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.
The framework can help insurers consolidate information from many different systems, MajescoMastek says.
- Oracle Corp., Redwood Shores, Calif., plans to start its first insurance industry strategy council meeting Wednesday in the Orlando, Fla., area, to coincide with the ACORD LOMA systems forum.
Executives who attend the 2-day meeting will get a chance to help shape Oracle’s strategy for the insurance industry, according to Oracle, a database software giant.
Initial members of the insurance council include Sun Life Financial Inc., Toronto, and Swiss Reinsurance Company, Zurich, Oracle says.
Oracle, a database software giant, says it will take time at the council meeting to tell attendees about Siebel Claims 8, a new version of an Oracle subsidiary’s claim processing and settlement system.
- Microsoft Corp., Redmond, Wash., welcomed the start of the ACORD LOMA forum by unveiling new demos and reports, to show insurers how they can mix and match Microsoft products with products developed by other software companies that have agreed to use the Microsoft Insurance Value Chain Architecture Framework.
Microsoft also put out a press release to remind insurers about its past and current efforts to advise the working group that created ACORD’s Insurance Capability Model. The model serves as a foundation for ACORD’s business process standards framework.
- Accenture Ltd., Hamilton, Bermuda, has introduced the Accenture Life Insurance Platform, a new version of the former NaviSys policy administration and new-business processing platform.
The product configuration tools in the new version give users the ability to drag and drop new-product rules at any point in the insurance policy administration process, Accenture says.
Accenture says it designed the update so that the system could connect easily with other software systems through the Web.