ALFA LIFE BENEFITS FROM UNDERWRITING SOLUTION
Montgomery, Ala.-based Alfa Life Insurance Co. has reported immediate improvements in its new business processes with the use of LifeSuite, a Web-based new business and automated underwriting system from Brookfield, Wis.-based StoneRiver Inc.
Alfa aligned the StoneRiver Life Portraits ES e-app system to collect application data and seamlessly deliver it to LifeSuite and on to the administration system.
"Now, in less than a minute, the application is received, an MIB ordered, the file assigned to an underwriter's work basket and the application logged in a pending status in the admin system," remarks Jody Carroll, director of information technology at Alfa.
Going into this project, Alfa had three key business drivers. "Our previous system allowed only serial processing, and to meet our business objectives, we needed a system that would allow a case to be worked by multiple people. We also needed to take larger strides toward a paperless process. The workflow and tools available in LifeSuite, combined with the application delivery features of Life Portraits ES, have allowed those expectations to be met, and even exceeded in some areas," Carroll says.
UNIVERSAL TAPS SURETY WORKFLOW AUTOMATION
Puerto Rico-based P&C firm Universal Insurance Co. has contracted with The Insurance Automation Group to develop an enterprise software solution to automate its surety bonding workflow. Westbrook, Maine-based Insurance Automation Group is the developer of iAutomate: Erlon Surety, a leading surety workflow automation solution for insurance firms.
Managing the flow of information between all parties involved in surety bonds is a labor-intensive and time-consuming process; the company says its surety software solutions streamline this workflow to improve efficiency and performance while reducing costs and the potential of error. In addition, the software provides decision-tree information to agencies that enable them to make bonding decisions that follow the surety's protocol, reducing the time required to issue bonds and improving customer service.
INSURICA CHOOSES PROSPX TO SUPPORT POSITIONING
ProspX Inc., an Austin, Texas-based provider of on-demand sales collaboration and automation solutions for the commercial insurance industry, reports that Oklahoma City-based INSURICA Insurance Management Network has selected the ProspX platform to further support the launch of its new branding and positioning campaign. By networking core industries and disciplines together and enabling collaboration and sharing of information, the agency can provide more comprehensive and efficient services to address the unique needs of its clients.
"All of our specialty areas - including hospitality, ministries, construction, energy, transportation, education, and more - will now be a part of a single virtual organization," says Mike Ross, president and CEO of INSURICA. "As an important component of this new network, the ProspX platform will make it easy for each of our partners to find and connect with the resources and specialists relevant to any business opportunity, enabling the expertise of one to be shared by all."
As a $500 billion per year market, the commercial insurance industry is highly complex and competitive and provides services for hundreds of thousands of customers worldwide. To improve the flow of business, ProspX has developed a Software-as-a-Service (SaaS) solution that combines enterprise social networking, search engine and CRM technology, to automatically connect commercial insurance agents, brokers and carriers at the initial point of opportunity and throughout the sales cycle.
AMICA SELECTS GUIDEWIRE FOR POLICY ADMINISTRATION
Amica Mutual Insurance Co., a Lincoln, R.I.-based direct writer of personal lines insurance, has selected as PolicyCenter from San Mateo, Calif.-based Guidewire Software as its new policy administration and underwriting system.
Amica wanted to find a new policy administration system that would have the flexibility to quickly respond to changes requested by the business, and provide an intuitive system for its customer service representatives and underwriters.
Amica has completed deployment of Guidewire ClaimCenter, and is now using the system to support its claims handling operations across the country. Amica will now leverage the technology skills acquired during that successful project for its PolicyCenter implementation.
"Our decision to go with Guidewire PolicyCenter was based every bit as much on our positive past experience with Guidewire as it was on the strength of the PolicyCenter product," says Lou Peranzi, senior vice president of information technology, Amica Mutual Insurance Co. "We believe in Guidewire's ability to apply technology to effective business solutions, and we were impressed with the advances made in the latest version of PolicyCenter."
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