VP, Prod­uct Strat­egy

Digital Insurance - - STRATEGIES - CON­TACT IN­FOR­MA­TION StoneRiver email: so­lu­ phone: 800.943.2851

Why does in­te­grat­ing an in­surer’s un­der­writ­ing, claims and pol­icy ad­min sys­tems lead to greater ef­fi­cien­cies and bet­ter cus­tomer ser­vice?

Ex­cel­lent cus­tomer ser­vice de­mands re­spon­sive­ness. That com­prises de­liv­er­ing on re­quests and ex­pec­ta­tions with timely and ac­cu­rate in­for­ma­tion. In un­der­writ­ing, au­to­mated and in­te­grated data on ex­ist­ing client poli­cies, ap­pli­ca­tion an­swers and ex­ter­nal ev­i­dence data en­sures re­spon­sive­ness. Con­sumers and agents de­mand ap­pli­ca­tion de­ci­sions – now. Man­ual steps de­feat re­spon­sive­ness.

Claims re­quire the ac­tual claim form in­for­ma­tion, orig­i­nal un­der­writ­ing data and cur­rent pol­icy sta­tus. Uni­fied and au­to­mated man­age­ment, pro­cess­ing and pre­sen­ta­tion of that data speeds the claims process and en­sures re­spon­sive­ness. Man­ual steps com­pli­cate an al­ready stress­ful sit­u­a­tion for the claimant.

Ac­tion­able in­sights pro­vided by busi­ness In­tel­li­gence across these in­te­grated data sources is price­less.

Does in­te­grat­ing an in­surer’s pol­icy ad­min and un­der­writ­ing sys­tems lead to bet­ter data and greater ef­fi­cien­cies? Given that each sys­tem re­lies on sep­a­rate data sources, does man­ag­ing that data be­come more dif­fi­cult, or does the com­bined data set re­sult in faster and more ac­cu­rate de­ter­mi­na­tions?

A pre­cise in­te­gra­tion method negates the re­quire­ment of a com­bined dataset.

Ad­min and un­der­writ­ing sys­tems’ pro­cesses and data com­ple­ment each other, but a sin­gu­lar dataset is not re­quired. In­te­gra­tion of dis­parate sys­tems via a ser­vice ori­ented ar­chi­tec­ture, ac­cess­ing the req­ui­site busi­ness ser­vices and data of each other, ac­com­plishes the syn­er­gism in process and pre­sen­ta­tion with­out the ex­pense of ac­tu­ally com­bin­ing the data.

Com­plete dig­i­tal in­sur­ance sys­tems are con­structed to be im­ple­mented stand­alone, pieceby-piece, or in tan­dem. They are typ­i­cally in­te­grated via ser­vice bus, and ACORD Stan­dard XML trans­ac­tions are ex­changed be­tween the busi­ness ser­vices pub­lished by each in­di­vid­ual sys­tem.

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