Exaxe's Income Plus solution enabled MGM Advantage to launch a sophisticated new annuity product in just 16-week on a new platform. Most interestingly, this was achieved without a major overhaul of IT infrastructure. The 5 secrets to success were:
1. Time to market reduced
By centralising the management of the product development process, MGM Advantage reduced time-to-market for new product launches from months to days. Also, product changes could now be implemented rapidly.
2. Processes automated
MGM Advantage now delivers instant, online enhanced annuity quotes, available 24/7, 365 days a year. These quotes can be issued on the spot and can be viewed on screen and printout.
3. Processing streamlined
Applications can now be completed online with easy and intuitive data entry and no re-keying. This results in fewer errors through online validation and reduced transaction costs.
4. Improved process management
Invest Plus provides MGM Advantage with complete hierarchy management - from registration to approval and authorization - for individual agents, firms and panels.
5. Instantaneous compliance
In an industry where the burden of compliance weighs heavily, MGM Advantage now benefits from a system that ensures adherence through templates, clauses and variables for contract-specific product documentation.