At the IASA Annual Conference, CodeObjects, a P&C insurance software company, announced the introduction and immediate availability of its InsuranceEnterprise offering—a complete insurance processing management solution running in the cloud and available via Software as a Service (SaaS).
InsuranceEnterprise offers policy, claims, billing and rating components, but is designed to include capabilities beyond the core, including ancillary functions and systems such as content management, business intelligence, CRM, agency upload/download and document generation.
According to CodeObjects, a carrier’s business user can configure products, rates, rules and documents to go live in less than 90 days because of InsuranceEnterprise's constant availability in the cloud. InsuranceEnterprise is available with consumption-based pricing calculated on direct written premium; making it a pay-as-you-go solution.
Commenting on the new CodeObjects offering, Deb Smallwood, Founder of Strategy Meets Action, said “This latest product release from CodeObjects is a big deal for the industry. InsuranceEnterprise is one of the first SaaS core systems offerings that is SOA-based. This provides agility and flexibility that will set a new bar for speed to market.”
Chad Hersh, industry analyst and partner in Novarica’s insurance practice, said, “As fully configurable solutions like CodeObjects’ InsuranceEnterprise enter the market with true SaaS offerings, we believe that insurers will finally start to adopt SaaS on a broader scale for core systems.”
While InsuranceEnterprise can offer great value to any P&C insurance carrier, small to mid-size personal lines auto carriers is CodeObjects’ initial target market.
Anil Annadata, chief executive officer of CodeObjects, said, “Our goal is to level the playing field for small to mid-size insurance carriers who are at a significant disadvantage when it comes to huge technology investment typically required for a modern solution. InsuranceEnterprise provides all the technology, functionality and configurability needed for a state of the art policy, billing, claims and rating solution - all available in the cloud delivered via Software as a Service. We believe that’s a compelling value proposition for the industry.”
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