Insurance Administrative Solutions (IAS) Launches eApplication Platform to Issue Medicare Supplement Policies in as Little as 12 Minutes

LARGO, Fla., Jan. 5, 2012 /PRNewswire/ -- Insurance Administrative Solutions' new electronic application technology provides further optimization to its third-party administration platform for the next wave of tech-savvy Baby Boomers. Of the more than 10,000 Americans turning 65 each day, more than a quarter will purchase Medicare Supplement insurance. These consumers and agents are comfortable with making online purchases and accustomed to a faster speed-of-delivery than allowed for by the traditional insurance application approval process.

"With our new eApp technology, we have shortened the approval process from several days to as little as 12 minutes," said Victor Castellanos, IAS's Senior Vice President and Chief Marketing Officer. "Once applicants complete and sign their applications online, they often receive a decision within minutes. Those who are approved can download, print, and use their new policy immediately."

The new, turnkey capability will help IAS's insurance company partners compete more effectively in the highly competitive Medicare Supplement marketplace. The contractually binding electronic application platform will enable an online process that eliminates MedSupp application errors, thus minimizing costly follow-up by insurance agents. The platform can be privately labeled and offers a unique and valuable service for Medicare Supplement insurance companies' policyholders and agents alike. Furthermore, the entire process is safe and secure.

"Securely authenticating and storing an electronically signed record is essential for establishing it as a legally binding contract," said Mark Postove, IAS's Senior Vice President and Director of IT. "The electronic application technology is fully integrated into our secure online application platform, and the signed documents remain safely archived on our in-house servers, meeting all legal and compliance standards."

"The fully integrated MedSupp eAppication platform is the latest example of IAS's commitment to remaining ahead of the curve so that our insurance company partners can operate more effectively in key markets," said Randy Samples, IAS's President.

IAS administers all types of life and health products with particular emphasis on Medicare Supplement plans. The third-party administrator has clients across the country, ranging from small to very large insurance entities. The combined in-force blocks of MedSupp lives that IAS currently services rival the largest carriers in the country.

The company's successful business model allows it to provide customized solutions to each client's unique needs. Whether from an underwriting, compliance, IT, or accounting standpoint, the basic value proposition IAS offers insurance carriers is the ability to piggyback on its economies of scale and do more with less.

For more information about IAS, visit www.IASadmin.com.

About IAS: IAS is a third party administrator that provides solutions to the insurance industry through innovative, custom‐built platforms and strategic partnerships. While the company administers insurance products for people of all ages, it focuses on the senior market. With over 230 employees, staffing is flexible. While most organizations view their administration as a back office function, administration is IAS's front office. The company performs most functions normally associated with an insurance company home office operation. IAS does not outsource its clients' outsourcing; all IAS employees are located within the United States of America.

SOURCE IAS

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