At ITC 2024 Vegas, InsuranceNewsNet Publisher Paul Feldman, Matthew Segreti, CTO of LIDP, a firm specializing in policy administration for life and annuity products. Segreti shares insights into LIDP’s Titanium platform, highlighting how it leverages AI to streamline and innovate underwriting, product development, and policy administration. LIDP aims to simplify complex processes for clients, enabling them to get products to market faster and more efficiently by automating the traditionally time-intensive tasks involved in policy configuration and design.
Segreti explains how AI is making life carriers better and how LIDP helps LIDP clients quickly identify and test optimal product configurations, cutting down the development cycle from years to weeks. The platform also focuses on using machine learning for data analysis, helping clients understand market trends and customer preferences, positioning LIDP at the forefront of proactive product development.
Partnerships as essential for comprehensive solutions, as LIDP’s Titanium integrates with payment processing, document management, and other key systems. These collaborations help life insurers stay competitive by meeting modern client expectations, which increasingly align with digital experiences seen in other insurance sectors, such as property and casualty. Policyholders now expect streamlined, app-based experiences, prompting LIDP to adopt a “jet issue” approach, where clients can secure coverage in a few clicks. By making underwriting and other administrative tasks more efficient, LIDP empowers life insurers to deliver fast, user-friendly service. The interview concludes with Segreti underscoring the importance of innovation and collaboration in enhancing customer experiences across the life insurance industry.
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