At the 2012 ACORD LOMA Insurance Systems Forum in Orlando, Fla., this week, a number of insurance technology solution providers announced upgrades and service improvements to their policy administration software offerings.
EquiSoft, a systems integrator for insurance companies across North America and a Gold level member of the Oracle PartnerNetwork (OPN), announced it achieved OPN Specialized status for Oracle Insurance Policy Administration.
To achieve OPN Specialized status, Oracle partners must meet a stringent set of requirements that are based on the needs and priorities of the customer and partner community. EquiSoft was recognized by Oracle for its expertise in delivering Oracle Insurance Policy Administration services through competency development, business results and proven success.
EquiSoft has developed a commercially available illustrations platform that uses the Oracle Insurance calculation engine. The unique platform has the potential to dramatically reduce the cost of resources required to build and test calculations for insurance products. EquiSoft also offers an integrated electronic application system for new insurance policies. The required questionnaires, validations and business logic can be configured using XML. Both tools can be used in online or offline mode.
Since 2004 EquiSoft has participated in more than 10 life/annuity Oracle Insurance implementations for carriers of all sizes.
In other Oracle news, the vendor announced the availability of Oracle Insurance Insbridge Rating and Underwriting 4.6, an adaptive, enterprise-wide rating engine for product management, premium calculation and underwriting rules management. The new release is designed to make it easier for insurers to use Insurance Services Office (ISO) standards and incorporate them into their rating environments to accelerate time-to-market. The latest release extends the product’s capabilities to support ISO Electronic Rating Content (ERC)—content which includes complete and current rating data and rules for all major ISO lines in the United States.
Oracle says that insurers using the new ISO ERC Accelerator can import ISO ERC into Oracle Insurance Insbridge. Variables such as input and table variables are automatically created, reducing the amount of manual work required. Insurers can use the ISO definitions as-is or tailor them to meet their specific business needs.
MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited, also announced enhancements to its policy administration system, along with a partnership with an e-signature vendor to streamline the experience for agents and policyholders alike.
MajescoMastek confirmed that Version 6.0 of its Elixir North America Policy Administration System is currently being implemented at two client sites. The policy admin product builds upon the solution’s proven architecture and design, acquired with the assets of SEG Software in 2010, with new and enhanced functionality to extend the system’s use and processing capabilities for both group and individual lines of business, says the vendor.
Elixir North America is available as a hosted application or through a traditional software license model, allowing for pricing and implementation flexibility to meet each MajescoMastek client’s unique operational, timeline, and budget needs.
In addition to the version enhancements, the company ann0ounted a partnership with Communication Intelligence Corporation (CIC) a supplier of electronic signature solutions and the recognized leader in biometric signature verification, to extend MajescoMastek’s Elixir North America Policy Administration System with the addition of CIC’s SignatureOne electronic signature offerings and capabilities.
Available for delivery and use with Elixir North America, MajescoMastek says the CIC eSignature solutions offer a wide range of extended capabilities including:
• Cloud-based eSignature applications for safe, secure signature processing from any Internet connection.
• Based on patented eSignature technology for capture of biometric data, gravity prompts and signature ceremony events that can warrant document authenticity and support non-repudiation activities.
• Regulatory compliance for HIPAA, GLBA, UETA, 21 CFR Part 11, Sarbanes-Oxley.
• Support for ISO 32000 to provide a security framework that allows and can enforce tamper-proof PDF documents.
• Authentication of signatures and documents, using SMS, CIC’s KnowledgeMatch and/or any third-party authentication provider.
• Multiple forms of electronic signature, including Click2Sign, signature stamp, live signature and biometric signatures, among others.
• Ability to sign on a PC or mobile device, such as an iPad or iPhone.
• Detailed audit trail to provide a record of the transaction containing the ceremony data and a validation of the signature.
FAST, another solution provider announcing an upgrade to its policy admin technology, reports that its version 3.0 builds on the original product’s business-driven software components that are based on a services oriented architecture. The latest release expands its product configuration, and includes improved workflow and task management, including adaptive case management, increased real-time business monitoring and metrics and ongoing improvements of its user interface.
