Computer Sciences Corp. is courting attendees at the latest ACORD LOMA Insurance Systems Forum with a product that could help insurers develop life and annuity contracts more quickly.
The Product Accelerator toolbox could speed up the process of configuring information systems to support new products, by giving insurers more ability to combine and customize reusable components, CSC, El Segundo, Calif., said here today in Lake Buena Vista, Fla., at the ACORD LOMA systems forum.
When the configuration work is done, a life insurance company’s policy illustration systems, printing systems, new business processing systems and policy administration systems all can draw on the same tables, rates, rules and calculations, CSC says.
CSC is just one of several companies that made news today at the ACORD LOMA systems forum.
ACORD, Pearl River, N.Y., and LOMA, Atlanta, organize the systems forum events to give insurance industry and technology industry representatives a chance to meet and share ideas.
In other systems forum news:
- MajescoMastek, Edison, N.J., a unit of Mastek Ltd., Mumbai, India, introduced Elixir New Business/Underwriting 4.0, a Web-based system that can help a life insurer automate and update its new business underwriting process.
The system includes a configurable underwriting rules engine and the ability to handle applications for a wide variety of product lines and distribution channels, MajescoMastek says.
Users can modify business process flows to reflect differences in factors such as channels, customer profiles and face amounts, MajescoMastek says.
An underwriting “workbench” tool can put all information about the risks related to a particular customer in one place, the company adds.
MajescoMastek also is introducing an “Insurance Service Bridge” framework.