FOR IMMEDIATE RELEASE: Des Moines, IA., and Milwaukee WI., Sept. 21, 2022.
Benekiva and Management Research Services Inc. (MRS) today announced that they will partner to bring together Benekiva’s SaaS claims and servicing platform and MRS’ comprehensive underwriting rules engine. This collaboration enables carriers to offer new insurance and financial services products to claimants during the claim disbursement process through a technologically enabled new business automation.
96% of claimant funds leave the policy-holding carrier each year. Benekiva and MRS will deliver the platform and intel to turn claimants into cross-business prospects. Together, these two leading insurtech companies offer a highly secure, automated, complex application process initiated when a claim is paid out. Beneficiaries will have a simple underwriting experience and claims associates will not have to manage any manual data extraction and data entry.
According to Brent Williams, Benekiva Founder, President, and CEO, “Benekiva is the only technology solution that delivers straight-through, next-generation claims and policy servicing optimization and transformation. This partnership brings two powerful insurance technology solutions together to facilitate a new prospecting and retention opportunity for carriers. Capitalizing on claimants is low hanging fruit for carriers. Benekiva’s configurable rules-based, reflexive technology now will facilitate the exceptional experience after the claim is paid, making claims a revenue driver.”
Benekiva platform coupled with MRS’ automated underwriting intel and no code/low code platform enables a seamless transition to new business automation after the claims process is complete. Benekiva creates a bridge to route approved prospects to different business units such as life, annuity, advisory services, and more.
“MRS’ high-end technology complements Benekiva from an asset retention and new business perspective. MRS’ rules engine is extremely efficient in collecting all information needed to make a point-of-sale decision. The capabilities and flexibility of our own platform coupled with MRS’ enhances what both solutions have to offer. Their underwriting capabilities are exceptional, and we look forward to providing an optimized solution to carriers” said Bobbie Shrivastav, Co-Founder and COO of Benekiva.
According to Tim Dineen, Chief Executive Officer at Management Research Services, Inc., “We are really excited about this partnership with Benekiva. The combination of MRS’s no-code, reflexive rules engine with Benekiva’s claims process will provide a powerful tool for carriers to retain assets. Our robust API layer combined with our extensive network of 3rd party data providers enables us to automate the underwriting process for all life, health, and annuity products. Together, our platforms will enable a frictionless, straight through process for consumers and carriers. We look forward to its success.”
“The beauty of blending the two solutions is that carriers can incorporate this into existing processes and systems or create an automated, exceptional experience that customers have come to expect,” said Williams.
SOURCE: Benekiva LLC. Management Research Services, Inc. (MRS)
Benekiva is the only technology solution that delivers straight-through, next-generation claims and policy servicing transformations, with asset retention enablement. From policy activation to beneficiary payout, business can be conducted anywhere, anytime, from any device. Because integrating with Benekiva doesn’t require custom code, companies can implement and update quickly with minimal need for IT resources. With Benekiva technologies, insurers create operational efficiencies and reduce expenses, so funds and human capital can be allocated
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With over 30 years’ experience in the insurance industry, MRS has created the foundation for the next evolution in life, health, and annuity insurance automation featuring No-Code, customized underwriting solutions to support a range of insurance services.
With E-App, Rules Engine, and Workbench, the MRS platform brings value to the entire insurance distribution lifecycle by eliminating manual data extraction, entry, and processing. The capabilities and flexibility of the platform allow customers to use it as a single solution or as a tool to support and enhance current solutions already in place.
MRS provides a streamlined, fast, and in good order experience, to enable an extremely high point-of-sale decision rate. It can completely remove the challenges of the traditional code-based approach and provide and empower organizations with a truly innovative product.
Maura Gilson-O’Donnell, Director of Marketing
Management Research Services, Inc.
Jesse Gospodarek, Marketing
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