World News: 16:18 GMT Friday 9th November 2018. [NorthStar Life Services, LLC via Businesswire via SPi World News]
John McFarland, chief executive officer of NorthStar Life Services, LLC, a full-service life settlement advisory firm that assists institutional and private investors with each stage of the life settlement investment cycle, shared his insights into the applications of advanced technology systems to the life settlement industry during a recent conference hosted by the Life Insurance Settlement Association (LISA).
“We have entered into a new era in business operations, a world in which we can deploy powerful technology systems to model, automate and execute decisions that are determined by business rules,” said McFarland, who has worked in the life settlement industry for more than a decade. “Company executives and life settlement servicing experts create the rules and those decisions can then be executed by automated engines. This minimizes the risk for errors and allows for rapid changes in production workflows.”
LISA’s 24th Annual Fall Life Settlement & Compliance Conference, which was held October 21st-23rd in Orlando, Fla., is the longest-running professional conference in the life settlement industry. McFarland was joined on a featured panel at the conference by Brian Casey, partner at Locke Lord LLP, and Matthew Sheridan, investment management consultant to QuantRes. The trio of industry experts unpacked the emerging technologies of Blockchain, Artificial Intelligence (AI) and Robotic Process Automation (RPA), each of which offers the potential for tremendous efficiency gains in life settlement transactions.
“AI and RPA are not ‘blue sky’ concepts, they are very real and powerful business automation technologies that we are integrating into our operation,” said McFarland. “For example, we recently mapped out a 15-step process associated with a specific policy task that we routinely perform for our clients. We then created business rules that were modeled by software systems and our team was eventually able to automate 12 of those 15 steps, significantly increasing the accuracy and efficiency with which we can manage policies.”
McFarland noted that NorthStar utilizes a proprietary technology platform and a core team of professional advisors to provide transaction advisory services, due diligence, portfolio and premium management, and medical underwriting services to life settlement investors.
“The application of advanced technologies, such as AI and RPA, enable us to work more efficiently and to take costs out of the process,” said McFarland. “Moreover, the automation of routine business processes has allowed us to free up our professional staff to perform higher-value work for our clients by using their experience and invaluable human judgment.”
NorthStar Life Services, LLC offers a full range of premier services to institutional and private investors in life insurance policies, providing assistance at each stage of the life settlement investment cycle. The firm manages every transaction and portfolio with a personalized solution that considers the investor’s goals, budgetary requirements and risk tolerance in order to construct a strategy designed to maximize investment returns. NorthStar is a member of the Life Insurance Settlement Association (LISA) and the company’s CEO, John McFarland, is a member of LISA’s board of directors. For more information, please visit www.northstarlife.com.
Business Wire: 16:18 GMT Friday 9th November 2018
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