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Spring 2000
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London-based Financial Information Technology Limited (FIT), the leading provider of client/server life assurance systems, has played a pivotal role in the launch of “Basic-life”, Europe’s first outsourced, Internet-driven, virtual insurance company.
Basic-life’s parent, ASR, has created a model for the future development of life companies in Europe. ASR opted for a third-party administration, or TPA, solution which combined the software and business expertise of FIT with the outsourcing capabilities of Siemens Business Services (SBS) to deliver a total back-office processing solution. ASR has succeeded in creating a branded service option combining the best of outsourcing with the delivery of business intelligence via the Internet.
FIT and Basic-life use an e-business model which allows for point-of-sale cost savings through Internet-based access to the TPA services. Basic-life, in conjunction with the business specialists from FIT, has developed a flexible and attractive single premium product (Koopsom). The Koopsom is made more attractive to the consumer through the cost savings created by using the Internet, both as a medium for the distribution of business intelligence to brokers and a way to control the costs associated with the paper flows of a traditional TPA operation.
Basic-life provides a state of the art Internet-based enquiry facility. Brokers and policyholders can view individual account details, management information and policy performance using secure PIN access codes. FIT accomplished this through combining its industry leading LIFEfit package and FIT’s latest E-surance™ solution delivery model, integrating via industry standard Olife XML protocol with a data warehouse provided by another Basic-life partner, GeneraLife (US).
Mr Ansfried Snijders, Director of Basic-life, said: “Basic-life believes in the combination of personal advice and the application of modern technology. We believe that in addition to the inevitable cost savings the outsourcing approach brings, we will also be able to extend our commitment to brokers by providing up-to-date pipeline and commission information... ASR has made agreements for this special initiative with a number of partners which will ensure that Basic-life benefits from the support of top corporations in the world.”
FIT’s experience in creating business solutions for life companies, based on its flagship product LIFEfit, gives Basic-life a flexible and cost-effective administration platform to support future product releases.
Basic-life has taken a giant stride into the future by seamlessly combining the needs of traditional broker distribution provided by its parent company with the unique technology provided by FIT. The successful launch of Basic-life has acted as a catalyst to an agreement between SBS and FIT, whereby this partnership can now provide insurance companies worldwide with TPA services using the LIFEfit system.
The Basic-life business model represents a modern solution for the increasingly competitive life market using a delivery mechanism for Broker and Customer Service that will revolutionise the European life insurance sector.
Financial Information TechnologyLast Updated: 01 May 2000