Hoping to gain an 18-month advantage in rolling out Web technology for claims, Warren, NJ-based Chubb ($23.5 billion in assets) is working with Accenture (Chicago) to develop a Web-based claims management system. By using Accenture's Internet Claims Components reusable software assets, the carrier will jumpstart the rollout a Web-based system, which will help Chubb leverage the Internet and other leading-edge technologies on behalf of its customers while reducing claims processing costs. The system will appear in two major releases, beginning this summer.
The solution is part of Chubb's strategy of replacing its 25-year-old-plus legacy systems with Web-based technology, reports Jim Knight, Chubb's senior IT manager for claims. "Chubb's overall strategy is to develop all new systems using Web-based technology where possible," he says, adding that the new claims system will be "a fully integrated component-based system that will provide Chubb with a very solid system with a foundation that allows for easy expansion for both internal and external use."
The first release, a desktop workstation application called Claims Workstation, will enable Chubb claims professionals to handle all aspects of the claim process through a browser, including entering contact information, accessing claim history, writing and retrieving file documentation, and generating correspondence. When it's released, the application will support all lines of business for all states.
By year-end Chubb and Accenture will roll out a new financial transaction processing system that will replace the core claims legacy application. Claims Financial System will handle coverage confirmation, reserving, payment and statistical transactions for commercial, personal lines and specialty commercial products. The system will be introduced first for Chubb's US workers' compensation business, and subsequently to other lines of business. Knight adds, ""We are pretty confident this system will be the first fully integrated Web-based first-notice-of-loss, claim workstation and claim financial system."
According to Accenture's Victor Guyan, partner, financial services practice, the new system will represent a huge accomplishment in terms of scale and functionality. "We've built a number of components over the years and have installed them with other carriers, but this legacy replacement system is by far the biggest piece of work we're doing," he says.
Guyan describes the claims management system as a "best-of-both-worlds" solution combining the technology's track record with other carriers with customization that gives Chubb complete control of specifications and modifications. "It's where Chubb wants to be and it's where most companies want to be, in terms of reaching the next generation of software," Guyan says.
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