Processing, Administration Systems Highlight Product Offerings At IASA
Several new computer systems designed to boost productivity and trim the bottom line for insurance and financial services firms were among the highlights of announcements made here during the IASA 2002 Educational Conference and Business Show.
In the life insurance area, Sherwood International, Armonk, N.Y., introduced Amarta LIFE Fast-Start, a new-business processing product based on the companys Amarta business process product.
Aimed at insurers who want to “modernize and streamline their new business operations,” Fast-Start combines administrative functions with “robust” Web-portal technology, said Sherwood. A Sherwood spokesman described the product as an out-of-the-box application that can integrate with a companys core systems to create a new business environment.
According to Sherwood, Fast-Start enables insurers to launch new products and channel relationships quickly, and to process business more effectively. The company claimed the product would deliver better time to market for such products while lowering costs and increasing control in the insurers back office.
Fast-Start supports products that include UK Universal Whole of Life and U.S. Variable Universal Life, said Sherwood.
Hyland Software, Inc., the developer of OnBase document management software, announced a partnership with Denver-based Open Scan Technologies, Inc. an exception mail processing solution provider, to create an insurance industry product for processing new business and ongoing commercial premium payments.
According to Cleveland-based Hyland, OnBase products provide imaging, workflow and document management, while Open Scans Mail Scan and Open Key products offer automated capture, routing, recognition and exception handling. This allows for automated import of all captured images and index values.
Using the combined technologies, users can scan premium payment checks and new business applications with automated sorting and workflow processing of the scanned images at the point of entry, which minimizes costs associated with paper handling, claimed Hyland.
According to Brian Schlegel, Hylands insurance industry manager, the combined products allow reductions in or elimination of manual mail processing, as well as “dramatically” reduced data entry. “Users of the technology will realize a quick return on investment due to dramatically reduced operations costs,” he stated.
InsureWorx, a component library designed for mid-size to large commercial lines and group insurance carriers, was introduced by WorldGroup Consulting, based in San Francisco. Claim components are now available, with underwriting and billing planned for future releases, the company said.
A Java-based system, InsureWorx offers “a fully integrated, Web-based environment to provide easy access and straight-through processing for true anywhere, anytime computing,” said WorldGroup. The products component approach lets WorldGroups clients replace legacy system areas as needed, “offering a manageable, piece-by-piece approach to legacy replacement,” the company noted.
Meanwhile, there was hardware news in the introduction of two multifunctional products (MFPs) by Lexmark International, Inc., based in Lexington, Ky. The X620e and the X750e consolidate printing, copying, faxing and scanning capabilities into a single unit.
According to Lexmark, the products also boost productivity via document-routing capabilities, such as scanning a document directly to e-mail. The units also include a touch screen interface “that is so intuitive, virtually anyone can walk up to it and access [the] features with no training.”
The X620e carries a list price of $6,999, while the X750e adds color output functionality and has a list price of $9,499, said a Lexmark spokesperson.
Reproduced from National Underwriter Life & Health/Financial Services Edition, June 17, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.