Bankers Insurance Improves Disaster Recovery and Gains Efficiency by Replacing Paper Documents with Electronic Versions [ Source: Perceptive Software ]
January 2007- With headquarters in Florida, Bankers Insurance Group is in an area prone to hurricanes and flooding. Company administrators decided that paper records were too vulnerable, and opted to replace them with electronic versions managed in ImageNow. ImageNow supports Bankers’ disaster recovery plan by securely storing all documentation related to any claim or policy on the ImageNow server. WebNow, the browser-based complement to ImageNow, extends ImageNow functionality to any location and ensures documents are ....

Decision Management for Insurance: Revenue-Generating Decisions Begin at the Point of Sale [ Source: FICO ]
January 2010- 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 ....

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 ....

Smarter Underwriting: New Strategies for Cost Control and Pricing Precision Using Decision Management [ Source: FICO ]
January 2010- 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 ....

The 11 Secrets of Business Rules Success [ Source: FICO ]
January 2010- Managing business rules gives insurers control over high-volume operational decisions in areas from underwriting to product configuration to claims management, and gives you the agility you need in a dynamic marketplace. Based on decades of experience developing decision management applications, FICO has developed 11 steps to help you make the most of business rules. These include:

• Picking the right applications. Business rules are a powerful tool for building smarter decisions into your applications, ....

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:
....

The Case for a Stand-Alone Rating Engine -- An Oracle Insurance Brief [ Source: Oracle Insurance ]
April 2009- In the current economic climate, insurers are looking for ways to expand their distribution and sales channels, while still keeping their costs down. How can you accomplish both? A Web-based, stand-alone rating engine can give you the scalability you need to expand and grow, while providing the online rating capabilities your agents demand. What's more, de-coupling rating from your policy administration system, and consolidating multiple rating engines, reduces IT costs and duplication of effort. ....

Managing Risk Intelligently: How to Leverage Business Intelligence to Improve Risk Management and Boost the Bottom Line [ Source: Insurance & Technology ]
March 2009- As the global economic crisis continues to batter the financial services industry, insurers’ very survival increasingly depends on their ability to manage risk. By weaving analytics into the fabrics of their organizations, innovative carriers are turning their massive stores of data into actionable intelligence, gaining a more complete view of their risk exposure and driving greater profitability to the bottom line.

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 ....