VALUATION SOLUTION REDUCED CLAIMS SETTLEMENT CYCLEPlymouth Rock Assurance Corp., Boston, selected San Diego-based Mitchell International Inc.'s, Total Logic Valuation as the company's total loss valuation solution to deliver a customer-centric loss claims process.
Total Logic Valuation is designed to produce objective, transparent and trusted automobile valuations for loss vehicles based on continuously updated sold and available vehicle data provided by sources-such as the J.D. Power and Associates' Power Information Network-consumers often reference to determine vehicle value. The anticipated result of this statistically driven, fully automated, Web-based total loss valuation approach is an increase in first-time settlement rates of more than 90%.
AIG UNITED GUARANTY IMPROVES UNDERWRITING
AIG United Guaranty, Greensboro, N.C., a subsidiary of American International Group Inc., has implemented Dallas-based Global 360's Case360 product to cost effectively manage the company's entire underwriting process, enable entry into new markets and reduce dependency on paper-based processes.
With Case360, underwriting documentation is submitted electronically into a repository where information is stored in queue until underwriting resources are available for processing. Once an underwriter becomes available, an electronic case containing all necessary documentation is presented to the AIG United Guaranty employee, regardless of location. Once necessary underwriting steps have been completed, the case is closed and moved back to the repository for archival.
This new automated work process is designed to create a single point of access for underwriters, auditors and managers and enables a balance of workload among staff, improving efficiency and cycle turnaround times.
ALBERTA MOTOR SELECTS IWORKS P&C SOLUTION
Edmonton-based Alberta Motor Association Insurance Co., a subsidiary of the Alberta Motor Association, chose iWORKS FrontTier, a policy administration solution for P&C insurance companies developed by SunGard Data Systems Inc., Wayne, Pa.
The Alberta Motor Association Insurance Co. selected iWORKS FrontTier as its single, strategic platform to help administer and support its mixed portfolio of P&C products and expects the solution to provide a wholly integrated suite of functionality for claims administration, underwriting, rating, business analytics, financial reporting, billing, reinsurance, document management, content management and operational workflow management. It also will manage the extraction, analysis and porting of data into other parallel systems.
BOWOOD ENHANCEs RISK MANAGEMENT EFFORTS
London-based Bowood Partners Ltd., an independent and privately owned Lloyd's Broker, has chosen Keane SCORE to give more structure to its risk assessment process and links with controls to provide live reporting, alerts and measurement. The Keane Organization of Wayne, Pa developed the solution.
Keane SCORE is a patent-pending, Web-based decision-support tool that automates the key components of enterprise risk and compliance management-measurement, management and monitoring.
The platform is fully customizable to meet Bowood-specific needs and supports compliance with the Financial Services Authority's and Lloyd's broker requirements. SCORE is expected to enable enterprisewide data collection and collaboration to deliver the up-to-date, audit-ready reports.
CGI GROUP PROVIDES NEW PROFESSIONAL LIABILITY SYSTEM
American Physicians Assurance Corp., a subsidiary of American Physicians Capital Inc., headquartered in East Lansing, Mich., is replacing its professional liability legacy systems with a new client server system, Wynsure, from Montreal-based CGI Group Inc. The new system modules will include policy, accounting, billing, claims, reinsurance and also will interface with existing internal systems.
"This contract with CGI is a key component of our future growth", says Tom Mouser, director of ISD, American Physicians. "In order to maintain our industry-leading position, we must provide our clients with state-of-the-art technology. CGI has proven that they are not only knowledgeable in our space, but are also able to provide us with reliable, innovative and cost-effective solutions."
MUNICH RE ANNOUNCES AGREEMENT WITH GOLDSIM
German-based Munich Re Group has entered into a site license agreement to use GoldSim Technology Group LLC's GoldSim software in support of underwriting of non-traditional reinsurance solutions. This agreement followed a year-long evaluation phase, where Munich Re actuaries tested and developed models using GoldSim. Headquartered in Issaquah, Wash., GoldSim Technology Group LLC is a provider of probabilistic simulation software.
"... Munich Re has been looking for a flexible, easy-to-adapt software solution enabling us to analyze and even visualize such complex structures," says Dr. Holger Kramer, a manager of an innovative solution team at Munich Re. "We were considering developing the necessary software ourselves, but once we discovered GoldSim we realized it would be a much more cost-effective solution."
OHIO CASUALTY INSURANCE GOES LIVE WITH SEAPASS
The Ohio Casualty Insurance Co., Fairfield, Ohio, recently went live with SeaPass, a product that connects disparate systems and can resolve data validity issues in real time from SeaPass Solutions Inc., New York, for its multi-carrier hub solutions.
Ohio Casualty, and five other P&C insurance subsidiary companies, are part of the marketing brand Ohio Casualty Group. The company has formally emerged from beta testing with three of the independent agencies with whom it does business.
Ohio Casualty began its testing of the SeaPass Hub in February 2007, which entailed a limited review to beta agencies. Based upon the favorable testing results, Ohio Casualty gave final acceptance to release the SeaPass Hub for commercial lines business owner's policies (BOP), BOP umbrellas, artisan contractors and workers' compensation quoting.
In the multi-carrier mode, agencies who subscribe to the SeaPass multi-carrier solution can quote competitively with Ohio Casualty.
RTP SIGNS TWO DEALS
American Family Life Insurance Co., Madison, Wis., chose AURA Underwriting Services supported by AURA Software-a solution created by RGA Technology Partners Inc., (RTP), Chesterfield, Mo., a wholly owned subsidiary of Reinsurance Group of America Inc.
American Family is using AURA as part of a pilot initiative designed to improve the new business process and accelerate decisions.
AURA Underwriting Services is an outsourcing partner that integrates a teleunderwriting call center into the daily flow of an insurer's business process. AURA is designed to enable professionally trained teleunderwriting representatives to perform the requisite data gathering. Underwriting information is gathered and simultaneously run through the AURA rules sets, beginning when customer service contacts the proposed insured.
Sydney-based Allianz Australia Life Insurance Ltd. also has entered into a contract with RTP to implement the AURA Product Suite to provide "an innovative underwriting solution for the Australian market."
SCOR GROUP CHOOSES SIMCORP FOR SUPPORT
SCOR Group, a Paris-based global reinsurance group, selected SimCorp Dimension as its future strategic platform for domestic and international asset management activities. SCOR will initially use Copenhagen-based SimCorp to support its back office and accounting activities in Europe, North America and Asia.
According to SCOR, it selected SimCorp because the company was present in the United States and Asia and had a proven track record concerning local compliance with accounting principles.
DISCOVERY LIFE AUTOMATES POLICY CORRESPONDENCE
South Africa-based Discovery Life Ltd. selected Skywire Software, Frisco, Texas, to automate the design, production, management and delivery of all its policy-related correspondence.
Discover Life expects to speed up the process of creating or amending policy documents, welcome packs, renewal letters, claim letters and other communications across all divisions. The software also offers a workflow user interface designed to enable multiple participants for design, marketing, compliance and other groups to participate in the development and approval of customer facing documents.
CARRIERS SELECT NXTECH
UPAC Premium Finance, Lenexa, Kan., chose NxTech Inc., Cincinnati, Ohio, a provider of real-time interfaces, system integration, data management and interactive Web development, in partnership with University Park, Ill.-based Applied Systems Inc., to implement its Applied Alerts! product.
Alerts! allows UPAC to deliver real-time messages directly into agents' Applied Systems agency management systems while providing their agencies with client-specific notifications of their daily transactional workflow.
NxTech also has completed the implementation of Personal Auto and Homeowners Real-Time Rating Integration for Penn National Insurance, Harrisburg, Pa.
Real-Time rating is designed to provide Penn National's agents the ability to receive quotes within the Applied and AMS agency management systems. The transfer of information already entered in the management system, combined with enhancing the data stream by incorporating existing Penn National processes such as VIN and territory validations, saves agents duplicate entry.
A third insurer, The Cincinnati Insurance Cos., based in Ohio, integrated NxTech's Commercial Lines Real-Time Bridging.
Real-Time bridging enables Cincinnati's agents to submit property, general liability, business auto, business owners' packages and workers compensation applications from their Applied Systems and AMS Services agency management systems to the Cincinnati rating systems. The NxTech solution packages each line of business as it is submitted through the industry's managed delivery services to provide the agent a full image after each line has been submitted.
THREE INSURERS CHOOSE ISO'S VALUATION SOLUTIONS
Monterey, Calif.-based Capital Insurance Group (CIG), San Francisco-based Civil Service Employees Insurance Group (CSE) and Atwater, Calif-based Merced Mutual Insurance Co. implemented ISO HomeValue, a property valuation solution, to better estimate the cost to rebuild a property in the event of a total loss. ISO HomeValue, a Web-based residential replacement cost estimator developed by AIR Worldwide Corp., Boston, was incorporated into each insurers underwriting workflow.
To meet the varied business and information technology needs of insurers, ISO's solutions for property valuation provide a range of implementation options, from simple Web links to customized Web services integration.
Insurers have the option to set up a process whereby property information already captured in the company's quoting system will automatically populate ISO HomeValue's data fields.
QUALITY DISTRIBUTION LICENSE CLAIMS SYSTEM
Computer Sciences Corp. (CSC), El Segundo, Calif., announced that six organizations, including Tampa, Fla.-based Quality Distribution Inc., licensed RISKMASTER X, CSC's claims and risk management information system. Quality Distribution will use RISKMASTER to manage the P&C and workers' compensation risks associated with manufacturing and shipping materials.
RISKMASTER X is designed to support all aspects of claims management-from first notice of an event or incident to final disposition-combined with a risk management information system.
DENTAL SELECT IMPLEMENTS ACCURATE CODING SERVICES
Dental Select, Salt Lake City, selected Salt Lake City-based HealthCare Insight's DentalClaim Insight to maximize claims payment accuracy. DentalClaim Insight evaluates claims prior to payment to assess coding accuracy and legitimacy, as well as the clinical appropriateness of the combination of services billed.
In addition, provider utilization and billing practices are compared to peer-patterns to ensure payment accuracy.
"As the Dental Select client base grows, it is vital that we verify billing practices and accuracy of procedure codes in order to maintain consistency of claims payments," says Brent Williams, president and chief executive officer, Dental Select.
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