Straight through processing could save millions each year

Since launch 44 representatives from 24 product providers have signalled an interest in Marlborough Stirling’s STP proposition by registering for the outsourcing and solution provider’s STP roadshow. The roadshow consists of one-to-one briefings at various locations across the country. To date 20 demonstrations have been completed with additional sessions being arranged on a first come first served basis.

Marlborough Stirling’s STP platform provides a business acquisition service covering quotations, application processing, integrated point-of-sale underwriting, tele-underwriting and full on-line pipeline tracking through to contract issue. The solution has been designed to support individual protection, annuity, investment and pension business on a multi-benefit basis.

The open interfaces of the STP platform enable the solution to plug into The Exchange Exweb portal, and other portals, and allows contracts to be issued ‘in-force’ into any back office solution using standard ORIGO messaging.

Marlborough Stirling’s outsourcing services offer the long-term administration of policies using the Lamda Contract Engine. Underwriting and claims management are provided by Marlborough Stirling’s subsidiary company Otter Risk Solutions ltd.

Marlborough Stirling’s STP system was first implemented in October to power progress from Royal Liver’s launch into the intermediary sector. Since its launch in October progress from Royal Liver has realised the benefits of the model in a number of ways:

- Turnaround to the end client: covering application input, automatic underwriting, acceptance, issue and documentation posted can be completed in minutes.

- Nearly 50% in force policies have been issued at point-of-sale through STP

- By utilising tele-underwriting techniques, and removing automatic medical limits, 87% of cases have been placed on risk without the need for a GP report.

- Next day turnaround on commission for intermediaries

The high level of point-of-sale acceptance is achieved through the use of questioning and a underwriting rule set. At the moment few protection providers are able to write business completely electronically with the process breaking down once the application fails the simplest assessment of risk. For ‘referred’ cases the underwriting service within the STP solution changes this by ensuring underwriting information captured at the point-of-sale is carried through to the tele-underwriting and decision process without data loss or the need for re-key.

Ashley Hale, group business development director at Marlborough Stirling, comments: “This STP platform is a comprehensive new business acquisition service, managing activities from the embryonic stage of the quotation, through underwriting and decision to contract issue.

“The flexible and open design enables the solution to be deployed into any distribution channel and allow contracts to be issued as ‘in-force’ policies into any back office engine. Couple this with its ability to handle a broad range of products and multi-benefit structures means the solution is unique in the STP market and is ideally positioned to support the new world of depolarisation and Sandler style products.

“We invite any product provider to an individual demonstration of how our service works and the benefits it can deliver.”