ELCO Mutual Launches Revised Final Expense Product
On January 14 ELCO Mutual Life & Annuity (ELCO) launched a new Final Expense product using Management Research Services (MRS) as both a technology platform and a call center services provider. The goal was to provide accelerated underwriting in the new product by leveraging integrations with MIB and Milliman’s IRIX rules engine. CumPane Solutions (CumPane) consulted with ELCO on configuring the underwriting decisions and through a collaborative effort between all, the new product was launched in only eight weeks.
MRS’s self-service technology platform was a key component for quickly building the underwriting decisions as determined by ELCO and CumPane. Even after launch, MIB logic was modified to ensure a high automation level. MRS’s innovative platform enabled ELCO to quickly make changes that were safely tested, immediately deployed into Production once approved, and best of all, avoided a new Statement of Work or additional fees.
“Making these changes is so easy. A major revision to handling MIB codes can be made and tested in a matter of minutes. The power of our self-service features and customer support allows these changes to be made by any system administrator, with no programming required.” – Steve DeLonge, MRS Director of Client Success
“The MRS team and Jason from CumPane Solutions have become instrumental in ELCO Mutual’s underwriting process. Their innovative solutions, quick turnaround times, and attention to detail transformed a project that initially felt overwhelming into an enjoyable and enriching experience. ELCO’s team is looking forward to the release of its revised final expense product and a bright future with our new strategic partners.”
– Bill Bruce, Marketing Manager at ELCO Mutual
About Management Research Services (MRS)
Management Research Services (MRS) has developed an innovative approach to streamline the formation and maintenance of a rules engine in new business and underwriting processes. The innovative “software as a service” (SaaS) platform – MRS Tech, has at its core, powerful and intuitive self-service functionality to empower the business user, enable agile development and maintenance and dramatically reduce reliance on IT resources. The industry leading rules engine, E-app, call center, external data integration capability, and reporting options along with an experienced integration team makes MRS the perfect solution to support any new business process. MRS Tech has a compelling ‘partnership’ pricing structure with no upfront implementation or set-up costs. For more information, visit www.managementresearchservices.com.
About ELCO Mutual
ELCO Mutual Life and Annuity (ELCO) has served its policy owners since 1946 by providing unique solutions to the senior market. ELCO’s team believes in the human element, and that service comes first. This philosophy is not only demonstrated by our staff’s intense drive to assist our clients but also by the products we offer. Client-driven deferred annuities, unique immediate annuity solutions, and a portfolio of participating whole life products have allowed us to follow these core values for 74 years, and they will continue to guide us into the future. For more information about ELCO Mutual, please visit www.elcomutual.com.
About CumPane Solutions
Established in 2018, CumPane Solutions is a leading provider of consultancy to the life insurance sector. With a depth of experience in both technology and underwriting, we support clients with their automation initiatives, ensuring a smooth implementation journey and optimum system delivery.
The name "CumPane" (pronounced "Come-Parnay") is based on the Latin phrase from which "Company" is derived. It literally means "to share bread".
For more information, see www.cumpanesolutions.com, or contact jason@cumpanesolutions.com