LIDP: Policy Administration Systems for Changing Times

Kimberly Duke, Marketing Manager, LIDPKimberly Duke, Marketing Manager
As technology innovation continues and consumer expectations rise, the insurance industry is undergoing a significant transformation and modernization of core processing systems. Insurance carriers are rethinking the traditional customer experience, from the insurance buying process to renewals to claims and payouts. They are looking to respond to the customer expectations of instant, easy engagement and online services.

“While insurers recognize the changing times and the need to keep pace, many are still hesitant to break from traditional processing and distribution channels to provide customers and agents alike easy and real-time access,” begins Kimberly Duke, Marketing Manager, LIDP. While new generations of buyers are entering the market, carriers face an aging workforce with many on the verge of retirement. They need new technology and processes to attract younger generations of buyers, but also need to attract a new generation of producers and home office professionals.

Based in Woodridge, IL, LIDP was founded with the sole objective of helping insurers streamline the operation. Back in 1979 it meant transitioning from batch processing to real time. Today it means offering product and process flexibility— whenever, wherever and however based on customer and producer preferences. “Today, one can literally apply for an insurance product and get jet issue of a policy based on a carrier’s underwriting rules,” states Kimberly. Beyond new business and renewals, customers can do everything from change of address, add or change a beneficiary, file a claim, or even take out a loan on an existing policy in real time through web services.

With more than three decades of proven industry experience, LIDP offers life and annuity full life cycle administration systems both in the cloud and on-premise to address each client’s deployment preferences.

We enable our insurer clients to keep pace with the changing times—from new technology and efficient policy administration to heightened consumer expectations

LIDP’s newest policy administration system, The Administrator Ti (Titanium Edition) is a comprehensive, client-oriented, real-time business, and policy administration solution. The system processes all fixed, variable, traditional and non-traditional life, health, and annuity insurance products.

Titanium is a Java Enterprise Edition (JEE) system that allows carriers to develop and deploy their own applications. Titanium supports commercially available Application Servers and Open Source solutions such as JBOSS. Available both on-site and in the cloud, Titanium gives carriers the options to allow them to choose the deployment options that best suit their operating environment, budget, and timeline. The end-to-end solution allows carriers access to thousands of product rules and hundreds of product categories as well as LIDP’s product repository. This ultimately gives business users the ability to create products on the fly, test them in real time and get immediate results. “We’ve retained all of the original capabilities from The Administrator and have taken advantage of available technologies to expand and enhance with Titanium. As has always been our goal, we help clients continually improve their operations to get new products to market faster—to not just maintain, but to gain market share,” says Kimberly.

LIDP has a proven track record of delivery, boasting a 100 percent success rate in both implementation and conversion for customers. Moreover, LIDP’s highly personalized customer service approach provides customers the needed support through every step of the implementation and beyond. LIDP continues to innovate with development underway on the latest generation graphical interface. “We base much of our product roadmap on the feedback from our clients. As a result, we are hard at work on a new UI,” concludes Kimberly.