Exigen Insurance Solutions has released Exigen Pre-Configured Solution Packages, which, the company said offers more than 80 percent of core systems functionality required by P&C insurers. It uses the configuration capabilities of the Exigen Suite multi-line platform for policy administration, billing and claims management to reduce the technology and business risks associated with core systems replacement. Exigen said Pre-Configured Solution Packages can cut implementation times by half and save as much as 40 percent in average costs.
“The history of core systems replacement for insurers tells us that a decision to acquire a software package can be a risky proposition,” said Alec Miloslavsky, Exigen’s executive chairman and CEO. “Only 20 percent of projects deliver on time and within budget. This is largely because many projects are still heavily reliant on software code customization to deliver promised functionality, as opposed to rich, underlying base code supported by extensive configuration capabilities. Insurers can run their companies on what we provide in our base pre-configured solutions.”
This new product is designed be configured to insurers’ specific requirements, or may be implemented “out-of-the box,” which can reduce the typical cost, time and risk of deployment of a core systems replacement, the company said.
“Future system upgrades following initial implementation can be extremely difficult, often taking six to 18 months, and sometimes costing amounts that look more like initial implementation than an upgrade,” said Miloslavsky. “This has resulted in many companies being several versions behind the most current version of the vendor’s software. Exigen Pre-Configured Solution Packages lay these concerns to rest for insurers.”
Pre-Configured Solution Packages are available for personal lines auto, home, dwelling property and umbrella, and offer complete lifecycle transactional capability, the company said. It is offered with a software-as-a-service option and portal/self-service capability, and includes an Interface Factory, which the company said offers pre-built integrations to standard data and third-party sources.
“Carriers looking at new systems often focus on the extent of functionality available out of the box. But just as important as those lines of business and functionality already built within the system is the relative ease with which additional capabilities can be added,” said Karlyn Carnahan, principal at Novarica. “Carriers looking for speed to market look for pre-configured solutions and look for easily configurable rules, workflows, roles, pages, and forms.”
