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 ....
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. ....
Competitive Strategies for Managing Customized Forms [ Source: EMC Document Sciences ]
January 2007 -
Product customization is a common means by which carriers compete. As a result, most carriers are overrun with the multitude of administrative forms required to sell and service their products. This increases the analytical challenges placed on pricing and underwriting, makes marketing more difficult, and drives up costs.
Based on survey data and interviews with insurance carriers, this Celent report focuses on the impact that a customization strategy has on forms management, and ....
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.
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 ....
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 ....
New Policy Admin System Shines Bright for Buckeye Insurance [ Source: Insuresoft ]
June 2006 - Buckeye Insurance Group had spent 20 years enhancing its legacy system, and its problems and limitations were becoming obvious. Staffing (and turnover) was becoming a major issue. In September 2000, Buckeye went live with Insuresoft's Diamond 4.0. Within six months, data conversion for the personal-auto line was complete, and 10,000 policies were in the system.
Cincinnati Financial Rolls Out Automated Policy Issuance with Insuresoft's Diamond System [ Source: Insuresoft ]
September 2006 - When The Cincinnati Insurance Companies needed to automate their personal lines policy issuance process, they chose Insuresoft’s Diamond System built on Microsoft architecture. It allowed the Ohio-based regional insurer to create a system around the entire policy administration life cycle from point of sale to billing to back-office processing. Cincinnati Insurance reviewed personal lines offerings from several vendors before selecting Insuresoft, based in University Park, Ill. Cincinnati’s developers added company and state-specific underwriting rules, ....
Insuresoft User Group Meeting - A Unique Tradition for Policy Administration Systems [ Source: Insuresoft ]
June 2006 - Insuresoft’s User Group tradition began in 1997, initiated by a group of Diamond System users looking for an avenue to discuss their software needs and recommend areas for improvement and enhancement. Since then, the User Group has grown in size and the purpose has evolved. Today, the User Group is a full two and a half day event focused on future Insuresoft developments and sharing progressive ideas between industry professionals.
Cincinnati Equitable Insurance Company - Improved Service Through Insuresoft Real-Time Technology [ Source: Insuresoft ]
January 2007 - For 12 years Insuresoft and Cincinnati Equitable have worked together, expanded together, and improved together. Insuresoft provided more than just a policy administration product solution -- Insuresoft delivered a full-service team. To Insuresoft, Cincinnati Equitable is not a customer, but rather a business partner. Through their partnership, both companies have achieved a high level of success, and will continue to do so in the future.
Nevada General Insurance Company & The Diamond Data Warehouse from Insuresoft [ Source: Insuresoft ]
May 2008 - Managing data became an integral part of why Nevada General Insurance Co. (NGIC) selected The Diamond System from Insuresoft as their policy processing insurance software system. Not only would Diamond help process NGIC’s policies, handle claims, billing and rating, but Diamond also provided NGIC with a central repository for data that would house past and future transactions in one area – The Diamond Data Warehouse.
Buckeye Insurance Group Achieves Growth and Expense Objectives with New Administration System [ Source: Insuresoft ]
June 2008 - The experience of Buckeye Insurance Group shows how replacing a legacy policy administration system with a single solution vendor, capable of cost-effective end-to-end application maintenance outsourcing, can support achievement of growth and expense business objectives. Successful utilization requires a vendor with solid base functionality and robust architecture and a client company with strong corporate commitment to using the system as designed and migrating to new versions as the system evolves.
Authority Suite Brochure: The Next-Generation Policy Administration System for Property and Casualty Insurers [ Source: Camilion Solutions, Inc ]
April 2008 -
With its superior architecture and modern technology platform, Authority Suite® is a next-generation Policy Administration System for Property and Casualty insurers. Authority Suite helps insurers accelerate the development of better products, optimize underwriting efficiency and write more, profitable business.
Authority Suite supports the entire policy lifecycle including application data capture, qualification, rating, quote management, bind, issuance and post-bind – not just pricing and calculations. Authority Suite's consolidated underwriting workstation ....
Swiss Re CyberComp Launches Insurance Business in 30 Days with CSC's BPO Solutions [ Source: CSC ]
March 2008 - Swiss Re Commercial Insurance was challenged to acquire a new business and rapidly re-launch a Web portal for selling workers' compensation insurance. CSC's business process outsourcing (BPO) services enabled Swiss Re Commercial Insurance to launch full back-office services in 30 days, provide full support for agents in 25 states and introduce rapid quoting and policy approval.
Southern Mutual Church Insurance Teams with CSC to Double Revenues, Improve Profitability 26 Points [ Source: CSC ]
March 2005 - Southern Mutual Church Insurance Co., based in Columbia, S.C., has made protecting rural churches its mission since 1928. The carrier offers all P&C commercial lines products designed to meet the specific needs of religious institutions, including commercial package policies (CPP), standard fire, business auto, workers’ compensation, and all liability including pastoral professional. The insurer wanted to provide a one-stop shop for risk protection for Southern churches, go multi-state and grow revenues, so it replaced its ....
Insurance Corp. of Hannover Improves Market Flexibility, Offers Internet Services with CSC’s BPO Operations [ Source: CSC ]
March 2005 - Looking to launch new Web-based services to its agents, Insurance Corporation of Hannover talked to CSC in 2004 about transferring its policy administration, agency accounting and statistical reporting functions to CSC’s business process outsourcing (BPO) operations. The insurer wanted to extend Internet-based services to agents and simplify the accounting and reporting process for 20 specialized programs. Insurance Corporation of Hannover chose CSC’s BPO services for policy administration, agency accounting and statistical reporting, tailored to individual ....
Companion Property & Casualty Moves into 10 States, Adds Four Lines of Business with CSC’s Software and Bureau Reporting Services [ Source: CSC ]
March 2005 - To support its aggressive growth plan, Companion Property & Casualty Insurance Group needed a technology provider with systems and services tailored to the P&C commercial market. For years, Companion had used CSC’s systems and services for policy processing, an Internet portal and bureau reporting. Companion in 1991 was among the first P&C companies to license CSC’s POINT software, the world’s leading policy administration system for small to midsize carriers and MGAs. The POINT IN solution ....
Speeding Delivery - York Fire maintains competitive edge by adopting iter8's exception-based underwriting technology [ Source: iter8 Inc. ]
September 2007 - York Fire and Casualty Insurance Company, a subsidiary of Kingsway Financial Services Inc., recognized that in order to support the company’s rapid growth major changes in underwriting were required. Manual processing needed to be phased out, and a flexible, user-friendly system needed to be brought in. The challenge was to automate underwriting and rating to increase efficiency, improve speed of processing, attract new brokers, and improve policy holder retention. ....
Advancing Agent Connectivity: The 5 levels of maturity [ Source: iter8 Inc. ]
June 2008 - Excellence in agent connectivity is rarely, if ever achieved. Rather it is a work in progress, one which is in flux as the carrier develops from one level of maturity to the next, always increasing effectiveness and efficiency, and thereby, profitability. Fortunately the cost-benefit ratio of advancing agent connectivity is highly favorable for the carrier, with relatively small investments, wisely deployed, yielding substantial returns in short order. Agent Connectivity is without ....
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.
Insurance Landscape [ Source: i-flex Solutions ]
April 2008 - Analyst on Insurance Landscape. Explains how Insurers are investing in core processing systems, choices available in the market, and how technology is impacting the global insurance landscape and why carriers are re-orienting their core processing trajectories.
View content by section:
- Billing (15)
- Quoting (20)
- Rating (11)
- Underwriting (39)
More Policy Administration & Management Resources
More On Policy Administration & Management
- News
- |
- Windows
- |
- Security
- |
- Outsourcing
- |
- Internet
- |
- Software
- |
- Hardware
- |
- Management
- |
- Research & Tools
- |
- Industries
- |
- Careers
|
|
InformationWeek Business Technology Network
|
 |
|
TechWeb
Events Network |
|