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.