DURHAM, N.C. [July 21, 2022] – Aspida Life Insurance Company (“Aspida”), a life insurance and annuity company, and SuranceBay, an insurance technology firm, announced its partnership in the development of automated state appointments, adding to Aspida’s enhanced, tech-driven producer onboarding process.
This enhancement to SuranceBay’s state appointment platform, SureLCTM, enables Aspida to create, review and submit producer appointment requests to state departments of insurance quickly and easily by significantly streamlining the process and reducing errors.
“Aspida is an agile, tech-forward insurance company that is dedicated to not only the quality of our products, but functionality of the processes and the service we provide,” said Sol Osterkatz, chief technology officer at Aspida. “That’s why we are thrilled to partner with SuranceBay to enhance our suite of capabilities and provide a better overall experience to our partners and financial professionals.”
This newly developed and integrated feature enhances the producer onboarding process by allowing Aspida to see a 360-degree, real-time view of all orders, providing full access to the producer’s compliance status, and enabling in-application communication with distribution partners. These improvements help to absolve the intricacies of various state rules and reduce errors.
“Aspida and SuranceBay share a vision that efficient producer onboarding is an important first step of the producer-carrier relationship”, said Victor Rasputnis, co-founder and CEO of SuranceBay. “Carrier integrations eliminate round trips and bring our client agencies to a performance level of nearly zero percent NIGO submissions. As a company serving over 1,000 BGAs and 600,000+ insurance producers, we cannot help but emphasize the ‘economics of scale’ aspect of re-using common compliance requirements across multiple carriers, eliminating redundant communication and accelerating the processes for all parties with each new integration.”
Aspida’s contracting and state appointment information is now updated for over 1,000 BGAs and IMOs on SureLC’s platform.
Aspida Holdings Ltd., through its subsidiaries (collectively “Aspida”), is focused on providing retirement and reinsurance solutions, having operations in the U.S. and Bermuda with total assets of $3.5 billion as of Dec. 31, 2021. Aspida, through its U.S. platform – Aspida Life Insurance Company – is focused on leveraging technology and agility to help clients achieve – and protect – their dreams. Its Bermuda-based reinsurance platform, Aspida Life Re, is focused on providing efficient and secure life and annuity reinsurance solutions. Aspida seeks to be a trusted partner in its clients’ financial security while driving its growth by doing good for the communities it serves. Aspida is an indirect subsidiary of Ares Management Corporation. For more information, please visit: www.aspida.com.
SuranceBay is an insurance Software-as-a-Service (SaaS) company. We are dreamers and doers, software engineers and insurance professionals, collaborators and problem solvers. Together, we comprise a talented community of curious minds and passionate professionals who live and breathe your business. We develop and service innovative software that makes buying and selling insurance simpler and faster. Our solutions provide an integrated experience for insurance companies, general agencies, insurance agents, and consumers. For more information, please visit: www.surancebay.com