The consolidation of new business and contract administration systems has consistently been on the radar of every insurance company for years. However, there are hurdles that prevent the consolidation from happening.

The ROI gained from such a consolidation can never be quantified. The ROI is obviously there, but due to unknown costs and timeframes, an accurate return is difficult to measure. The other major hurdle is finding a single system that can process all your life, health and annuity products that currently reside on multiple legacy systems, while allowing you to bring advanced products to market.

Many carriers see the potential opportunities that could be realized if they could offer new products, such as an annuity with living benefits, a life contract with a DI rider, or an annuity/LTC combo product, but they simply can’t administer these products.

LIDP has removed these hurdles. You will receive a systems consolidation plan and a system that can process all of your current products while allowing you to get advanced products on the street quickly, all at a fixed price.


First Phase
The first step is a three-day, no cost, no obligation, discovery session. LIDP insurance professionals will meet with your subject matter experts to determine a high level scope of the project. The LIDP discovery team will spend a week analyzing the information gathered in the discovery session. LIDP will then provide you with a high level estimate of time, cost and resources (internal and external) to complete the project.

Second Phase
The second phase is the creation of a detailed project plan. In this phase, the LIDP team will spend seven to 10 days at your office(s), gathering detailed information about your operating environment, technical requirements, products, level of client participation, interfaces and programming requirements.

The LIDP team will, over the next three to six weeks, document their findings and produce a detailed project plan. The detailed project plan will include timelines, resource allocations, levels of effort and a fixed price systems consolidation quote.

Phases Three and Four
Phases three and four will proceed concurrently.

In phase three, the system is implemented and integrated into your operating environment. As a part of this phase, training is provided for all areas of your company to include technical, administration, product, commission, taxation and accounting. During the product training class, a product of your choice is added to the system. This is an opportune time to deploy that new product, or new product feature, that the company wants to launch. Phase three concludes with the delivery of a new product on your newly installed system.

The fourth phase involves the conversion of your legacy systems. The scope of this phase can vary greatly, depending on the number of administration systems being consolidated, the number of products on each of those systems, and the number of policies being converted. Several options exist for the approach taken in this conversion phase. A straight-line conversion methodology can be used, where the conversion of system A is followed by the conversion of system B, etc., until all systems are converted. Another approach is a staggered conversion approach (depicted at left). In the staggered approach, multiple conversion efforts will execute concurrently. LIDP will put together distinct conversion specialty teams for each conversion effort, allowing each process to proceed without impact on the others. Phase four concludes with legacy systems being taken out of service.


Fixed Price Consolidation
For years, you’ve known that you needed to consolidate your life, health and annuity administration systems. Why wait? It starts with a no-cost, no-obligation visit by insurance professionals from LIDP. You receive a detailed project plan and a fixed price. It ends with all of your systems consolidated to a single next generation platform.