News from 2009 ACORD LOMA Insurance Systems Forum: Pegasystems Unveils New Framework

Pegasystems, a Cambridge, Mass.-based business process management (BPM) software solutions provider, has released the New Business Backbone as a new part of its suite of insurance industry frameworks. The new framework is intended to improve policyholder conversions rates by helping carriers reduce the process cycle times of new policy submissions, according to a Pegasystems press release.

The new framework features case management capabilities that automate many manual processes in policyholder submissions and increase visibility to the status of those submissions across the new business value chain. The vendor expects the framework to help insurers increase operational effectiveness, improve efficiency and reduce expenses, capture distribution channel loyalty, and improve quality levels.

"The New Business Backbone allows [carriers] to build a support foundation that can be specialized by line of business to reduce operational expense and drive revenue growth," Gary Kirkham, senior director for insurance industry solutions at Pegasystems, said in the press release.