SE2, LLC: Simplifying Insurance-for the Insurer and Insured

CIO VendorGautam Thakkar, CEO
With the growing innovation and sophistication of digital technologies, organizations in the life and annuity insurance market have come under persistent pressure to embrace digitalization in order to remain competitive.

“Although digital transformation can play an equally important role in the front, middle, and back office, it is a common practice among carriers to implement digitalization to only front office, while the middle and back offices remain under legacy technologies,” says SE2 CEO Gautam Thakkar.

For many insurance companies, achieving a technologically consistent architecture is often a daunting task. Aiming to be the game-changer, SE2 offers cutting edge end-to-end solutions to the life and annuity insurance industry.

The One-Stop Shop Technology

Built on enterprise-class multi-tenant architecture, SE2 Aurum is a highly scalable and efficient platform that empowers the insurer to expedite the process of insurance product development. SE2 Aurum addresses the challenges associated with antiquated legacy systems that make processes and workf low cumbersome and susceptible to human errors. The platform covers all administration tasks through the policy lifecycle ranging from the submission of an application to the termination of the policy contract under the circumstances of claim, surrender, maturity or payment lapse.

The advanced capabilities of SE2 Aurum are leveraged by SE2 Digital Direct Life—a sophisticated no-touch, end-to-end life ‘insurance as a service’ platform—which transforms the way that life carriers go to market and acquire mid-market and millennial customers. Simplifying the process and enhancing the experience for both the carriers and the customers, SE2 Digital Direct Life provides a streamlined front-end application process that is integrated seamlessly with the policy administration and underwriting systems. SE2 Digital Direct Life automates the customer acquisition process, ensuring that procedures— ranging from application and approval to underwriting and policy issue—are simplified significantly.

“SE2 Digital Direct Life makes it possible to fill and upload applications and get approval within minutes, eliminating the time lag in sales conversions,” says Thakkar.

A Strong Foundation for Implementation

The solutions offered by SE2 are implemented using a methodology that can be divided into five distinct phases: deliverable planning and initiation, solution implementation, solution validation and go-live planning, and solution launch. Having acquired a thorough knowledge about the client requirements through a series of brainstorming sessions alongside with the ‘request for proposal’ process, SE2 gains a strong understanding of the client’s needs. The discussion ensures that the scope of the project and intended solution are clearly defined and approved. The data conversion strategy is finalized once the solution has been defined and the client’s systems and policies are documented.
This documentation process helps to set a timeline for deliverables, identifies the common user trends, and ensures transparency from the very beginning of the engagement process. During implementation, there are goal-specific checkpoints in place to make sure that the quality of the solution is validated, in parallel with iterative unit, system, integration and regression testing. The user acceptance testing that takes place during the validation enables SE2 to test the processes and create metrics that demonstrate the readiness of the solution. During the launch of the application, SE2 works in close coordination with the client to guarantee a smooth transition from legacy system to SE2’s system by running client integration, data conversion, and operational acceptance simultaneously.

SE2 Digital Direct Life makes it possible to fill and upload applications and get approval within minutes, eliminating the time lag in sales conversions

The outcomes experienced by a global asset management and investment advisory firm are a strong illustration of SE2’s capabilities. After acquiring a closed block of nearly 360,000 life and annuity insurance policies, the company aimed at reducing the cost of the policies while augmenting the operating model, without compromising the customer experience. A number of policies, being decades old, demanded highly customized systems, resulting in exorbitant operation and maintenance costs, hampering the organization’s scalability. Besides, the system was supported by several vendors, each with their independent data access and contract provision.

SE2’s involvement helped the client build a multidisciplinary team of subject matter experts to create an effective governance structure. SE2 Aurum supported the end-to-end business process, balancing configuration and development cost. As a result of this partnership, the client’s business outcomes saw a drastic surge, empowering them to convert five life systems in a month, and four large annuity systems in the following months.

Strategizing Innovation— One Step at a Time

SE2’s road to innovation traverses a strategized approach—explore, evaluate, enable, and evangelize. The key factors—such as business problems, collaborative brainstorming sessions, and hackathons—lay the foundation for exploration, the outcomes of which are evaluated through research and prototypes. SE2’s delivery and operations team works with clients following the shortlisted prototypes to improve and incorporate them in the technology roadmap. The final phase of the innovation cycle sees the solution evangelized among the clients through the Centers of Excellence.

Having produced strong growth year-after-year, SE2 has opened offices in New Jersey and Texas and expanded operations internationally, opening office in Ireland in Waterford.

SE2 has made substantial capital investment in its technology platform and recently investment in a InsurTech company Life.io. Life.io is creating a new dialogue between carriers and their policyholders, allowing carriers to better understand what is happening in their customers’ lives to provide the right product at the right time. Such a focus on scanning and enhancing innovative technologies through its insurance partner ecosystem will continue. SE2 operations are rapidly transforming into digital operations by incorporating cognitive automation, increased configurability, contextualized omnichannel access, machine learning, blockchain, cognitive computing, et al.