CLOSING
AMS turns off TowerStreet
AMS Services (www.ams-services.com) pulled the plug on TowerStreet at the end of October, citing market indicators and new goals for existing business units.
According to AMS Holding Group CEO Euan Menzies, the companys plan for TowerStreet was to create Net-based versions of P&C products and services. But, as he put it, as capital markets softened toward the end of last year, the company refocused TowerStreet to a narrower vision that included developing agency point-of-sale initiatives, and helping financial-services companies expand their use of existing platforms and architecture. But by midsummer, customer pickup rate was slower than expected.
When we saw the revenue streams flatter than expected, we decided TowerStreet was not as strong an investment, Menzies said, and we saw opportunities to support other businesses within AMS.
One such opportunity was the recent acquisition of The Solution, the IAS business of InsurQuote from ChannelPoint. The deal includes a Windows-based desktop rating product that will become part of AMSs rating business.
In the meantime, Menzies said AMS is working closely with existing customers, making sure they have access to desktop comparative rating products.
COMPLIANCE
InSystems updates Tracker
InSystems (www.insystems. com) has released version 4.7 of its Tracker solution, designed to automate insurance compliance filings.
Tracker handles state forms and filing regulations, and includes a regulatory specialist to handle multiple department of insurance addresses. And each time a filing is prepared, Tracker produces a searchable database that allows attachment of rules, rates, circulars, policy forms, and more.
Market conduct exams run more smoothly, according to InSystems, because Tracker records dates and interactions with DOIs. Transmittal templates from previous versions have been replaced by automated forms, giving the user a WYSIWYG view of each form. Once filings are complete, Tracker collates printed materials based on user configuration and produces required copies.
SALES TOOLS
CNA expands online tools
CNA gave its sales force more tools via the CNA Central Web site (www.cnacentral.com), a dynamic transactional and account management resource for its products and services.
Existing capabilities such as rating, quoting, and billing are complemented by new features, including online eligibility and pricing, policy information export, commercial automobile endorsement, and one-on-one online chat to deal with specific underwriting issues.
CNA Central, launched in January 2001, also provides users premium indications and fully rated quotes for several CNA products.
VOICE RESPONSE
Great Americans new Ag
Building on its AgLite wireless resource for Great American Insurance agents, suppliers, and trading partners, the Cincinnati-based insurer (www.myagritrust .com) launched AgLite Voice for its crop insurance business.
Designed to give agents and farmers 24/7 access to policy information, the automated voice response system is an extension of the AgLite Wireless rollout, and is accessible toll-free at 1-877-AGLITE8. (See Great American has wireless in the Ag, June TD.)
According to Great American, the system gives instant access to claims, billing, and other critical policy information. It represents the latest voice recognition technology, as Great American put it, and operates via a seamless interface to the companys legacy systems.
Much like the AgLite Wireless program, the voice system was set up with guidance from Asynchrony Solutions (www.asolutions.com).
BENEFIT PLANS
McCamish enhances VPAS
McCamish Systems (www. maccamish.com) made what it described as substantial enhancements to the Benefit Plan Administration (BPA) product of the companys Variable Product Administration System (VPAS) family.
Now at version 2.0, VPAS BPA features an online participant enrollment system designed to allow non-qualified executive benefit plans participants to handle plan enrollment processes via a browser-based interface. Users can input indicative data, deferral amounts and percentages, eligibility requirements, sources of fund options, and more.
Other enhancements include a revised system architecture that allows customized business objects to be easily implemented for vesting and interest-crediting methods, and automated periodic withdrawals with processing rules in place that allows administrators to control the creation process at plan level.
CRM
DWL releases better Customer
DWL (www.dwl.com) recently made available the latest version of its Customer, an enterprise customer management application.
The solution is a central breeding ground from which customer data go forth and multiply, populating existing legacy systems and other front- and back-office assets. The platform consolidates the data, ensuring consistent management across the enterprise.
According to DWL, CRM systems already in place will benefit from the better breed of information stored in the single-location Customer solution and will, in turn, help identify new business opportunities and increase ROI from legacy technologies.
(Read more about DWL and Customer in our upcoming January issue.)
XML
ACORD releases XML tweak
ACORD (www.acord.org) recently updated its Joint Venture XML Standards for Reinsurance and Large Commercial Insurance (JV XML, at www.jvstandards.org) to version 2001.1, reflecting results of version 1.0 pilot testing.
The changes: simplified transaction structures; optimized XML designs enabling efficient interface incorporation into internal systems; and an updated JV interactive data dictionary that offers full support of new version standards.
JV standards apply to each part of the business cycle, including settlement, accounting, placement, and claims; ACORD believes they reduce processing costs and accelerate treaty placement and settlement.
AUDITING
CCC builds on QAAR Plus
CCC Information Services (www. cccis.com) recently released version 1.2 of its QAAR Plus, an auditing and reinspection tool.
QAAR Plus integrates with CCCs Pathways Appraisal Quality Solution, which monitors appraisal process accuracy and quality, and Pathways Quality Advisor, a solution for workflow reinspection and decision support.
QAAR Plus evaluates estimates against carrier rules established using QAAR Writer, an integrated tool for creating and editing reinspection rules in non-technical terms. Custom rules options include focus on region, office, or individual source.
According to CCC, the combination of QAAR Plus and Pathways Quality Advisor enables valuable insight into the appraisal process, and creates an opportunity for an insurance company to more closely examine its reinspection business.
AUTO REPAIRS
Enterprise streamlines rental process
Enterprise Rent-a-Car (www. enterprise.com) developed ARMS Claims (Automated Rental Management System) to streamline communications between adjusters, repair shops, and the rental company.
Adjusters can use the Web-enabled system to reserve rental vehicles, obtain authorizations and billing extensions, and prepare invoices to confirm reservations. But the solutions primary purpose is to help manage claims expenses while providing control over every aspect of the rental claims process.
Enterprise claims ARMS reduces the insurance replacement rental cycle by a half day, and helps cut back on calls between involved parties; in all, Enterprise reports a $15 savings per transaction using ARMS, totaling $54.6 million in industry-wide savings per year.
HIPAA COMPLIANCE
Serena manages change
In hopes of using HIPAA compliance as a vehicle for its products, Serena Software (www.serena.com) repositioned its enterprise content management (ECM) solutions and packaged them with tools for programmer productivity.
The company believes its ECM products, including the Software Change Manager seriesChangeMan Distributed Systems, Web Code and Content, Application Lifecycle, Enterprise Change Portal, and moreare applicable to new rounds of HIPAA compliance, such as change verification and audit trails. The solutions deal, respectively, with enforcing development strategies, control over content integrated across several sites, managing and reporting people and processes, and streamlining changes across multiple platforms.
By keeping track of what changes are made and when, and then verifying and maintaining the updates to code and internal processes, Serena claims its management apps hold HIPAA compliance steady for the long term.
ESTIMATING
ISO aims for morespeedy deliveries
Its enough to make Mr. McFeely* jealous. Insurance Services Office (ISO, at www.iso.com) has expanded its IntegRater electronic delivery tool designed to increase speed and accuracy when loading data into insurer rating systems.
At first, IntegRater handled the incorporation of ISO commercial lines advisory loss costs and rating factors into rating and policy-issuance systems, according to ISO. But the new solution also delivers commercial property and package policies, allowing users to combine information from two commercial business lines. And, as ISO put it, premium modification factors can be used when both liability and property coverages are included in a multi-line policy under ISOs Commercial Lines Manual rules.
ISO has set a 2002 release date for IntegRater support of commercial auto and BOP information.
* What, you dont remember the Speedy Delivery Messenger Service?
CONFERENCES
Insana to keynote at LOMA
LOMA (www.loma.org) announced that that Ron Insana, a co-anchor of CNBCs Business Center, will present the keynote at the organizations 2002 Systems Forum in Hollywood, Fla.
According to the organization, Insana will discuss the impact of the war in Afghanistan will impact the U.S. economy.
Also speaking at the conference will be Marcus Buckingham, author of First, Break All the Rules and Now, Discover Your Strengthsboth on the topic of management and employee retention.
ONLINE BROKER
InsureZone to broker small-business policies
InsureZones MarketSecure technology is now available. Designed to simplify the processes of obtaining comparable quotes and binding policies, InsureZone believes it will allow insurers to offer almost 3,000 small business types efficient, nationwide access to insurance products.
Requisite data for bindable quotes are keyed into an online application, which then automatically selects question sets for each small business type to ease the process along. And according to InsureZone, help is available at any time.
To eliminate rekeying, customer information already in a database can be programmed to populate application fields; a save-as-you-go workflow is used to further save time. Along with these features, users can change or copy applications for policy and price comparison using different variables.
MarketSecure relies on ACORD-compliant XML messaging schemas to facilitate end-to-end integration between quoting and underwriting assets. According to InsureZone, this allows bindable quote production in near real time, with the option to proceed directly to issuance without much human involvement.
The solution can be distributed across multiple servers, maintaining data integrity and continuity. Its CRM functions help with cross selling and tracking, and can follow up on Web-generated, phone, fax, or e-mail leads automatically.
CHANNEL MANAGEMENT
DSPA offers new FASAT
DSPA Software (www.dspasoftware.com) updated its Field Administration Support and Tracking (FASAT) software, often used by life insurers to centralize the administration of complex distribution environments independent of legacy systems.
According to DSPA, the most visible enhancement is the rules-based Compensation Calculator, designed for flexible definition of compensation components. Thanks to this fattened feature, FASAT is able to look up compensation rates, and calculate, process, and distribute compensation throughout distribution channel hierarchies.
Improvements to the browser-based application provide location-independent access to functions such as real-time access to pending business, detailed commission accounts, overrides, contracting requirements, license administration, and commission statements.
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