Smarter Underwriting: New Strategies for Cost Control and Pricing Precision Using Decision Management
[ Source: FICO ]
January 2009-
Today insurance carriers are extending the efficiencies achieved through back office automation to point-of-sale (POS) decision making across all channels, including self-service websites, in-house sales and agent/distributor networks. New Decision Management solutions not only facilitate straight-through-processing, by improving the quality of inbound data, they also increase the accuracy, objectivity and consistency of underwriting and application decisions, even when business volume is rising rapidly. In addition, by providing deeper insights into loss risk, Decision Management enables ....
Policy Administration: Managing Distribution and Portfolio Shift in Turbulent Times
[ Source: Oracle Insurance ]
May 2009-
Recent market events have highlighted that the insurance industry must always be prepared for shifts in business climate. Yet in these cost-conscious times, many insurers are reluctant to invest in the systems that will support rapid changes in strategy and direction. How can you contain costs while still achieving the business agility that is critical to survival in today’s market?
Learn how a completely Web-based, rules-driven policy administration system can help you:
....
Decision Management for Insurance: Revenue-Generating Decisions Begin at the Point of Sale
[ Source: FICO ]
January 2009-
A new generation of technology solution—Decision Management—is bringing revenue-generating decisions to the point of sale with precision pricing and straight-through processing.
In this white paper, you'll learn how Decision Management can deliver deeper insights into risk exposure, enabling you to expand risk tiers, assign more accurate pricing and rapidly bring innovative products to new markets. You’ll also see how Decision Management can help you contain costs by allowing business users to implement business rule ....
BPM Done Right: 15 Ways to Succeed Where Others Have Failed
[ Source: Software AG ]
March 2008-
The rates of adoption of business process management (BPM) technology are increasing dramatically, and with them, the stories of missed expectations and wasted investment also are on the rise. BPM’s promises are real, but the path to success is littered with pitfalls and shortcuts to failure. Best practices can help you avoid them. The good news is that BPM has now reached a stage of maturity that ensures that customers who are just embarking on ....
Modern Policy Administration Systems Require Modern Implementation Methodologies
[ Source: Camilion Solutions, Inc ]
December 2008-
The insurance industry is rife with anecdotes of late or failed implementations and millions of dollars lost in the process. In the Celent report "The 18 Month Rule: Avoiding The Endless Project" (Nov. 2006), it was noted that “between 30% and 80% of all large projects fail, with most estimates coming in on the higher side of this range.” But it doesn’t have to be this way –- implementations of modern policy admin systems can ....
8 smart reasons to deploy fully automated agent connectivity
[ Source: iter8 Inc. ]
November 2007-
Insurers that use an independent agent channel to handle all, or a sub-set of their sales efforts do so to leverage market knowledge and on-the-ground readiness, receiving the benefits of a broad-based channel with local presence that can reach into even the smallest geographic centers, while avoiding the direct costs of representatives to staff it. The effectiveness of the channel is dependent on all agencies interacting with the carrier in a seamless manner, ....
David & Goliath, How Smaller Insurance Companies Can Win the Battle for Market Share
[ Source: CGI ]
October 2007-
This paper provides executives of small to mid-sized Property and Casualty insurers with insights and suggestions for increasing market share in a business environment that is dominated by the large national and regional carriers. Key issues addressed include: market strategy, technology support, pricing, underwriting, service to agents and policyholders, company branding, and the value of partnering with an experienced technology provider.
Get Ready for Success: 7 Ways Automation Improves Underwriter Efficiency and Customer Service
[ Source: Optical Image Technology ]
March 2008-
Underwriting today is all about efficiency and service. Managerial expectations dictate the need to process more work, faster, often with fewer human resources, and as cost-effectively as possible. Understanding customer demands, and knowing the details of your routine business processes, records retention demands, and other legal requirements is vital to the smooth running of an underwriting department. This article explains seven ways you can tap into digital capture, storage, and process automation to maximize the ....
Cars and Trucks Are Talking: Why Insurers Should Listen
[ Source: Diamond Management & Technology Consultants ]
May 2008-
Automotive “telematics” such as event data recorders, global positioning systems, and other emerging innovations could save auto insurers $20 billion in annual claims payouts, or 17 percent of personal lines auto insurance losses each year. These savings will be the result of lower legal costs, more accurate insurance premiums, more efficient claims processing, fewer fraudulent claims, and new revenue from new monitoring and risk prevention services. But the road ahead presents challenges, too. ....
Get Ready For Success: Seven Ways Automation Improves Underwriter Efficiency And Customer Service
[ Source: Optical Image Technology - DocFinity ]
March 2008-
Underwriting today is all about efficiency and service. Managerial expectations dictate the need to process more work faster, often with fewer human resources, and as cost-effectively as possible. The mobility of customers, a challenging marketplace of mergers and acquisitions, coupled with stringent regulations, continue to create new expectations for real-time information and immediate customer service. Fortunately, advances in technology have made it possible to respond with services that were unimaginable even a few years ago. ....