Henley-on-Thames, 15 July, 2008 - Portrait Software has been selected by Fortis Life UK to support the new business and underwriting process streamlining approvals and providing insight into the underlying business performance. The three year contract, was awarded to Portrait due to their products’ proven capability in this area.
Fortis Life UK is a new UK based life insurer offering protection products initially through a small number of specialist protection distributors. This new business is owned by Fortis, which has a presence in over 50 countries and has identified a number of opportunities to build on its already successful UK general insurance business.
“We are a new entrant looking to make a significant impact in an already crowded life protection industry. A key differentiator will be our new technology capability,” said Martin Werth, MD, Fortis Life UK. “The quality of our proposition was critical to Fortis and the Portrait Solution has enabled us to both achieve this and shorten our implementation” he added.
The impact of Fortis’ new technology will be most apparent for new business applications, where Forts aims to streamline the underwriting process by putting business on risk more quickly to reduce distributor costs and ultimately improve the end customer experience.
Portrait Software is providing an enterprise-wide licence to support the launch of the business in July 2008. Portrait Foundation, which provides the ability to prioritise rules, processes, communications and workflow, and Portrait Customer Analytics, which analyses customer, operational and risk data, will be at the heart of the solution.
Werth further commented “With exemplary customer service a key to the success of Fortis Life we are delighted to have Portrait help us achieve that. The software provides us with end-to-end process transparency, traceability and reporting, which will enable us to reduce bottlenecks and prevent sales leakage. Furthermore the software provides information on sales performance and gives insight on risk data which will enable us to improve processes and manage resources.”
The project has been implemented over recent months with ‘go-live’ scheduled in tandem with the launch of the new business.
Nick Randall, CEO of Portrait Software commented, “We are delighted that Portrait has been selected by Fortis Life UK. The flexibility of the applications allows easy integration with existing systems and, being fully auditable, enforces guidelines, policies and compliance enabling Fortis to respond to customers more fairly and effectively. Our expertise in this market sector, together with the power of the technology, will enable Fortis to stay competitive in a tightening market.”
About Portrait Software
Portrait Software provides Customer Interaction Optimization software that helps best-of-breed companies deliver great customer experiences, increase sales, drive down costs and manage risk. We do this by helping organizations with millions of customers do some important things:
• Quickly understand their customers. See who’s profitable, who’s loyal and who’s most likely to buy, defect or default.
• Design intelligent interaction strategies. Know what to sell, when and to whom; know when to talk, when to listen and when to reach out.
• Make every interaction count. Hold intelligent conversations, make relevant suggestions and surprise customers by showing an understanding of their needs.
• Respond to change. Implement new campaigns and customer management strategies and ideas quickly and consistently; respond in minutes to changes in the market, the competition, the product line and the customer.
Our 300 + customers are organizations that lead the world’s most demanding customer-intensive sectors. They include Nationwide Building Society, Bank of Ireland, Telenor, Merrill Lynch, T-Mobile, Fiserv CBS Worldwide, Bank of Tokyo, Bank of New Zealand, RAC Western Australia, China Automobile Association, and IAG.
Portrait Software plc +44 (0)1491 416600
Kieran Kilmartin, Product Director
For more information on Portrait Software, please visit: www.portraitsoftware.com
Fortis Life UK launched into the UK protection market on 7th July 2008. It aims to empower advisers and address the real protection of needs of customers.
Fortis Life will initially pilot 2 new products through a small group of protection-focused IFAs., followed by a controlled roll-out to the wider market.
The products are YourLife Plan - a highly flexible menu protection plan that provides a choice of Term Assurance, Family Income Benefit, Critical Illness and Income Protection; and Real Life Cover - a unique protection plan that has been designed with protection specialists, LifeSearch. It is easy to understand and affordable, providing essential protection throughout the customer’s working life.
Fortis Life’s innovative systems and processes have been designed to empower advisers by placing them in control of their business and making the whole process, from quoting to on-risk, quicker and simpler.
In the UK Fortis (Insurance) is a leading provider of award-winning personal and commercial lines insurance solutions in the UK and was named 2007 General Insurer of the Year at the British Insurance Awards. The insurer’s successful customer-centric strategy has been founded on aligning its activities to how customers want to buy insurance, combined with delivering high quality products, manufactured at costs better than market norms.
Fortis’s unique multi-distribution capability enables it to deliver products face-to-face, by phone (inbound and outbound), over the Internet and via SMS technology. Aligning its business activities with its partners' general insurance strategies enables Fortis to offer end-to-end white label capabilities in product development, marketing, campaign management, sales, fulfilment and claims - providing a seamless integration with partner brands.
Insuring in excess of 6.7 million customers and working with a range of partners, Fortis is recognised for delivering consistent and high-quality customer experiences. It employs 2,901 people as of 31/12/07 with a head office based in Eastleigh and others in Belfast, Bournemouth, Gloucester, Haywards Heath, London, Redditch, and Stoke-on-Trent. In 2007, its profit before tax and interest (excluding impact of weather related events) was £92.2 million and its GWP was 757.8 million.
Fortis is an international provider of banking and insurance services to personal, business and institutional customers. We deliver a total package of financial products and services through our own high-performance channels and via intermediaries and other partners. Fortis ranks among Europe’s top 20 financial institutions. Together with ABN AMRO, we have a presence in over 50 countries and a dedicated, professional workforce of more than 85,000. All this makes us a leader in financial services in Europe, a top 3 private banker and a top tier asset manager. More information is available at www.fortis.com.
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