MITCHELL LAUNCHES SMARTADVISOR REAL TIME PARTNER BRIDGE
Mitchell International Inc., a San Diego-based provider of information, workflow and performance management solutions to the property/casualty claims and collision repair industries, announced the availability of the SmartAdvisor Real Time Partner Bridge. It is designed to enable medical bill review organizations to conduct instant Preferred Provider Organization (PPO) repricing and enhanced savings audits using real-time access to the industry's most complete and up-to-date medical billing compliance application.
The Real Time Partner Bridge is built on standard XML file formats, and leverages software-on-demand technology so that users can instantly obtain the latest repricing data from PPOs, negotiation partners, specialty reviewers and other specialty networks.
In direct contrast to the traditional spend and transmit approach to information exchange in the workers' compensation marketplace, the Real Time Partner Bridge gives payers instantaneous visibility into performance and process benchmarks using current, accurate PPO contracts and repricing data. Mitchell can, in most cases, implement the standard Real Time Partner Bridge in under 30 days, compared to the 90 to 100 days typically needed for EDI installations.
SOLVENCY II SOLUTION FOR REINSURERS
Aon Benfield Analytics, the research and analytics division of Chicago-based Aon Benfield, announced the launch of a Solvency II solution for the reinsurance industry.
The new tool, S2Metrica, is based on the architecture of Aon Benfield's financial analysis product, ReMetrica.
S2Metrica is designed to assist reinsurers to prepare and adapt their business models for the forthcoming Solvency II regime, which is scheduled to be introduced across the European Union in 2012.
The automated solution converts an insurer's Quantitative Impact Study (QIS4) spreadsheet - the latest Solvency II field-testing exercise conducted by the European Commission - into a Solvency II-compliant internal model.
S2Metrica can operate either as a standalone product with a ReMetrica engine in the background, or within the ReMetrica environment.
RMS RELEASES MAPPING TOOL FOR MANAGING CATASTROPHE RISK EXPOSURES
Newark, Calif.-based Risk Management Solutions (RMS) announced the launch of a new application to manage accumulations of all catastrophe risks across portfolios, servers and exposure databases using advanced interactive maps and reports.
RMS RiskManager enables insurers and reinsurers to quickly quantify worst-case scenario losses from global events, both on and offshore, by simply clicking on a map that links to a comprehensive database of risk information. Using this data, companies can more efficiently manage their capacity allocation, ensuring they are not overly exposed to risk in one area.
RiskManager enables companies to conduct "what-if" scenarios to quantify the impact of different events on their portfolios, including for countries and perils where they do not have access to probabilistic risk models, or where none exist, RMS says. The high-resolution mapping enables exposures to be assessed at various levels of detail, including individual location, across books and lines of business. Reports can also be generated on potential losses from events such as Lloyd's Realistic Disaster Scenarios (RDS), as well as historical events.
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