CxFusion™ Solution Suite
Abry Partners, a leading Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital disruption of end markets including insurance, announced the completion of their acquisition of Concentrix Corporation's (NASDAQ: CNXC) insurance third-party administration and software platform. Concurrent with the transaction, the independent stand-alone insurance administration and software services company has been re-branded as illumifin and will be led by newly-appointed Chief Executive OfficerPhil Ratcliff, a seasoned insurance industry executive with 30 years of broad based financial services capability, including senior roles in industry, consulting, technology and outsourcing. illumifin is poised to be an innovative partner to the insurance industry, delivering visionary technology enabled services and software solutions, to individual and group insurers. illumifin's deep industry expertise, proven technology and best-in-class administration will combine to create unrivaled value.
illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. With illumifin, there's a brighter future. Visit www.illumifin.com.
At Illumifin, we are a commercial software firm and have been for over 40 years, but we offer much more to our customers driven by our domestic and global experiences and the capabilities we offer beyond our sophisticated, modern technology platforms. Unlike most of our competitors, we are a fully licensed US-based 3rd party administrator for life, health and annuity insurance carriers and we use our own software solution to service these clients. As such, we know how an insurance company operates along with what it takes to implement, service and support the day to day activities in a production setting. Based on the needs of our clients, we do provide flexibility to deploy our technology directly to our clients, operate it on a software-as-a-service basis, or provide full or partial back-office services yielding a dynamic and flexible set of offerings to our insurance clients.
Illumifin has been a licensed Third-Party Administrator since 1991 and was born from the back office of the Liberty Life Insurance Company. Our organization processed the in-force policies of the Liberty Life Insurance Company for decades before that. We know what carriers face administering policies because we’ve been doing the same for decades.
We support the full suite of end-to-end back-office services required to administer the business of our TPA clients. We operate a flexible as-a-service model enabling our clients a choice in what services Illumifin provides versus those our clients prefer to keep in house, if any. Our flexible model is dynamic and allows changes based upon the evolving needs of our clients.
Illumifin combines a complete package of local and global capabilities encompassing all the different software, consulting, services and BPO operations available throughout our global business. We provide a tailored, flexible solution for clients that offer multiple lines into the group, individual and voluntary insurance and annuity markets, all on a single CX-focused platform.
Since Illumifin develops a commercial software platform for insurance policy and claims administration and is a fully licensed TPA, we have a unique market position to provide solutions that can be deployed across these models - on-Premise, SaaS, BPaaS, BPO and TPA - with the flexibility to move from one to another throughout the life cycle of our partnership with clients. Additionally, Illumifin provides a depth of expertise & knowledge in business process, service optimization, digital, and analytics that further extend the services we can provide our clients.
We provide support for all policy administration, risk and compliance, product and service inquiries, premium and billing management and policy transfer/ surrender. We offer you end-to-end claims processing: from initial contact through to adjudication, and more. Leverage efficient claims processing, from verifications, denials and rejections, to fraud management, reconciliations, credit management, third-party liability determinations, and grievance management.
Our real-time analytics empowers managers with decision support and customized reporting provides staff with insights into operational metrics. We also can support you service model by offering Call Center and Chat capability. Due to our global support model, we have a wide window of processing to assist with all parts of the processes. After working with you, we will create a custom service model to support your needs.
Our CxFusion™ solution suite provides a modern contemporary architecture for the insurance industry by supporting the following business functions for Individual, Group Employee Benefits and Group Worksite administration:
- Product and Benefit Configuration
- New Business and Policy/Certificate Administration
- Billing and Premium Application
- Agency and Commissions
- Claims Entry and Adjudication
- Provider and Network Configuration
- Payout Administration
The suite also provides additional integrated solutions that clients can leverage to extend policy administration system.
- Self-service Portal access for Agents, Customers, Providers, Plan Administrators, and Customer Service Representatives
- Reporting & Analytics solution with standard reports, dashboard view, and adhoc query
- eDelivery to support opt-in/opt-out of electronic notification and delivery of documents
- Chat/Chatbots to provide virtualization for self-service portals and automated responses to frequently answered questions
Illumifin differentiators include:
·Our vision includes a multitude of focal points that drives ultimate success with a superior user experience, speed to market and the ability to leverage full process automation.
·Flexible deployment options that include SaaS and full or partial third-party administration.
·The application supports a wide variety of fixed, variable life, annuity, health, dental, and indemnity products without necessary IT configuration. The solution's plan, group, and rating configuration rules support the majority of the client products out of the box.
·We offer a wide variety of TPA solutions in combination with our software solutions to give clients a customized solution, providing the client with a unique industry perspective.
·We are actively expanding our suite of services to create a fully integrated solution that offers superior customer support from initial application through policy completion.
- CxFusion Core provides an end-to-end policy administration system supporting a wide breadth of individual and group insurance administration for life, health, and annuity products.
- CxFusion Core supports out-of-the-box plan, group, rating, claim edit and claim adjudication rules that allows the business user to easily configure the policy administration system without dependency on IT resources.
- CxFusion Empower is an integrated self-service solution that providse end-customer experience for insurance agents, group plan administrators, policy owners, group members, insurance providers, and customer service reps that includes chat and electronic delivery & display of insurance documents.
- CxFusion Illuminate provides a robust analytics tool that provides a variety of standard reports and dashboards and allows our clients to create their own custom dashboards, reports, and ad-hoc queries.
- CxFusion Orchestrate is a set of tools that enables higher productivity in Customer Service and Policy Services.
- As a licensed TPA in all 50 states, illumifin leverages the technology we build to operate the back office for 20+ insurance programs. As such, we know and understand the day-to-day challenges our clients face running an insurance ecosystem. We leverage that knowledge and those deep, long-term relationships to drive the roadmap and innovations of our platforms.
- We offer a flexible deployment model including on-premise, SaaS, and full or partial third-party administration giving our clients unprecedented flexibility and choice of how best to leverage our technologies throughout the entire duration of our relationship.
- CxFusion Core provides a consolidation platform for multi-line carriers that write individual, group and group voluntary business thereby allowing our clients to consolidate multiple platforms into a single instance gaining the insight, consistencies and efficiencies of have one system for their life, health and annuity lines of business.
- CxFusion Core supports the majority of a clients products out of the box, leveraging our plan, group, or rating configuration rules, a unique differentiator compared to our competitors.
- illumifin is always looking for new partners or acquisitions to integrate into our ecosystem that can easily support and configure to our clients' requirements.
- illumifin has a product and ecosystem vision for the future to position our clients for an incredible operations and end-customer UX, enhanced configuration for speed-to-market of product launches, increased implementation speeds, and leveraging process automation to reduce the costs and effort to manage their business.