ALLFINANZ OFFERS BUSINESS ANALYTICS to LIFE INSURERS
Dublin-based Allfinanz, a provider of automated underwriting software solutions to the life insurance industry, has released Allfinanz Business Analytics, a business intelligence product designed to provide users with a detailed insight into the "black box" of new business processing of new life insurance applications.
Designed to seamlessly provide detailed analysis and reporting capabilities, Allfinanz Business Analytics includes a library of pre-designed reports for various stakeholders in life insurance companies, enabling them to analyze and continually fine-tune underwriting rules, operational processes and distribution effectiveness.
Reports can either be generated directly by end-users and business people on demand, without recourse to IT support, or be produced according to predetermined schedules. Once generated, reports can be interactively navigated, allowing relationships between data points to be pinpointed and investigated immediately. Reports include Agent Behavior & Sales Performance, Distribution Trends, Underwriting Philosophy & Risk Profiling, Case Duration Tracking, Evidence Requirements, and Underwriting Rules Tuning & Decision Path Analysis.
ACTUARIAL CONSULTING SERVICE
Windsor, Conn.-based business and technology consulting firm InSource has developed an actuarial roadmap service, enabling an actuarial organization to create a fact-based management action plan.
"Our Actuarial Roadmap service begins with assessing the current operations, organizational structure and technology of the actuarial organization," says Sean Burns, InSource's chief solution architect. "We then identify opportunities for improvement and create an action plan to manage these issues."
InSource's eight-week Actuarial Roadmap service entails assessing an actuarial business and its IT support organization, and making recommendations for improving the strategic position of the actuarial organization, while outlining an approach to improving the quality and quantity of work produced while managing the increase in staff requirements.
SOFTWARE FOR CLOUD SERVICES GOVERNANCE
Los Angeles-based SOA Software has announced its Atmosphere cloud services governance initiative. The Atmosphere initiative creates a unifying brand for a suite of SOA and cloud services governance products the company will deliver through 2010. The Atmosphere products will help companies realize the cost and agility benefits possible with the combination of SOA and cloud services governance.
"Atmosphere products will help our customers and partners realize the enormous benefits offered by the combination of SOA and cloud computing," says Paul Gigg, president and CEO of SOA Software.
The first product in the suite is Atmosphere Broker, a cloud services broker providing service governance capabilities including visibility, management, monitoring, measurement, provisioning, validation and reporting for cloud services. It can be deployed, at the service consumer, in the cloud at the service provider or as part of an independent cloud service brokerage to govern access, performance, delivery of cloud services, the company says. Atmosphere Broker includes advanced registry/repository, policy validation, management, security and reporting capabilities.
KAREN CLARK & CO. OFFERS NEW CAT MANAGEMENT REVIEW
Boston-based Karen Clark & Co., independent provider of catastrophe risk, catastrophe models and catastrophe risk management, announced the introduction of a new service, "Thinking Outside the Black Box" Catastrophe Management Operational Review. The review provides a comprehensive examination of a company's use of catastrophe models, and the integration of catastrophe loss analytics into risk management operations.
Catastrophe models have become an essential component of the risk management process of most insurers. Many companies, however, don't fully understand the uncertainty inherent in the models, or how to best utilize the models in light of this uncertainty, the company says. The catastrophe management operational review helps insurers develop better, more holistic risk assessment and risk management processes. It addresses all essential components of sound catastrophe management including data management, catastrophe modeling, underwriting, pricing and risk management.
According to the company, among other benefits, the review is designed to help insurers determine whether they:
* Accurately collect information pertaining to the exposure associated with new business
* Utilize appropriate and robust analytic tools as applied to their book of business
* Effectively use underwriting processes to accept business and control aggregate exposure
* Properly reflect catastrophe exposure in the development of rate indications and rating plans
* Appropriately reflect catastrophe exposure in determining target levels of profitability.
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