Financial services

Portrait launches New Business solution

15 May 2008

Portrait Software has launched Portrait New Business solution, to speed up policy issue and reduce risk exposure for life insurance providers.

As competition increases, insurance companies are facing issues such as manual and fragmented processes, the need for more accurate data and consumers demanding high service levels across multiple channels. In addition there is a requirement for greater analysis of where the business is coming from.

Designed to integrate seamlessly with existing systems, Portrait New Business handles the entire new business acquisition process, from initial contact through to policy issue, based on underwriting best practice. By providing end-to-end process transparency, traceability and reporting it reduces bottlenecks and sales leakage and is both compliant and auditable.

“Improving the customer and IFA experience and increasing completion rates depends on what organisations do about automating the new business acquisition process,” said Nick Randall, CEO of Portrait Software. “Taking advantage of new technologies and processes to facilitate customer management, customer insight and channel management will be a critical success factor for insurance companies. With increasing pressure on financial institutions to apply ‘treating customers fairly’ principles, being able to enforce and audit guidelines, policies and compliance is a huge benefit.”