NEWS FROM VANTIS LIFE INSURANCE COMPANY
WINDSOR, CT - November 2, 2006 - Vantis Life Insurance Company, a national life insurance and annuities company with more than $700 million in assets, has been selected by A.M. Best Company as a recipient of its 2006 E-Fusion award for its web based, straight through processing (STP) system.
"Vantis Life developed this solution for the bank channel to enable representatives and direct sales people to quote and submit life insurance applications in minutes," said Craig Simms, senior vice president of marketing. "Receiving the E-Fusion Award validates the value that this process brings to our bank partners. Fast, accurate and error-free life insurance business submission and online access to information are keys to success."
Because Vantis Life understands the unique dynamics of the bank channel when it comes to life insurance, this breakthrough, Web-based system speeds up the process and allows banks to offer protection products to their core customers while enabling them to also use fewer resources. In addition, Vantis Life has had success in the bank channel because it understands the correct process for quoting and submitting business in an environment where the agent sales force is essentially "part time" (branch managers, assistant branch managers, customer service reps, etc.).
"In some cases, our online solution allows the bank representative to quote, submit and receive an approval at their desktop in about 15 minutes," Simms added.
'We believe that this technology is now our core competitive advantage and has several unique features. For instance, while some companies have online quotes, they don't offer online approval. Other companies can quote online, but they can't submit applications online. And we know of at least one other company that can quote and submit business online, but cannot give agent access to underwriting status or reports. Now, our client banks can do all of those things and more."
Simms pointed out that the process of submitting applications had been too slow and the chance of error was extremely high. There were different forms in different places, access to information was difficult and submitting a life insurance application is not like any conventional bank product submission. "We knew that if we wanted to be successful with our bank expansion, we needed to change our key business processes," Simms said. "Banks interested in seeing an online model of the system can contact us for a 10 minute online demonstration," added Simms.
About Vantis Life Insurance Company
Founded in 1942, Vantis Life makes life insurance affordable for hard-working American families. With the financial strength of more than $700 million in assets and an "A-Excellent" rating from A.M. Best, Vantis Life is sold by licensed representatives at financial institutions and through a professional, licensed direct sales force in the Company's Windsor, Connecticut headquarters.
Vantis Life's complete, easy-to-sell product line includes underwritten term and whole life insurance, simplified issue term and whole life insurance, single premium whole life and guaranteed issue senior products. All products are quoted and applications are submitted via AgentWebsm, Vantis Life's exclusive online solution that speeds the application process at the point of sale and eliminates administrative errors. For more information about Vantis Life Insurance Company, visit www.vantislife.com.