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LIDP: Designed to Futureproof the Enterprise

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Kimberly Duke, CMO, LIDPKimberly Duke, CMO The success of an insurance organization in a continuously changing environment depends heavily on the versatility of its policy administration system. Serving as the central engine for all business operations, modern policy administration systems are essential to achieve profitable growth and superior service. Insurers with modernized systems are realizing the benefits of faster speed to market, increased flexibility and overall improvements in efficiency and effectiveness.

"We have learned to evolve just as any technology firm should, this means being prepared for whatever comes your way. Our clients rely on us to adapt to today’s needs and help them to meet tomorrow’s challenges as well”

Insurance carriers often struggle with the decision to modernize their technology platforms due to the costs and complexities of their legacy environment as well as the impact on business operations. Having the ability to quickly adapt to change, is no longer optional, it’s paramount. Insurers need the flexibility that digital platforms offer to modernize their core offering and to have the ability to respond as quickly as their competitors. The current pandemic best illustrates this point. Those who had a modern core system were able to quickly adjust processing and/or servicing methods to minimize disruption to their customers and business partners. Those who weren’t prepared may feel the impact on their bottom lines for many years to come.

As a leader of software designed specifically for the life insurance industry, LIDP helps insurers navigate the complexities of emerging technologies, continuously changing customer expectations, an increasingly complex regulatory landscape and its ability to respond to their customers’ needs.

LIDP's journey began in 1984 with the launch of its policy administration system; it was the first software provider to design a straight-through processing system for variable life products. Today, LIDP offers a complete suite of policy administration solutions for life and annuities insurers. Its newest system, Titanium, was developed to address the challenges insurers face in modernizing their legacy platforms while being robust enough to support both complex and simple products for the entire life cycle of the policy. Titanium’s robust policy processing engine leverages today’s sophisticated technologies to provide carriers with most everything they need from illustrations to claims.

"We have learned to evolve just as any technology firm should, “says Kimberly Duke, CMO of LIDP, “this means being prepared for whatever comes your way. Our clients rely on us to adapt to today’s needs and help them to meet tomorrow’s challenges as well. "This leadership mindset has helped LIDP to provide a holistic approach to transforming an insurance organization and provide for a clear strategy for meeting the needs of the consumer of tomorrow.

Aligning with the Evolving Insurance Landscape

While modernization of legacy systems and technology platforms has been pervasive in other industries, the life insurance industry has lagged, likely due to the system complexity. LIDP’s 40 years of success on all projects provides carriers an ease of mind when embarking on new implementation or conversion projects. The experts at LIDP work in partnership with all their clients to ensure minimal disruption to the business. Until recently, the definition of modernization was complete legacy replacement or web-based services layered on top of legacy systems.

The results were often higher maintenance costs associated with data redundancy, process inefficiency and fragmented integration; resulting in what has been perceived by many carriers as cost and time prohibitive. LIDP’s Titanium was built with modern technology, ease of integration, robust business knowledge, and out-of-box product support which gives way to modernization with lower risk and the flexibility to evolve in a quickly changing world.

With Titanium, we have provided our customers with over 40 years of insurance product development knowledge on a modern platform. With access to thousands of product rules, hundreds of product categories, a large product repository, and development tools created for the business user, getting new products to market has never been easier


The shifting needs of the end consumer have many carriers looking to justify replacing their policy administration systems with a flexible, product robust, digital (high-touch) approach. Having implementation flexibility that allows to carriers to modernize on their terms; increasing the likelihood of success. Today’s insurers can easily start up and configure out-of-box solutions that meet the needs of their organization to grow into new markets, all while meeting the needs of the end consumer and their servicing agents.

As carriers look to solution providers to modernize policy administration systems, they also expect the infrastructure behind their solutions to be architected to accelerate innovation and new product development. Not only do they expect end-to-end functionality, they also expect solutions that provide cross-functional access to the data and analytics that will inform decisions. Modern systems will both support the needs of their business and they will foster innovation and responsiveness. They will streamline workflows by automating manual transactions and eliminating data, process and software redundancy. Today’s modernization, if done correctly, can help carriers leverage newer and more sophisticated technologies, such as artificial intelligence, that would not have been possible in most legacy environments.

LIDP's Titanium solution was built to address carriers’ multi-faceted challenges. A thorough understanding of the rapidly changing insurance landscape, coupled with its technological expertise, has helped LIDP anticipate and proactively respond to the needs of carriers.

Revolutionary Policy Administration through Titanium

LIDP’s product processing capabilities are superior to any other system in the market today.

The platform provides seamless integration throughout the entire policy lifecycle; from illustration, application, underwriting and issue, contract administration, billing, claims processing, reporting, and to agent compensation and licensing. They can process nearly every product sold and in existence today, including fixed, variable, equity-indexed, traditional, non-traditional, individual, and worksite categories.

"When our partner has a problem, we don't have to jump through a bunch of hoops. We can go and fix it right away. My dedicated and hardworking colleagues have played a crucial role in making our track record to what it is today. And because of them, we’ve never had a failed a project"

"With Titanium, we have provided our customers with over 40 years of insurance product development knowledge on a modern platform,” says Kimberly. “With access to thousands of product rules, hundreds of product categories, a large product repository, and development tools created for the business user, getting new products to market has never been easier."

Titanium was deliberately designed to be platform neutral and it offers a full range of modularized components that can be easily configured out-of-the-box. It provides carriers the flexibility to utilize any operating environment desired. Its complete SO enablement makes integrating with3rd party solution providers easy. It supports most commercially available application servers and open source solutions. Titanium also supports the carriers' choice of RDBMS. DB2, Oracle, SQL Server, and PostgreSQL, and it can be deployed in the cloud, hosted, or on-premise. Titanium is available as an enterprise or SaaS offering.

Leading the Innovation Front

As family-owned business based entirely in the United States and focused solely on the life insurance industry, LIDP prides itself on its agility to respond to clients' challenges.

"When our partner has a problem, we don't have to jump through a bunch of hoops. We can go and fix it right away," says Kimberly. "My dedicated and hardworking colleagues have played a crucial role in making our track record to what it is today. And because of them, we’ve never had a failed a project".

To foster creativity and drive collaboration, LIDP has a one-of-a-kind innovation lab in its Venice, FL office, where they accelerate the development of high potential leaders and technologists who will play a pivotal role in building impactful solutions for the future. All team members at LIDP are encouraged to share ideas and collaborate on how they can enhance the company's offerings. “Our production support teams and innovation lab work together in the decision-making process to foster ideas and create real world business solutions.”

LIDP’s clients are the heart of its business. Every collaboration with the customer is a partnership that LIDP nurtures with a hands-on approach. Projects are completed on time and on budget with the precision and excellence that clients crave. By doing so, LIDP has earned their trust and is frequently sought after to help solve business problems and address strategic issues. For the road ahead, the company will continue to use its client partnership model to deliver innovative technology and services which will futureproof their customers enterprise for years to come.

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LIDP

Company
LIDP

Headquarters
Woodridge, IL

Management
Kimberly Duke, CMO

Description
Offers systems that process virtually all variations of life, health, and annuity products across a wide range of platforms using a single set of source code.