Fiserv, Inc. (NASDAQ: FISV), a leading provider of technology solutions for the financial and insurance industries, announced that Allstate Workplace Division is realizing superior results from its project to implement an automated Fiserv solution that supports growth objectives and improves efficiencies. Working strategically with Fiserv, Allstate reports it met key objectives ahead of schedule, including improved ease of doing business for employers and independent agents, and increased sales and economies of scale for the Allstate Workplace Division (AWD).
At the heart of the solution is the worksite engine of Fiserv Life Portraits ES. Using the capabilities of Fiserv Life Portrait ES paired with the ease of integration provided by ACORD transaction standards, Fiserv and AWD provide agents with an enrollment solution complete with multi-product electronic application and electronic signatures.
"It’s truly been an evolutionary project," stated Ron Pizur, chief architect of the solution for AWD and senior vice president of Information Technology. "With the key business drivers identified, we analyzed our current systems and technologies to determine the gaps. We found that Fiserv had the illustration solution and could develop the enrollment solution we needed to fill the gap."
Pizur selected Fiserv because the two companies had a strong relationship which dates back to 1996 when AWD first became a client of Fiserv. Over the course of two years Fiserv and AWD created an execution plan for this new project.
"The company has seen amazing results from the sales force," reports Matt Osborn, senior vice president of Strategy and Business Development, AWD. "Agents who were reluctant to use the new technology have become some of its biggest fans."
For the past ten years new business at Allstate has grown 14% per year and Osborn said this project has helped agents to manage that growth quickly and efficiently.
"We went from virtually all paper applications in 1999 to 66% of our applications received electronically in 2007, and we’ve shortened policy turnaround time by 80%," said Osborn. "We get more work done faster, we’ve cut the time-to-issue in half and more than half of our applications go through underwriting without human touches."
According to Osborn, the careful planning and the enthusiastic promotion of the solution made the difference.
"We are extremely pleased that Allstate chose to partner with Fiserv to provide an intuitive solution for agents," states Mark Damico, president, Fiserv Insurance Group. "The resulting relationship brings outstanding value to us both. Our Fiserv 2.0 initiatives complement AWD’s goal of delivering a broad portfolio of products in a streamlined, easy-to-do-business-with fashion."
In addition to worksite and agency support, Fiserv also provides Allstate with direct-bank core system processing and enhanced electronic billing capabilities through CheckFree solutions.
Allstate Workplace Division is among the top insurance carriers providing voluntary life, health, disability and dental benefits to employees at work through an independent agent distribution system. The company recognizes that its success relies on more than delivering great products. AWD has to make it easy to do business, by building value in the relationship with agents through tools and processes perfectly attuned to workplace demands. Partnering with Fiserv has continually given them this ability.
About Allstate Workplace Division
Allstate Workplace Division is the marketing name for American Heritage Life Insurance Company (Home Office: Jacksonville, FL), a wholly owned subsidiary of The Allstate Corporation. Complete details on the full range of AWD products and services can be accessed at www.allstateatwork.com. Allstate Workplace Division products are available in 49 states and distributed in New York through Allstate Life Insurance Company of New York.
About Fiserv Insurance
Hundreds of Life, P&C, Health, and Reinsurance carriers, managing general agents, and administrators rely on Fiserv for innovative insurance technology, professional services, and outsourcing solutions. Fiserv solutions include insurance policy and claims administration, underwriting, rating, advanced billing and collections, point-of-sale technology and straight-through processing solutions. In addition, more than 3,000 clients use the company’s market-leading financial and compliance solutions. Fiserv can be found on the Internet at www.fiservinsurance.com.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.