News Archives
2002
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09/17/2003
Contact Amber Cousins: 818-871-5319
Balboa Introduces “No-Fluids Underwriting” Life Insurance
e-Underwriting Capabilities Enable Policy Issuance In 30 Minutes Or Less
IRVINE, CA (September 17, 2003) – Balboa Insurance Group, Inc. today announced the launch of a term life insurance program that eliminates the need for fluid testing during the underwriting process. The Web-based program allows agents in financial institutions to quickly and easily offer term life coverage and issue complete 10-year term policies for most customers in 30 minutes or less. Balboa is partnering with HUB International, MFXchange Holdings, Inc. and Burnham Insurance Group’s Financial Institutions Practice to deliver this innovative product to the financial industry.
"Balboa has a long history of investing in intellectual and technological capital that enhances product offerings and the level of service offered to clients," said Drew Gissinger, managing director and president of Balboa Insurance Group. "With the development of this Platform Life product, we are once again leading the industry in creating a process that makes buying and selling insurance more efficient and cost-effective. We are also pleased to be teaming up with a leader in providing insurance for financial institutions, Burnham's Financial Institutions Practice."
The Program
Balboa's Platform Term Life level benefit product features a guaranteed premium for 10 years, up to $250,000. Eligibility for the electronic issue is based on health questions. Maximum age of eligibility for applicants is 64.
How It Works
Balboa's innovative product delivery method allows life insurance agents to use a convenient, user-friendly Web-based system to:
- Quote premium
- Submit the application
- Process initial premium payment
- Deliver active policy
Balboa's e-Underwriting capabilities utilize data provided by the customer to evaluate applications and immediately issue a response. In addition to computer-based underwriting, Balboa offers access to a "live underwriter," who will review Web-submitted applications as necessary. The underwriter provides a response to the agent within minutes. Agents have the unique ability to see the status of their customer applications at any time and are notified immediately by e-mail and online in the Web system when the policy is available for issue.
The System
The Web-based system underlying the Balboa program was designed and developed by MFX. When Balboa challenged MFX to deliver an automated processing system that would provide the company with the 'competitive edge' it was seeking, MFX introduced Balboa to its streamlined e-commerce processing platform. In its basic form, this online system had the capability to radically change the way the company would process life insurance by providing the efficiency, process integration and speed it was seeking to differentiate itself. By working together over a short period of time, Balboa and MFX were able to transform the basic system into the powerhouse platform that exists today.
"As insurers continue to seek more effective ways to cut costs and mitigate exposure, technology tailored to the insurers' needs becomes increasingly critical to its ability to differentiate itself," said Ray Roy, CEO, MFX. "It's particularly heartening when we are able to improve a company's processes leading to improved distribution, increased revenue, reduced expenses and overall management enhancements."
About Balboa Insurance Group, Inc.
Insurance company subsidiaries of Balboa Insurance Group, Inc. (BIG), which is a subsidiary of Countrywide Financial Corporation, have been offering insurance products for more than half a century. BIG's insurance company subsidiaries, which are known collectively as the Balboa Life & Casualty group, consist of Balboa Insurance Company, Meritplan Insurance Company, Newport Insurance Company, Balboa Lloyds Insurance Company, Balboa Life Insurance Company and Balboa Life Insurance Company of New York. The Balboa Life & Casualty group is rated "A" (Excellent) by the A.M. Best Company, an insurance rating and information service. An "A" rating represents A.M. Best's opinion that the Balboa Life & Casualty insurance companies have an excellent ability to meet ongoing obligations to policyholders. Balboa Life & Casualty is headquartered in Irvine, California, and has a network of sales and service centers throughout the country. To learn more about Balboa Life & Casualty, please visit www.balboainsurance.com.
About Burnham Insurance Group
Burnham Insurance Group, part of the HUB International group of companies, assists financial institutions with loan and non-debt related programs backed by complete administration and support services including dedicated in house training unit. Burnham has a long and successful track record of enhancing performance at the platform level for client banks. Additionally, Burnham offers a full selection of insurance products for consumer, mortgage and commercial loans, including mortgage and home equity loan processing systems. They also specialize in revolving credit lending and risk management products such as flood compliance, creditor placed insurance products, financial institution bond/directors and officers liability as well as property casualty coverage. As a result of Burnham's extensive knowledge of the agency business and by working with over 300 financial institutions, Burnham is uniquely positioned to assist financial institutions in the formation, acquisition or management of an insurance agency. To learn more about Platform Life, please visit www.balboainsurance.com, or please contact Jim Harvin, Executive Vice President of Burnham's Financial Institutions Practice, at 800.753.1711.
About MFX
MFX provides the framework for a comprehensive range of products and services offered to the insurance marketplace including a virtual claim file, claims processing solutions, legacy system outsourcing and application development. MFX helps client companies achieve benefits from faster-to-market solutions while gaining economies of scale. Other MFX products include ClaimsAssure, a web-based complete claims processing system; RiskVault, a system that consolidates all documents and data associated with a claim in a single, secure location; and the application and process management of GlobalAssist and ManagedSolutions. MFX was formed as an independent technology company to support insurers, reinsurers, risk managers and brokers with proven eBusiness and other technological solutions designed specifically for the insurance industry.
MFX is a subsidiary of Fairfax Financial Holdings Limited, a global financial services holding company. Its eBusiness solutions are designed specifically for the insurance industry, making MFX an ideal technology partner. Through its subsidiaries, Fairfax is engaged in property, casualty and life insurance as well as reinsurance, investment management and insurance claims.
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