Three words sum up SilverStream Software's (www.silverstream.com) new way of thinking: integrated services environment. That means the company wants to storm the Web services market and make insurance-specific functions Web-enabled.
Normally, the company claims, insurance organizations have to deal with isolated systems and information, inflexible processes, and problems with keeping pace with the industry. But SilverStream believes its eXtend Insurance platform will help carriers realize the promise of networked business by making business functions shareable and relevant to any application and any user on any device."
Partnership development is an emerging trend. As insurers look for new sources of revenues, software developers pounce with often heavy-hitting enterprise-wide solutions to meet ever-changing demands. As the developers and carriers become more intertwined-and as companies become more and more reliant on the systems they shelled out premium dollars to use-partnerships, strategic marketing agreements, co-branding, and other 'one hand washes the other' plans take shape to keep the tech flowing and the companies growing.
According to SilverStream, eXtend Insurance helps carriers survive by enabling them to leverage industry-specific strategic partners. In doing so, carriers and business partners can openly share data across a variety of platforms, including IBM mainframes, CICS, MQ Series, IMS, AS400, Unix, and Vax. EXtend Insurance's XML implementation allows information sharing over the Web, and permits real-time interaction.
EXtend Insurance also deals with workflow: Users are able to set the flow of information from the quoting and rating engines to the underwriting workflows to the back end for binding.
According to SilverStream president and CEO David Litwack, "The promise of networked businesses and the maturation of enabling technologies and systems have brought about an incredible opportunity for insurance organizations to reengineer workflows and office processes, enhance customer satisfaction, and develop new avenues for expanding product distribution."
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