InSystems (Markham, ON) has launched eXterity, an extended relationship management (XRM) insurance portal software that combines a portal server with a suite of insurance application modules that can be configured to create customer self-service and agent-broker portals. Canada Life (Toronto), which partnered with InSystems for the development of eXterity, has already begun implementation, says Thomas Corcoran, vice president, group insurance, Canada Life. "In order to succeed in today's market, technology has to be an integral part of the business process," says Corcoran. He reports online enrollment should be available later this month and that electronic claims submissions will be available in the fall.
Genelco Software Solutions, the St. Louis-based division of Liberty Insurance Services Corp., has launched Genelco Payout, a Windows NT/2000-based periodic payment processing system for life insurance policies, fixed annuities, structured settlements, 401(k) plans, IRAs, pensions, and supplemental contracts. "The timing is right for this product," says Roger L. Davis, director, Genelco. "Insurance companies need a payout systems as baby boomers begin to reach the retirement age." Genelco also released version 1.3 of Genelco GroupWeb, an Internet portal for group health processing. The new version offers online enrollment, inquiry claims tracking and claims submission for employers, employees and providers. The technology provider also released a new module for its Genelco Life+, which will provide 24/7 Web access to information and transaction capability for producers, policyholders and appropriate home office personnel.
The Phoenix Companies, Inc., the Hartford-based parent of Phoenix Life Insurance Co. and Phoenix Investment Partners, Ltd., and Jackson National Life Insurance Co. (Lansing, MI) have each selected Computer Sciences Corp.'s (CSC, El Segundo, CA) PerformancePlus system. PerformancePlus, a distribution management technology, supports all insurance distribution channels, provides comprehensive licensing and appointment capabilities, and includes a formula-based bonus compensation component, according to CSC. Phoenix will use PerformancePlus to support the distribution of its annuity and life products through multiple channels, including wire-houses, regional broker-dealer firms and banks. Phoenix plans to implement the system in stages, using PerformancePlus first for annuity products, and later for life insurance products.
Two of New York-based The Church Pension Group's subsidiaries, Church Life Insurance Corp. and The Episcopal Church Medical Trust, will implement ID3, an annuity and health insurance administration system from Fiserv Life Insurance Solutions, a unit of Fiserv, Inc. (Cedar Rapids, IA). The two subsidiaries, which offer pension, financial and insurance services, will begin an aggressive project schedule to implement and convert existing business to the ID3 system. Fiserv LIS also announced the availability of ID3 emPower, a suite of Web-based modules that provide decision-support views and self-service options for agents, policyholders and management.
SAP (Walldorf, Germany) has extended the mySAP Insurance Solution with new claims management and CRM capabilities for property and casualty insurance companies. Claims management with mySAP Insurance Solution will enable insurers to streamline customer-facing and operational processes from first notice of loss to claims settlement and financial reconciliation, according to SAP.
Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio