L22LOMAproducts, life week 22 tech trends–go page xx, with –141 lines
Banner: ACORD LOMA
Flag: Technology Introductions
The 2006 ACORD LOMA Insurance Systems Forum, held here May 22 through 24, saw the introduction of several new technology products designed to help life insurers speed product introductions, better serve their customers, and streamline their internal operations.
Computer Sciences Corporation (CSC) announced new software that it said will enable insurers to speed introduction of life insurance and annuity products, and to administer policies at lower cost.
To speed new products to market, El Segundo, Calif.-based CSC said it is integrating its VANTAGE-ONE administration system for life and annuity products with its Visual Product Modeling System (VP/MS), a rules engine that “makes it easier and faster to define and modify business rules and calculations.”
CSC said it is also developing an extension of VANTAGE-ONE that will help companies develop and administer retirement and annuity products and features that enable policyholders to access their accumulated funds while continuing to invest.
The company also introduced Customer Service Accelerator, which integrates multiple life and annuity insurance administration transactions “for great efficiency, improved customer service and reduced costs.”
According to CSC, the product offers a single, Web-enabled, front-end interface for all customer service transactions, resulting in simpler use and shorter training cycles for new staff. “It improves access to insurance policy data by providing call center representatives and back-office staff with a consolidated view of customer information and contact history,” the company said.
The product also offers an integrated view of business activity to help identify backlogs or bottlenecks and redeploy resource, CSC added. “The system’s business process management (BPM), process automation and activity management features… can reduce operating expenses by 25 to 40 percent,” the company claimed.
The VANTAGE-ONE/VP/MS integration starts at $800,000, with pricing based on in-force policy volumes, a company spokesperson said. Customer Service Accelerator pricing starts at $200,000, and is based on seats and users.
EDS-Solcorp, a subsidiary of EDS that provides software to financial industries, announced the launch of Radience: Consolidation, which it says enables life insurance companies to access and manipulate data and execute common business practices across a variety of administration systems.
According to Toronto-based EDS-Solcorp, the product centralizes and standardizes replicated business processes and data across administration systems, third-party systems and systems developed in-house by IT departments.
“In an evolving technology and merger and acquisition environment, insurance industry administration systems [that] often do not communicate with each other are not adequate for improving customer service, introducing new products in a timely manner or facilitation communications with distribution channels,” said Eduardo Alzamora, vice president, Product Strategy & Management, for EDS-Solcorp. The new product, he added, will enable insurers to “leverage existing administration infrastructure, improve productivity and customer service, and integrate distribution channels.”
Radience: Consolidation comes with “near-out-of-the-box” adapters to EDS-Solcorp’s administration, as well as frameworks for third-party applications and in-house systems, the company said. Licensing for the two components of the product–base and adapters as needed–typically costs between $350,000 and $450,000, an EDS-Solcorp spokesman said.
Majesco, a subsidiary of India-based Mastek Limited, announced the U.S. launch of Elixir, a component-based product for the insurance industry, offering component capabilities for point-of-sale, channel portal, channel compensation, claims processing and more, the company said.
According to Woodbridge, N.J.-based Majesco, Elixir is an alternative to legacy-based products and “broader horizontal offerings that require extensive customization.” With its component-based approach, the product “zeroes in on specific pains facing today’s life and health insurance carriers, providing individual plug-and-play solutions,” the company noted. Each component can be deployed alone or as part of what the company calls an “end-to-end solution.”
Licensing costs for the product begin at $500,000, with customization, implementation, and post implementation support services also available, a company spokesman said.
In other news, Atlanta-based LOMA announced that it will use WBT’s Learning Management System/Learning Content Management System (LMS/LCMS) solutions to power its online learning development and delivery operations.
The partnership brings together two organizations with complementary offerings–WBT’s enterprise learning management and content delivery platform and LOMA’s content library and custom development skills, said LOMA. LOMA will use WBT’s TopClass solution to manage and deliver content, and training. In addition, the WBT system will allow LOMA to provide members and customers with privately branded online learning sites through an application service provider model.
More information is available at www.loma.org.