The implementation is the first of several parallel efforts to implement its Innovation Insurer components, including Insurer Policy and Insurer Clams, for WCSI's customer, Mountain West Farm Bureau.
In The News
Leading, innovative insurers have changed their views of vendors from a tactical to strategic focus due to vendors’ impact on the organization and recognition that they are an extension of the insurer, enabling, creating new requirements as well as opportunities for innovation and collaboration.
For the P&C insurance segment, auto insurance continues to be a significant portion of a company’s portfolio, as well as a growing and highly competitive product. With over one billion vehicles on the planet today, a projection of this doubling in the next two decades, increased safety and security requirements, oil/gas prices, environmental and government requirements, the days of a simple auto insurance product are long gone.
The last two to three years have seen an onslaught of challenges for the property and casualty (P&C) industry from regulatory, weather, customer expectations, claims expenses, new products, price competition, declining revenue, to new distribution channels. But the last 18 months have been historic… creating a tipping point for the industry. Ms Denise Garth, Vice President Global Industry Affairs, Innovation Group, tells us that organisations need to be transformed urgently and with the right partners, they can achieve that.
In October 2009, the Main Street America Group put the finishing touches on a technology implementation that helped streamline the company’s auto repair management. By integrating repair shops, adjusters, and policyholders, Main Street was hoping to increase customer satisfaction, cycle time improvement, and estimate accuracy.
Outsourcing claims handling can seem like a great way to save money and gain access to specialist expertise - benefits that can be passed on to the customer. But could this mean losing your grip on quality control and the company brand?
There is no shortage of SaaS-based solutions for policy administration in the market, but is now the time for insurers to move this core system outside their own data center? Read about Sun Insurance’s adoption of Innovation WORKS’ SaaS based Policy & Claims solution.
Esurance is reaping significant rewards by revolutionizing its customers’ online claims experiences.
The IT major is working with a host of Indian companies in emerging sectors to enable them to improve efficiency and cut costs - spelling both good business and sound investment for the future.
2009, by any measure you care to apply, was not a year for the faint hearted. Business people across the world are still running for cover following the most dramatic economic slump of our generation.