Steve Yin, Mitchell's senior vice president of marketing and product management, said total loss claims are some of the most contentious, often resulting in policyholder loss and increased litigation.

“InTotal creates settlements that claims adjusters can explain and the vehicle owner can understand and accept because they are based on real comparable, verified vehicles. This translates into cost savings in the form of field adjuster productivity, retained policyholders, and less chance of litigation,” he said.

Inskey launches Quad

In attempts to make policy processing more cost effective, Inskey (www.inskey.com) developed Quad, a front-end system that's Web-enabled, based on a Java and XML platform, and customizable. The company claims it can be easily integrated with existing host systems, allowing carriers to process and deliver insurance products to multiple sales channels.

“Quad's modular, component-based design allows carrier IT departments to maintain direct management control of their systems-purchasing, and integrating different…components on an as-needed basis,” said Alan Zall, Inskey CTO and co-founder.

Addressing issues from data redundancy and eligibility to instant policy issuance and rate revision integrations, Inskey claims the product can be integrated with a carrier's processing system at a cost of less than half of a percent of written premium.

Aviator and Ociter deliver document management

Aviator Software (www.aviatorsoftware.com) and Ociter Enterprises (www.ociter.com) have released Documents in Context (DiC), an insurance-specific document management solution. By consolidating raw customer information, DiC merges the data with existing accounts systems to create a complete customer profile.

According to Aviator (which usually works with management technology for the Lotus market) and Ociter (an IT solutions provider), insurance industry trends in document management involve costly information classifying, finding, reconciling, handling, and storing.

“More than half of the customer's information is not shared effectively,” said Morgan Palmer, CEO of Aviator. “The cost of lost opportunities and unresolved problems, [and] loss in productivity, is astronomical.”

Docucorp launches IPPS, enhances Form Spot

Enterprise information solution provider Docucorp (www.docucorp.com) has released Internet Policy Product System 3.0 (IPPS), Net-based software that allows remote creation and review of insurance policies.

The company hopes IPPS will encourage carriers and MGAs to extend the reach of their products and services to the Internet. Docucorp believes features such as XML and other formats for data exchange, new application navigation schemes, the ability to save incomplete work, and an Internet-viewable archive of completed documents are the lure.

Version 3.0-with a dynamic toolbar for selecting different document views, and a 'shopping cart' document search function-was designed, according to the company, to save carriers and MGAs time, printing, and delivery costs. Data from IPPS documents can also be exported to third party solutions.

Some of IPPS's functions overlap in Form Spot (www.formspot.com), Docucorp's other project. Made to automate insurance form and production processes, it's an aggregate of more than 400 electronic ACORD forms. Formspot.com claims to have the most updated industry documents.

RMS enhances weather system

Risk Management Solutions (www.rms.com) has upgraded its Climetrix weather risk management system (accessible at www.climetrix.com) to version 2.4, adding a virtual blizzard of new features.

Portfolio managers, weather derivative traders ('I'll swap you one thunderstorm for two F1 tornados'), and the everyday end user will notice enhanced individual contract pricing tools, streamlined contract entry and analysis, contract support based on the average temperature index, expanded range of weather risk modeling, temperature-based contracts, and RMS-published data format for seamless data transfer within Climetrix and between the solution and back-end systems.

According to RMS, the Net-based application provides integrated data access, advanced pricing tools, and portfolio management capabilities for “successful participation in the weather market.”

The market for weather risk has become prominent because of the cyclical global shift in climate and weather.

Consider the financial protection necessary to float huge endeavors such as hydroelectric generators, consumer-driven businesses such as ski resorts, not to mention governmental functions. Each can be affected by inclement patterns: hydroelectrics are considerably less revenue prone during droughts; ski resorts suffer when the snowfall comes up short; meanwhile, snow removal services tax municipal finances.

According to RMS, the weather market was “introduced as a tool for energy providers to hedge weather-related fluctuations in the supply and demand of energy.”

CGI, IMRglobal merge

CGI Group and IMRglobal merged, forming what the new company-to keep the CGI name-calls “the fourth largest independent IT services company in North America.”

According to Serge Godin, chairman, president and CEO of CGI, “IMRglobal…positions CGI as a competitive alternative for companies seeking a dedicated, cost-effective partner that understands the businesses within which they operate.”

Satish Sanan, former CEO of IMRglobal, will serve as president of the U.S. and Asia/Pacific divisions of CGI.

Penn automates claims

Penn National Insurance (www.pennnationalinsurance.com) is overhauling its claims division through the wonders of automation. The project-dubbed E-Claims-is being built by components, the most recent of which is imaging.

The company's goal is to scan incoming claims and convert them into digital images for electronic storage and distribution. In doing so, Penn bets instant access to documents from anywhere and easy integration with E-Claims will follow. In the pilot-testing phase, Penn selected ImageRight software (www.imageright.com) from Advanced Solutions to enhance claims service workflow, and expose possibilities for imaging component implementation in underwriting and support.

The old workflow consisted of individual mail-reception and distribution centers sorting and delivering in each of the seven claims service offices. Now, all incoming claims go to a central imaging unit at corporate HQ, where the correspondence is sorted, converted to digital format, and delivered electronically to the appropriate adjusters.

With the new component, authorized users can view file information from any location, and view the contents in real time with associates at the home office. And any information submitted by claimants, policyholders, or agents will be available for online browsing.

Insurance for technology

If your ASP is in a sling, fear not. The ASP Industry Consortium (ASPIC, at www.allaboutasp.org) might have the answer. The group has developed an insurance program with Web-based enterprise risk protector InsureHiTech (www.insurehitech.com) just for application service providers.

Actual coverage is provided by American International Group's netAdvantage (www.aignetadvantage.com), which, according to ASPIC, addresses almost all potential risks, including media liability, professional liability, security breaches, extortion, compromised data assets, and even provides a “crisis management fund” that handles up to $50,000 in PR expenses relating to a covered claim under the policy.

Premiums are determined by size of ASP's assets, existing security measures, policy limits, security, and deductible. So far, policy limits range from $1 million to $25 million; deductibles start at $50,000.

JPEG2000 implemented

A new version of the venerable JPEG image standard has debuted, offering better image quality in a smaller file size. JPEG2000 uses “wavelet compression” to crunch file size while maintaining superior image quality.
Claims and inspection information manager Scene Genesis has deployed JPEG2000 to increase image retrieval speed on its back-end systems. According to Robert Blake, Scene Genesis's CTO, photos converted before transmission will save between 20 percent and 50 percent of total transmissions time, compared to that of standard JPEG formats.

DataFlux upgrades dfPower Studio

Building on its point-and-click controlled data quality, consistency, and usability solution, DataFlux has added new features to dfPower Studio, now version 4.1.

According to the company, current users with existing maintenance subscriptions will be sent the upgrade at no cost, giving them a cost-effective way to enjoy the improved deduplicating function that includes “the ability to add user-defined business rules for determining the 'surviving record'.” Users can also interactively remove records that have been determined to be false matches.

Other new features include SQL support, which enables a capture and view of SQL errors and reports generation; updated ODBC engine, redesigned for portable data access; and more.

Claims standard initiative coming

ACORD (www.acord.org) and RIMS (www.rims.org) are staking out standards for claims data. Industry perception is that these standards would be too complex, according to RIMS, and as such, have been avoided. Until now.

The organizations cite several benefits associated with claims data standards, including faster exchange of information, improved benchmarking activities on cost of risk retention and risk transfer, and improved XML for data transport across incompatible systems.

But perhaps one of the more appreciated functions will be the harmonized data dictionary, designed to work happily with other dictionaries from organizations such as the Insurance Data Management Association. The organizations anticipate widespread participation in the plans for standardized claims data.