The growth in insurance has been spurred by product innovation and vibrant distribution channels, coupled with targeted publicity and promotional campaigns by insurers. “The most recent technology paradigm in the insurance sector is the use of object-oriented languages which have made development of technology solutions and insurance products easier and faster. This is allowing us as an industry to adapt and change a lot quicker than older technologies enabled. At LIDP, we have built our newest system as a true JEE application, providing what we believe to be a robust solution that incorporates our 30 years of development and lessons learned, yet a solution that is easily adaptable to most every insurer’s existing technology infrastructure,” says Bill Schnittker, President, LIDP Software Solutions.
LIDP designs products for its insurer clients to help them take full advantage of technology to meet current and future business objectives. The company’s flagship product Titanium Edition is an end-to-end, customer centric, continuously evolving, insurance administration framework. It provides processing for a variety of life, health, and annuity products across a wide range of platforms using a single set of source code. “The back office process and the system supporting it are changing in the insurance sector. In this scenario, our Titanium solution is well positioned to enable insurers to more easily modernize and bring new efficiencies to the operation,” adds Schnittker.
One of LIDP’s customers wanted to introduce a new universal life product line. Since this product was unchartered territory for the insurer, they needed to buy a new illustration system to support. “Being an existing LIDP client, they already had experience and confidence in our system and once again selected LIDP for the new illustration needs. This resulted in cost savings for the client relative to license fees, and they had the added benefit of having a single LIDP system supporting both illustrations and policy administration. “Our solution turned out to provide the best of both processing worlds, illustrations and administration, while also providing significant cost savings,” explains Schnittker.
The company is unique in many ways: as a privately owned consulting corporation, LIDP has the flexibility and advantage to make responsiveness a top priority—for its clients, employees, and its systems. During its history of serving the life insurance industry, LIDP has been exempt from litigations, mergers, acquisitions, major restructuring, and reorganizing—resulting in its strong reputation for stability and reliability. “Continuous development and ongoing advancements in technology, when well implemented, can enable insurers to overcome most any product or process challenge. LIDP aims to fulfill it for them in the years to come,” concludes Schnittker.