Technology vendors have gathered in San Diego this week to convince insurers that, whatever the future might hold, better information systems could help.
ACORD, Pearl River, N.Y., an insurance technology standards group, and LOMA, Atlanta, a life insurance office management group, organized the ACORD LOMA technology forums to give vendors and insurers a chance to come together.
Tracks at this year’s forum include customer experience and talent management as well as operational efficiency.
Some vendors are promoting the new version of timesharing – cloud computing.
Other session speakers are focusing on topics such as social media and new strategies for business data analysis.
The insurance arm of Oracle Corp., Redwood Shores, Calif., brought results from a survey of 421 insurance company insurance technology company executives indicating that their old computers are slowing them down and they feel as if their companies are slower than the competition at getting new products to market.
“Insurers feel hindered by current technologies in their efforts to deliver efficient customer service, and to introduce new products as quickly as they’d like,” Oracle says.
Other companies continue to talk about the push for straight-through-processing, or using a single system (or what appears to be a single system) to automate the insurance sales and administration process from A to Z.
Outline Systems Inc., Somerset, N.J., and Duck Creek Technologies Inc., Bolivar, Mo., for example, said they will be linking Outline Systems’ producer management system with Duck Creek’s policy administration system. The combination should help make it easier and faster for insurers’ to verify producers’ credentials, the companies say.
- Allison Bell