Innovation Group (Newton, Mass.) has launched Innovation Insurer, a SOA-built, single-platform P&C insurance solution that combines multiple components that can be used separately or together. Key components of Innovation Insurer include component-based policy administration for auto and property, first notice of loss (FNOL), claims management from FNOL to settlement, customer and business analytics, fraud, and usage-based insurance processing ("pay as you drive"). According to a vendor statement, capabilities of the platform extend beyond traditional insurance processing requirements and offer advanced capabilities, including wireless capabilities for adjustors, integrated telematics, in-vehicle crash detection, and vehicle and asset tracking.
The solution's built-in functionality enables customers to reduce up-front time and cost associated with installing new systems; roll out products faster; and enable greater business agility with minimal IT involvement and significantly reduced risk, according to the vendor.
"We recognize that one size, one system, one solution does not fit all," remarked Eric Wadsworth, CEO, Innovation Group, North America. "Insurer provides a modular, turn-key solution portfolio that can address carriers' immediate pain points while simultaneously providing a stable platform for growth. Today they might need to cut costs associated with maintaining redundant legacy systems. Tomorrow they may look at replacing billing or perhaps the entire Policy system. Insurer allows them to do all this with zero business interruption."
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