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Life Insurance Digital Agency (LIDA)

Insurance Agency Management System with an Intelligent Human Touch

INSURANCE AGENCY MANAGEMENT SYSTEM
FOR THE DIGITAL ERA


In a world that is irrevocably turning ‘digital first’, insurance agency management systems can empower insurance agents to leverage their individual digital workspaces and tools to create effective digital reach to their customers. Imagine if insurers could provide personalized digital presence for their agents with intelligent digital platforms and tools — which, in turn, can unleash business opportunities at scale, and accelerate the collaborative digital transformation of insurance.

Mphasis’ Life Insurance Digital Agency (LIDA) does exactly that. A single-tenant customizable digital workspace, it empowers agents working for insurance companies to administer, illustrate and sell Life and Annuity products in the digital realm. LIDA is a highly secure, cloud-based solution in AWS, which is augmented by data visualization and data intelligence to create sustainable digital growth and transformation.

AN END-TO-END INSURANCE AGENCY
MANAGEMENT SYSTEM



Features for a 360-Degree Digital-Human Connect



LIDA enables agents in insurance companies to be digitally connected to their customers — existing and potential. It provides them powerful digital visibility and helps them become trusted partners to their customers through the following features:



LIDA’s architecture comes with 3 distinct layers for engagement, intelligence and systems interface.

  • The engagement layer houses e-applications and time-sensitive analytics, covering policies, claims, commissions and incentives
  • The Intelligence layer powers regulation of roles, security, rate-engine, quote generation and interfacing with business systems
  • The system interface layer seamlessly engages with core functions such as policy administration, agent management, rating, billing, claims and underwriting

f2b view of digital insurance agency


LIDA’s efficient and unified data model (UDM) allows the integration of the Policy Admin System with other functions within the carrier’s ecosystem. It is based on an event-driven continuous flow of events that synchronizes states across all systems — and is designed for extensibility, flexibility, and security. It operates on a role-based access model with delegated administration rights

  • Generate quotes and estimate policy costs in a simplified manner with a structured framework, and flexibly integrate them into their carrier’s systems
  • Compute premiums, commissions, and incentives for various timelines like upcoming, annual and lifetime payouts
  • Have access to digital and customizable product marketing materials, and training and sales content

As an insurance agency management system that supports the entire insurance lifecycle, LIDA provides insurers and agents a comprehensive dashboard view and data visualization of the status of policies, quotes, claims, premiums, notifications, incentives, and commissions — plus, a holistic summary of quote statuses and policy details.

Agents can also personalize the menu and widgets featured on their dashboard for better insights-driven actions.

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LIDA has been built on firm pillars of a well-architected framework, with the highest standards of security.

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BUSINESS BENEFITS


LIDA simplifies day-to-day business execution to enable agents improve customer experience,
overclock efficiency and accelerate ROI. Key outcomes include:

 

Enhanced business agility due to sharper insights

Improved operational effectiveness through reduced manual processes, and better utilization of resources

Superior customer experiences

Significant cost reduction - due to serverless architecture

More robust marketing strategies, enabling significantly higher ROI

Seamless scalability - with highest levels of quality and security

Simplified reports

High extensibility - ready for use by insurance agents, independent agents, brokers, and other intermediaries
Mphasis Mainframe & App Modernization — FAQ
YOUR QUESTIONS ANSWERED

An insurance agency management system streamlines insurance agency operations, centralizing policy management, customer and carrier engagement, workflow management, and more. Mphasis Life Insurance Digital Agency (LIDA) is Mphasis’ agency management system for insurance which offers a modern, composable digital architecture with data-driven insights, automation, and integration capabilities. With LIDA, insurers can accelerate sales, enhance service, improve compliance, and scale rapidly.

With centralized policy sales management, insurers have easier access to customer data, helping them streamline lead management, automate quotes, renewals, and follow-ups. A reliable insurance sales and distribution platform can also help insures increase cross-sell and upsell opportunities. Mphasis’ LIDA enables digital-first integration, automation, and data-driven insights that accelerate sales cycles, improve agent productivity, and deliver customer engagement at scale.

A digital insurance agency platform includes policy sales management, customer engagement, workflow automation, carrier integrations, compliance management, and more. It also covers broker and agency management solutions that boost agent productivity, allowing for scalability.

Cloud-based life insurance agency management system benefits insurers by enabling scalability, real-time data access, faster product launches, cost efficiency, better security, seamless integrations, improved agent productivity, and a more agile, customer-centric operating model.

Insurance agency management systems enforce automated, standardized workflows, ensuring transparency for audits, accurate reporting, security, and compliance. Across policy sales management and agent lifecycle management, they help track activity, offering real-time visibility into operations mechanisms.



Contact us to transform your insurance agency operations.