Working Together to Make Things Better
Woodridge, IL (PRWEB) December 10, 2008
Pekin Life Insurance Company Converts all Universal Life and Whole Life Contracts to LIDP's Policy Administration System at a Fixed Price
October 2008, Pekin Life Insurance Company converted all of their Universal Life and Whole Life contracts to The Administrator, from LIDP Consulting Services, Inc.
"Working Together to Make Things Better" was the phrase that Pekin came up with to describe the relationship between themselves and LIDP.
For the conversion of their Whole Life and Universal Life products to The Administrator Pekin selected LIDP's fixed price conversion pricing model. First, Pekin worked with LIDP to develop a detailed project plan. LIDP then provided Pekin with a fixed price quote for the entire project. The project plan included data mapping of contract and product information, configuration of product and processing rules, conversion of data on LIDP hardware, establishment of a test region on LIDP hardware, running automated testing scripts and the execution of the test plan. Knowing the project costs and timeframes upfront allowed Pekin to quantify the ROI prior to the start of the project.
The Administrator's conversion tool leverages the edits, calculations, and processes of the policy administration system in the actual conversion process. Initial conversions were run in the LIDP data center, providing feedback on the results to Pekin. Once a satisfactory level of success was attained, Pekin began running the conversion process in-house, while LIDP ran parallel conversions in the LIDP data center. Test conversions were run repeatedly, until the final conversion was run in October.
Prior to this conversion project, Pekin had been issuing new business and had already converted their Term product line to The Administrator. Pekin also uses The Administrator's Agency Management System (AMS) for agent contracting, licensing, compensation and reporting. Pekin chose The Administrator from LIDP as the replacement for their legacy assembler code-based system. They chose The Administrator for its online real-time architecture and wide support of even the most complex insurance products.
According to Scott Martin, President and COO at Pekin, "Having our core lines of business processing on The Administrator gives us a great sense of pride. Knowing that we have made a conversion of this magnitude without disruption of our policyholder service or our agency force makes us very optimistic for 2009. The framework is now in place for us to raise the bar with our products and services which we hope will set us apart from the competition. It is now up to us to effectively utilize the power of The Administrator."
"Carriers worry about the unknowns associated with a system conversion," said Bill Schnittker, LIDP's President and Founder. "LIDP's fixed price approach offers the insurance industry a way to migrate legacy systems to a modern, proven, technology neutral solution with very little risk. Carriers can quickly make a decision that will result in drastic reductions in operating expenses, and the ability to bring new, advanced products to market quickly. Only LIDP offers a flexible modern system with known conversion costs to help carriers nail down a justifiable return-on-investment. It's exactly what this industry has needed for a long time."
About Pekin Insurance:
Pekin Insurance, located in Pekin Illinois, has been providing dependable insurance coverage to families throughout the Midwest since 1921. Pekin has grown into a company of more than 700 employees, 1,100 agencies, 7,000 independent agents and boasts almost 618,000 policyholders.
About LIDP Consulting, Inc.:
LIDP Consulting, Inc. has provided software and consulting services to the life, health and annuity industry for over 25 years. LIDP specializes in comprehensive administration solutions and legacy system consolidation.
LIDP Consulting, Inc.
email: info (at) lidp.com