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Highlights: Remote Processing Solution
Completed VUL product implementation in 11 weeks
Challenge
What do you do when the Third Party Administrator (TPA) that you selected to provide support for your expanding Variable Universal Life (VUL) product line decides to get out of the business? This was the problem faced by Client B. The problem was further complicated by a substantial new premium commitment that was contingent on the availability of a new VUL product being ready in less than 90 days. Client B decided to use McCamish Systems remote processing solution for their new product and existing book of business.
Evaluation
Client B identified their available options: (1) allow the TPA to sell their VUL book of business to another provider (2) bring the VUL business in-house (3) find a new solution provider that could offer affordable short-term and long-range alternatives. The problem with allowing the TPA to sell to another provider was the undesirable possibility of a competitor buying the VUL book of business. Bringing a new system in-house was not a viable alternative because of other IT initiatives that were already underway, which had resources committed to them. Client B contacted their existing policy administration vendor to explore system modifications to handle this book of business. However, the reasons they contracted with a TPA less than two years before concerned the time, money and effort that were required to modify existing systems.
Solution
Client B had evaluated McCamish Systems' VPAS® Life application two years before but the product was new and unproven. In the intervening two years, McCamish Systems had completed over 20 new product implementations for over a dozen insurance carriers. Client B asked McCamish Systems for an update on the capability and stability of VPAS® Life. One look convinced Client B that McCamish Systems could not only meet their immediate need but also could be a long-term, dependable business partner.
Benefits
Using McCamish Systems VPAS® Life in a remote processing environment enabled Client B to concentrate on their core competencies and allowed McCamish Systems to leverage theirs. Tight time frames there did not permit the luxury of a learning curve. Both companies did what they said they would do. The new product was operational in time to accept the new premium. The existing book of VUL business is being converted ahead of schedule - well before the old TPA support was due to expire. When the situation stabilizes, Client B plans to bring the VPAS® Life application in-house as a licensed client. In running the same system that McCamish Systems runs, Client B will incur no costly conversion and will retain all of the experience gained by their staff during the current implementation.
Testimonial—Client B's CEO
"We are pleased to do business with McCamish systems. We explored several options and selected McCamish Systems' VPAS® Life. This system will offer us the support we need for our existing products and the flexibility to continue to develop new products. We believe the VPAS® Life platform will deliver our desired results and meet our aggressive schedule."
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For more information about McCamish Systems, please contact our Sales & Marketing group at Solutions@McCamish.com or call 800.366.0819.
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