MakoLab - a company specializing in development and deployment of complex online solutions for business - has designed, developed and deployed the dedicated LICOSS (Life Insurance Contract Sales System) system which supports selling of life insurance. The goal of the project is to increase these sales and reduce their costs by providing agents and brokers with an easy to use system which simplifies and automates processes of offering insurance policies, their calculation and verification; as well as cancelling of contracts.
In an attempt to meet the client's expectations, MakoLab proposed a proprietary solution which is characterized by: a user-friendly and easy to use interface for agents and brokers, flexible capabilities of defining insurance products by the insurer's employees, an entirely automatic process of policy printout together with all accompanying documents, a comprehensive system of authorizations covering all participants of the contract signing process (agents, brokers, regional directors, underwriters, administrators and others), level of security necessary for financial systems and integration with other systems of the insurer. The new system is currently used by 500 users, it is estimated that this number will reach 1000. LICOSS helped integrate and simplify the exchange of documents pertaining to sales processes and supporting life policies. The most important functionalities of the system include generation of surveys and questionnaires of needs, their filling in by an agent on basis of an interview with the client, recommendation of insurance products, full support of the process of contract signing together with generation of proper printouts and the insurance policy. An important element of the process which is supported by LICOSS is selecting the proper insurance product, calculation of risk in relation to e.g. illness history or amount of the client's assets, calculation of premiums, benefits and other financial parameters. The system groups and organizes data in one location and enables to create new insurance products and associated calculators.
"In the system created for PZU Lithuania we have used our experience in deploying web-based financial systems and designed a proprietary technological solution. The entirely customized LICOSS system first and foremost accelerates and automates document exchange. Agents and brokers obtained an easy to use application available from the level of a web browser which has replaced several different tools used before. In effect, the client is able to quickly extend its sales network while retaining costs under control" - said Wojciech Zieli MakoLab SA for PZU LITHUANIA - new proprietary system for insurance sale