Liberty Mutual is a successful provider of comprehensive Life, Disability, and Accident and Health insurance packages. Until recently, its market comprised mainly large companies. When the mid-market segment, companies with 50-500 employees, was discovered to be underserved, Liberty set out to address the needs of this new market.
Liberty was not the only one with such aspirations; the mid-market had become a buzzword in the insurance industry. Being the first to capture this market would give the Liberty a first-mover advantage and deter its competitors.
Liberty was well positioned to capture the mid-market, thanks to its considerable experience and a widespread sales and broker network. On the other hand, large companies are generally reputed to move slowly, leaving new market opportunities open to smaller, faster-moving companies. As one of the largest insurers in the world, Liberty wanted to challenge this stereotypical perception.
To achieve rapid entry into the market, Liberty created a new entity, Liberty Mutual Benefits (LMB). The project followed the principles of scaled agile delivery framework. The EIS suite, a brand new core insurance system was implemented, leaving LMB to choose a document generation platform to integrate with the newly built system.
Provision of commercial insurance to the mid-market
Bring a full set of brand new products into an emerging market segment, ahead of the competition.
A major global provider established a specific subsidiary, aiming to cater to the emerging mid-market segment of commercial insurance. ActiveDocs Opus was selected as the document generation engine for the platform, generating a range of documents for the Life, Disability, and Accident and Health products.
Complex insurance documents are automated within short timelines. Delivery of automated templates is synchronized with the project’s scaled agile methodology. Permissions-based management of templates and the intuitive design features of ActiveDocs Opus give Liberty the ability to update and maintain templates without the need to involve IT.
The nature of the product means that almost all documents are complex and often exceed a hundred pages. With ActiveDocs, Liberty can be sure that the content and formatting of documents will always adhere to the specified business rules, regardless of how many products form the policy, or how many options have been quoted in the proposal.
The ActiveDocs solution fully integrates into LMB’s existing system’s workflow. To generate a document for any configured insurance product in the core system, the user simply clicks a button. Users get the option to generate certain documents only at the appropriate stages. A proposal may only be generated once all prerequisite aspects of the case have been included; both parties agreeing to the proposal parameters subsequently allows the policy and certificates to be created.
From the end user’s point of view, transforming a client’s data into a complete set of documents is a single step. With functionality integrated into the existing user interface, a user simply selects the desired action to set the automation in motion. Any relevant proposals, policies, certificates, enrolment kits, billing, invoices, and claims are generated accurately according to predetermined business logic. All documents are presented in line with the business branding, and consistently compliant with the industry’s legal requirements. Once documents are generated, they are automatically filed in e-folders of the core insurance system.
Behind the scenes, the core system sends data, such as a client’s policy details and information about the required document type, to LMB’s ActiveDocs system. The requested documents are generated by populating the appropriate templates, then placed into the EIS repository. The agnostic, platform-independent integration points of ActiveDocs simplify data exchange between the document repositories and e-folders of the insurance system. Document generation is fully automated, taking advantage of the Automated Document Production and Solutions Studio modules of ActiveDocs.
LMB’s new core insurance system is deployed in the cloud on the Amazon Web Services (AWS). ActiveDocs provides web services that allow access to its document assembly capabilities from any system, controlled by centrally managed permissions.
Automated Document Production enables the generation of documents without any user interaction, utilizing the data stored in the core insurance system.
ActiveDocs Opus Designer provides intuitive and effective automation capabilities adapted to creation of complex insurance documents, empowering LMB to bring new products to market rapidly.
Rules Engine assists with embedding of complex business logic into the templates.
Repeating Item Groups allow the inclusion of any number of quoted options in proposals for the client to compare.
The nature of LMB’s product means that almost all documents are complex and often exceed a hundred pages. With ActiveDocs, LMB can be sure that the content and formatting of the documents will always adhere to the specified business rules, regardless of how many products form the policy, or how many options have been quoted in the proposal.
Without the need for end-user interaction, room for error is virtually eliminated. The solution dramatically reduces LMB’s response time to clients’ Requests for Proposals (RFPs). Management are able to dedicate their time to more useful pursuits, and the sales teams and brokers can cover more ground.
Additionally, LMB has been able to start addressing the target market with its products within six months of starting the project. During this time, LMB has installed its newly designed core insurance platform, configured new products, and automated the documents needed for swift entry into the market. Combining the use of scaled agile methodology, LMB’s new core insurance platform, and ActiveDocs document production, have proven that effective delivery of new insurance products to market can be achieved at a speed previously deemed impossible.