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Software Firm Jumps Into TPA Market

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Vector Insurance Services L.L.C. plans to get the licenses it needs to act as a third-party administrator for life insurance companies throughout the United States.

Vector, Indianapolis, a consulting firm that has specialized in selling consulting services to life insurers and setting up mainframe policy administration systems, says it now has a TPA license from Indiana and expects to have licenses in the other states that require licenses by the end of the year.

Vector can process life applications and issue policies in an average of 23 days, the company says.

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