Milwaukee, Wisconsin, June 23, 2004, Old Mutual Financial Network (OMFN), based in Baltimore MD, has selected COSS Development Corporation, a leading provider of illustrations and other point-of-sale systems for the financial services industry, to develop a total point-of-sale enterprise solution to be used by its sales force. The system, used on both desktop and web, will consist of various needs analysis modules, as well as sales calculation and presentation modules for advanced niche markets such as the small business market and estate planning. Online forms completion and business submission are also part of the new enterprise solution. E-Learning through the use of case studies, self-evaluation, and hands on practical application is included to assist OMFN representatives in quickly becoming comfortable and effective when using these new sales tools.
The heart of the new OMFN system is the compliant illustration component developed specifically to illustrate OMFN life and annuity products. All development will be highly customized to the exact specifications of OMFN products, and will include the ability to illustrate all OMFN product features and functionality.
Once the initial illustration component is developed, OMFN will enter into a co-development relationship with COSS programmers. Using COSS’ co-development suite of tools, OMFN staff will be able to handle the day-to-day support of the system by implementing rate changes, modifying input and output, and various other product options. They will be able to introduce new insurance products into the system as well as modify existing product. John Lundsten, FLMI, President and CEO of COSS said, "To stay competitive in the marketplace, carriers must constantly fine tune their portfolios with new product enhancements and new versions of existing products. Through the use of our co-development tools, Old Mutual Financial Network will have full control and enjoy the discretion of having its own staff implement new version enhancements, or they may ask COSS to handle all or any portion of the work."