New solution makes policy generation 70% faster for Shackleton - IT-Online

Insurtech Root and Shackleton Life have partnered to overhaul the long-term insurance company’s policy administration system . The new system has reduced the time taken to generate a policy by 70%, from 20 minutes to six minutes.

Shackleton has also brought cover for pets’ vet bills to market and continues to push the boundaries of insurance product innovation to meet real market needs.Unlike similar bond cover offered by banks that usually terminates when the bond is paid off, the Shackleton Life product continues as a whole-of-life policy. In this way, clients retain the benefits of years of premium payments. Shackleton Life’s products are underwritten by Old Mutual Alternative Risk Transfer Limited .

Previously, Shackleton Life’s PAS relied on manual input by sales agents to capture a request for insurance in a system that would produce the proposal. A separate process would then be used to check the proposal, and share it with clients by email. Once accepted, a third system would capture the final agreement and manage the rest of the life of the policy, including the claims process and renewals.

“We have been working with Root for a number of years, and built some of our newer products on their platform. But the core of our business was still running on the manual process, and we needed to bring our main book onto the Root platform too,” says Gareth Kitto, MD of Shackleton Life.

Source: News Formal (newsformal.com)

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