Milliman USA (Radnor, PA) and UK-based Focus Solutions Inc. have integrated their products to create a straight-through platform for long-term care issue, underwriting, claims and policy administration. The offering, STEP-LTC (straight through enterprise processing) will enable insurance companies to launch new products and update older ones in response to rapid changes in the market, according to the vendors. Focus Solutions adds multi-channel, online and offline intelligent data capture, quotes, applications and new business processing, intelligent risk assessment and underwriting, claims management, imaging integration, integration with third-party data sources, and a presentation and messaging layer for real-time administration transactions. The message model is XML and ACORD standards based.
The National Association of Insurance Commissioners (NAIC, Kansas City), and Markham, ON-based InSystems announced what they say is an industry first: the planned integration of the System for Electronic Rate and Form Filing (SERFF), a product developed by the NAIC to deliver filings electronically to Departments of Insurance, with InSystems Tracker, an automated enterprise compliance automation solution. InSystems Tracker creates the entire filing package for submission to insurance departments, tracks filings status, allows the viewing of pertinent regulatory information pertaining to filings, and captures all elements of the filing process in readiness for a market conduct audit. SERFF completes the filing process by enabling electronic distribution of filings to the State Insurance Departments. Once the solutions are integrated in early 2003, InSystems Tracker users will additionally be able to send filings electronically, eliminating the mailing of hard copy filings. By clicking the appropriate button within InSystems Tracker, metadata will be sent automatically to SERFF for electronic distribution.
Campbell, CA-based Info-One has introduced VARDS Wholesaler, a Web-based annuity research and analysis platform designed for use by internal wholesalers at insurance companies' sales desks. According to the vendor, VARDS Wholesaler optimizes the efficiency of the sales desk by allowing it to provide updated, timely annuity product information to financial consultants. The solution enables users to easily create side-by-side comparisons of annuity products that can be customized to emphasize competitive advantages and product suitability, Info-One says.
IVANS (Old Greenwich, CT) has made generally available IVANS WebSEMCI with Transformation Station integration for agents using AMS's (Windsor, CT) AfW management system. The vendor says it has enabled WebSEMCI to request and receive ACORD XML translations via Transformation Station and is working with AMS to extend this integration to agents using AMS platforms Sagitta and Prime, as well. "A carrier can now use WebSEMCI to bridge data from an AMS AfW agency system to a carrier's Web site, receiving the data in real-time, and taking advantage of the security, ACORD XML and the managed data exchange environment of Transformation Station," says Anna England, vice president, IVANS Insurance E-Commerce Solutions. If a carrier wants to eliminate the need for an agency to go to its Web site at all, the carrier can use WebSEMCI to provide company-unique data that they want captured and edited by the agent before the transaction is sent, according to IVANS. The carrier can then receive ACORD XML or AL3 and respond in real time through Transformation Station, or choose to receive the transaction using traditional batch methods using IVANS Electronic Commerce Server (ECS).
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio