New Tech Products Aim To Streamline Carrier Processes

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.