When dealing with thousands of contracts and policies, data and information surrounding those contracts can get scattered throughout a company’s computer system. Milwaukee-based Lansare Corp. recently launched a new service that allows that data to be collected and compiled in a simple five-report format for the company.
The Lansare Annuity Report service is directed primarily at small banks and institutions and caters to the most commonly missed information from banks and other groups that sell annuities and life products, said Andy Theimer, vice president of business development at Lansare.
“That data can include things like premium commission data and policy events,” he said. “So, what the software does is help a company sell from within their own data.”
The reports, according to Theimer, can generate a list of data, such as people’s birthdays or potential contract expirations, so the firm can call and re-sell new contracts when the time is right.
“Basically, it gives the banks and institutions a really easy report that tells them when to cross-sell, how many contracts they currently have and other necessary things with little or no IT involvement or training at all,” said Theimer. “It is really meant to be a management report for specific individuals at the bank without any major IT overhead.”
The system that generates the annuity reports is entirely automated.
“We do what is called software as a service model,” said Greg Meier, chief executive officer. “People pay us a monthly subscription fee, and they never have to worry about installing or updating the software. All that is done behind the scenes; all the customer has to do is say yes we want access to your analytics and reporting capabilities.”
After the company gives Lansare access to its data, the reports can be generated as quickly as three or four days after.
Consumers of the reports pay a flat rate monthly subscription fee that is determined on a general case by case basis.
According to Meier, Lansare currently manages around $30 billion of product data which represents around one million contracts nationwide.