIDP has recognized and embraced the disruptive waves of change and has continually evolved to stay ahead of the times; offering insurance companies the latest in technological advancements.

“We looked at our original policy administration solution and the knowledge and expertise we had gained over the years to design a new system with today’s technology and industry needs in mind. After developing millions of lines of code we introduced a JEE-based platform, one that offers a modern, flexible, portable and scalable solution for insurance carriers,” says Kimberly Duke, CMO and director of sales at LIDP. “Our Titanium solution allows our carrier customers to deploy in the cloud, on-site, or take advantage of a SaaS model. And, the power of web services give insurers the flexibility to access the system virtually from anywhere, and via any number of devices from desktop to mobile,” she adds.

With LIDP’s Titanium, a wealth of data is readily accessible and easily put to work to provide the highest quality services and continually refine processes. LIDP empowers its insurer clients with the ability to determine what data they allow policyholders to access and how that data can be used. While consumer expectations have drastically increased for service, transparency, and real-time information retrieval, insurers want to ensure they aren’t offering too much a good thing— knowing when to draw the line when it comes to data access for consumers along with self-service options. It’s this kind of flexibility that Titanium offers its insurer customers—giving them the ability to offer a digital environment to stay one step ahead of the competition, but with the necessary checks and balances to protect the integrity of the processes and data involved.

Titanium: Revolutionizing Policy Administration

First introduced in early 2015, Titanium is a proven solution for insurance businesses and offers a modern technology platform to support insurance carriers well into the future as they transform their businesses. The system can process everything within life, health and annuity products including fixed, variable, equity indexed, traditional, non-traditional, individual and worksite categories. Titanium, being built entirely on Java Enterprise Edition (JEE), offers the stability, portability and scalability to power any carrier—irrespective of their size—along with the benefit of LIDP’s more than three decades of functionality development and experience associated with the original The Administrator solution.

Titanium enables carriers to offer end consumers the ability to have instant access through web portals, giving customers, especially the internet-savvy millennials of today, access to change nearly anything a carrier will allow them to change such as an address, beneficiary, or even take out a loan on their policy.

We are investigating AI and exploring possibilities as to what the technology could mean for our solutions and our carrier clients. As our industry continues to evolve, we will continue to align our technology and services to meet industry needs

Titanium is capable of supporting the entire policy lifecycle from new business illustrations, contract and policy management, underwriting and issue, agent management and commissions, billing, and claims for both individual and group lines of business. Straight through processing and jet issue of policies are achieved with the underwriting workbench, and even MIB and Rx Services are delivered as web services.

According to Kimberly, the system is capable of handling nearly every product currently available in the life and annuity marketplace. “We are extremely proud of our 100 percent success rate for implementation and conversion projects; and that we have never been in litigation with a customer. For a company as mature as ours that kind of record is unique,” she adds. Furthermore, LIDP allows its clients to modify their offering’s source code, a rarity for solution providers in the insurance industry.

A Wealth of Experience

LIDP’s approach to clients is another differentiator; backed by a wealth of experience, the company’s executive team partners with their clients to establish a common goal based on the client’s business objectives—both short and long term. In partnership with LIDP, one organization was able to achieve 5,000,000 policy conversions over a weekend. Making the switch from main-frame and legacy software to LIDP, enabled improved customer engagement, more efficient processing and significant cost savings.

Since its inception, LIDP, unlike many of the other players in the space, has been rooted firmly and exclusively in the insurance space. The company has always recognized that its greatest asset is expertise forged by experience, and ensures that expertise and knowledge is transferred to each new LIDP workforce generation. A number of the founding architects of LIDP still maintain their roles in the company, mentoring new talent to continue the company’s long track record of success—in implementations, conversions, and customer satisfaction.

Looking ahead, LIDP continues to invest heavily in research and development, knowing change is a constant and a necessity in today’s insurance environment. “We are investigating AI and exploring possibilities as to what the technology could mean for our solutions and our carrier clients. As our industry continues to evolve, we will continue to align our technology and services to meet industry needs,” concludes Kimberly.