Dell Insurance Services - a business partner for life.

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1 - a business partner for life. Does your organization face the challenge of maintaining and administering legacy products while acquiring new business? It s time for a trusted partner who helps you strike the right balance. In today s rapidly changing marketplace, most insurance companies are trying to keep pace with the latest products, regulatory compliance and technologies. Managing legacy platforms and products are a constant drain on resources, when organizations need to strategize for the future. With Dell Services you can manage the business requirements of the past, while remaining driven by the imperatives of the future. We help you: Manage your existing products, while developing new business opportunities Deliver service that exceeds demanding customer expectations Outsource operational functions to a dependable partner Keep up with regulatory compliance Make sound business decisions with analytics and reporting tools

2 We manage your business, while helping you plan your future growth. Over 2.5 million policies administered Over $4 billion in premiums received each year 30,000 new business cases processed each month Over 2 million phone calls from policyholders and agents handled each year Application processing & underwriting Policy maintenance Customer service & agency management Claims processing Financial investment management Reporting - Imaging & indexing - Data entry - Case management - NIGO resolution processing - Premium billing - Collections - Non-forfeiture - Correspondence - Fund valuations - Inforce illustrations - Self-service portals - Commission advances - Contact center - Claim adjudication - Claim settlement - Contestable Claims - Interest on proceeds - Waiver - GAAP / STAT / TAX feeds - Valuation extracts - Reinsurance extracts - Business intelligence - Complaint registers - Blue book data feeds - Daily balancing - Conservation programs - Underwriting support - UW workdesk - Group enrollment - Cash values - Financial & non-financial transaction processing - Combined billing - Commission statements - Debit balance - Licensing & appointments - Roll forwards - Suspense - Escheatment - Bank reconciliation Fig. 2 - The Dell solution for the insurance industry Health insurance Cancer Critical illness Accident only Accident and sickness Hospital indemnity Fixed annuities Fixed premium annuities Flexible premium deferred annuity contract Single premium deferred annuity contract 5-, 7-, 10-year CD annuity Multiple year guaranteed annuity Disability Non-cancelable Guaranteed renewable LTD STD Qualified annuities Traditional IRA Roth IRA Inherited IRA Custodial IRA 403(b), TSA 401(k) SEP Keogh, [aka 401(a), money purchase, profit sharing, Defined contribution] Fig. 1 - Insurance product capabilities Payout annuities Immediate annuities Retirement annuities Supplementary contracts Systematic withdrawals Structured settlements Worksite and group Group disability Voluntary disability True group Group voluntary Accident Cancer Critical illness Hospital indemnity Dental Universal life Interest sensitive The Dell difference When you select Dell Services as your partner, you get an end-to-end solution that covers the entire insurance lifecycle. Dell Services supports: Operational functions: We provide dependable support for all your dayto-day operations. Our services include the full spectrum of life insurance and annuity operations including new business services, policy administration, and additional back office functions (such as mail, print and claims). Full closed block administration: We help you strike the right balance between managing your current business and focusing on growing your business. Endowment products Endowment at age 65, age , 15-, 20-, 30- year endowment Juvenile endowment Indexed annuities Portfolio, old money/ new money bucketed rates Point-to-point Monthly Pt-to-pt Pt-to-pt rising interest Daily & monthly averaging High & low waark Annual reset Gain triggered index Daily average of last year values Blended index (Multiple indices) S&P, DWJ, NASDAQ, Gold & Eurostoxx ISWL Multiple vanish options Multiple DB options Premium requirements Corridor pushes Ordinary life Participating and non-participating Whole life Modified Limited pay life Life paid up at 65, 70 Single premium Graded premium Graded death benefit Final expense Universal life Universal life Indexed universal life Secondary guarantee Shadow accounts Term life Non-renewable and non- convertible Level, increasing, decreasing death benefit Level, increasing, decreasing premium Re-entry 5-, 10-year renewable and convertible 5-, 10-, 15-, 20-, 25-, 30-year Mortgage protection Income protection New product launches: We support the growth of your business through the launch of new insurance and annuity products and new business services that help you get new products to market and in force faster. Regulatory compliance: Dell s integrated framework ensures regulatory compliance. We administer policies for 28 clients on a single codebase. Regulatory updates implemented for a single client are available for all clients. Business analytics: With Dell Services business intelligence tools, you are always aware of the status of your operational functions. Our reports help you analyze and forecast business trends to empower your decision making. 2

3 LifeSys - powering the business of life. LifeSys: Dell s insurance solution At the heart of Dell s solution for Life Insurance companies is LifeSys, Dell s rules-based platform for policy administration. It covers the complete insurance lifecycle including new business, policy issue, administration, billing, correspondence, claims and reporting. The LifeSys TM platform is backed by Dell s powerful service engine. It includes: Customer service management: LifeSys has workflows to manage customer tasks, keeping customer information updated. Functionality includes record keeping, maintenance of customer transaction history, Underwriting Workdesk Agency / commissions - Hierarchy / splits - Production / contest - Licensing Correspondence - Standard - Template - Ad Hoc Technical Services - Backup - Special projects - Time and material edelivery New Business - License checking - Underwriting link - Requirement tracking - Proposals / policy print - Product launch support General Ledger - Product - Company - Costing LifeSys Rule Set Configuration money management and reconciliation, time critical process compliance, financial error correction and restitution and management of legal documents. Imaging and document management: Every month Dell Services scans 1 million pages, converts 4000 files from fiche to image and manages all customer s paper documentation. Print and correspondence: Every month Dell Services prints over 2 million pages, sends out over 600,000 pieces of mail and manages over 300 different stock items across all clients. Our services include stuffing, customized printing and core policy and servicing output dispatch. Connectivity - Extracts / interfaces - Online, real-time access - Reports - Workflow - Web Database Reserves / Mgmt Reports - STAT - GAAP - TAX Agent Portal POS - Customer view - Inquiry - Policy owner, agent, home office, loans, and dividends Billing - Lock box - EFT - Direct - List bill - Credit card Claims - Administration - Tracking - Adjudication Business Intelligence The LifeSys differentiators Scale: Dell supports over 40,000 products on the LifeSys platform. Flexible, adaptable technology: You are no longer tied down to a toolbox, the LifeSys platform adapts to your requirements. Rich insurance industry capabilities: Allows you to leverage Dell s best practices. Seamless conversion of policies from existing platforms or products: Our proven conversion methodology has enabled us to successfully convert over 2.5 million policies onto our platform in recent years. Cost efficient: Single platform processing allows you to benefit from economies of scale. Fig. 3 - LifeSys functionality: At a glance 3

4 A rich legacy. Customer A: Successful conversion of over 850K policies and a seven-year services delivery track record. Indexed UL 26,000 Universal Life 230,000 Today, Dell supports the customer s new business for, universal life, fixed annuities, indexed UL and indexed annuities. At one time, this customer issued approximately 40,000 new business policies per month. Enabling product evolution During our seven-year relationship, the customer has launched new products and evolved their market offerings. We have successfully supported the customer with an average of three to five product launches each year, and have released up to 12 products in a year. Our original contract was for a five-year, and expired in But in testimony to our successful relationship, the customer signed up for a five-year contract renewal. Note: All numbers are approximate based on active policy count as of calendar year-end 2010 data. Other 300,000 Whole Life 455,000 Our relationship with the customer began in July 2004 when we initiated the process of converting over 850,000 in-force policies from multiple platforms. The conversion was performed in three phases, over 14 months, without any disruption to service. ISWL 15,000 Health 30,000 Payout 110, ,000 Indexed 175,000 Fixed 215,000 Term 945,000 Fig. 4 - The Dell life insurance portfolio : A rich legacy Dell s vast experience in the insurance industry enriches the LifeSys platform. Dell has been providing IT, Applications and BPO Services to the insurance industry for 30 years. Today, Dell supports a portfolio that includes life, annuities, disability and health insurance products for 28 insurance carriers. We currently administer roughly 90 separate blocks of business for our clients. Of these 90 blocks of business, approximately 60 have been converted onto our platform. Dell leverages its established conversion methodology for the transition of your business. Our proven conversion methodology serves to reduce and mitigate the risks that are inherent in any conversion. Our experience, expertise and methodology provides your organization with the lowest risk conversion alternative. At Dell, your policies will be administered by our team of associates dedicated to life and annuity solutions. Working at multiple locations around the clock, we have consistently demonstrated the highest global standards of excellence. Neutral file methodology Financial conversion process balancing reconciliation Integrated model office dry run Pilot testing go / no-go decision Postconversion support Fig. 5 - Dell s Methodology 4

5 : Open, capable and affordable. Dell Services: Open, capable and affordable Dell has a robust portfolio of products and services including Applications, Business Process, Consulting and Infrastructure & Support crafted through acquisitions, re-energized partnerships and an emphasis on customer needs. Our open, capable and affordable solutions help customers focus more on innovation and growing their organization/business rather than exhausting all their IT budgets on expensive sustenance and maintenance. Dell combines these integrated solutions with in-depth understanding of the insurance industry to enable insurance companies to increase efficiency, improve customer service, and drive growth. For more information about any of our service offerings, please visit dell.com/insurance or contact insurance@dell.com. Customer B: Converting retirement annuities and structured settlements. Our relationship with the Customer began in 2008 when we converted approximately 99,000 retirement annuity contracts and 12,500 structured settlement contracts onto the LifeSys platform. We process new business for the customer and currently issue roughly structured settlements each month and 6,000 8,000 retirement annuities each year. We have rolled out significant new functionality on LifeSys and its workflow platform. This includes mass reserve updates, PPA 2006 benefit calculations, call recording, county withholding, and proof of existence processing/workflow. Additionally, we have launched two new products and are currently launching a third new product with them. Scan or click this code to learn how Dell Services can help your organization. Product and service availability varies by country. Specifications are correct at date of publication but are subject to availability or change without notice at any time. Dell and its affiliates cannot be responsible for errors or omissions in typography or photography. Dell s Terms and Conditions of Sales and Service apply and are available on request. Dell and the Dell logo are trademarks of Dell Inc. Dell disclaims proprietary interest in the marks and names of others Dell Inc. All rights reserved. November 2012 Life Insurance Services Brochure.indd Rev. 1.0