MILWAUKEE – May 4, 2021 - Management Research Services, Inc. (MRS) recently introduced
its new electronic application (e-App) system for annuity policies, and is now rolling out the technology with ELCO Mutual Life & Annuity (ELCO).
Annuities are a substantial market opportunity in the US, and even experienced a boost during the fourth quarter of 2020 as investors sought relief from market volatility and uncertainty. Annuity products can provide a large amount of revenue for carriers who have achieved a digitization of their application process that allows potential customers to appropriately enter the sales pipeline.
Given uncertainties brought on by the pandemic, and overall market conditions for insurance carriers and the end-customer, MRS has ramped up its efforts to support insurance carrier’s digital transformation efforts. Following the introductions of Life, Supplemental Health, and Med Supp e-Apps, MRS has now launched an Annuity e-App with ELCO Mutual Life & Annuity (ELCO). The new technology will allow ELCO to complete and submit annuity applications online, effectively improving turnaround time for processing the final delivery.
ELCO Mutual Life & Annuity has a complex distribution matrix where multiple signatures are collected from the end-customer, IMO, law firm, POA, Owner and Payor. With a single sign-on and integration of electronic signature, the client can fulfill an Annuity policy in a few days versus a month or more. The MRS Annuity e-App will help increase sales, streamline processes, and improve the overall customer experience.
“Having a partner like ELCO Mutual Life & Annuity has certainly allowed for us to create and move ahead quickly into production and now we have a product out there,” says GG Oncel, MRS Head of Customer Strategy & Growth. “They have been such a wonderful partner to kick things off with and it has been a team effort from day one.”
Primary benefits for ELCO include:
●100% in-good-order applications
●Error rate removed
●Applications processed in 15 min vs. days
●Auto-populating State Beneficiary legal clauses
●e-Signature collection up to 8 individuals
“ELCO Mutual partnered with MRS to bring its e-application platform to the annuity space. The MRS team worked closely with ELCO and our top marketing partner to refine the platform to make an easy-to-use system for our agents,” says Billy Bruce, Vice President of Marketing at ELCO Mutual Life and Annuity. “Our long-term plan is to continue to enhance our agent's experiences using the MRS platform for more products. The MRS team was incredibly diligent and flexible during the development process, bringing creative solutions to the table and always looking for ways to improve our application process. They made a mountain of a project seem very climbable and have continued to help us rapidly advance our agenda. I cannot wait for what the future holds as we continue to grow together.”
For more info on our Annuity E-App, email GG Oncel, Head of Customer Strategy & Growth at email@example.com
For carriers that require underwriters to assist with short-term overflow, handle unanticipated fluctuations in business volumes, or are looking for a strategic outsourcing underwriting partner to support on a long-term basis., more information can be found at:www.managementresearchservices.com
MRS provides a high-end technology product to life, health, and annuity insurance industries. In today’s world where “the only thing constant is change,” that original vision has been expanded to include more services and technology capabilities designed to help clients adapt quickly and in a cost-effective way. MRS has invested heavily in our technology platform to create a foundation for the next revolution in life insurance. MRS’s No-Code platform gives you all the tools needed to build a highly secure, complex application that efficiently collects voice and electronic data without writing a single line of code. The result is a vastly reduced time to market with no initial or ongoing maintenance costs making the total cost of ownership substantially lower than status quo solutions. Our platform’s ability to support powerful reflexive logic makes the MRS rules engine extremely efficient in collecting all information needed to make a point-of-sale decision. The capabilities and flexibility of our platform allow customers to use the MRS technology platform as their single solution or as a tool to support and enhance current technology solutions they already have in place. Please visit us at www.managementresearchservices.comor contact us by email at firstname.lastname@example.org to learn more.