A technology firm executive said today his company is rolling out a new platform for managing insurers' business processes that integrates easily with legacy systems and, among other benefits, can improve claims adjuster processing ability by 200 percent.
Peter Auditore, vice president of marketing for San Francisco-based Exigen said the company is so confident of its new Insurance Process Backbone system that it links pricing to achieving measurable impacts so that, "If we don't deliver we don't make money. We can predict [a company's return] relatively accurately."
New modules in the platform--which offers imaging, document management and content management capabilities--include functionality for sales administration, bill payment and processing, new policy processing, and customer service, he noted. The system utilizes a familiar Microsoft Windows graphic interface.
He said the product is already in use by a half-dozen carriers, and now, "We're ready to bring it to market to the rest of the insurance industry."
The automation platform, Mr. Auditore explained, is a service oriented architecture (SOA) system that enables easy integration with existing systems via Web services. He called the Insurance Process Backbone "an upgrade" to insurers' legacy systems.
According to the company, users of the new platform can achieve savings and impacts on various operational areas, including a 35 to 50 percent cost reduction for sales and policy processing, a 40 to 60 percent cost cut for claims, and 35 to 60 percent cost reduction for administration.
Errors can be reduced 75 to 100 percent in the regulatory compliance and risk assessment area, and claims and adjustment activity can be improved through better management and elimination of paper handling, Exigen said.
Before Backbone is put in place, Mr. Auditore said, Exigen staff work with the customer's business and information technology personnel on a 6-to-12-week assessment of how it will be employed and for what processes.
The assessment charge, he said, is $100,000 to $200,000, following which it will cost $1 million to $2 million "to install and integrate and make sure it delivers the value we promise."
Mr. Auditore said in setting up the system, Exigen uncovers "redundancy and inaccuracy." Once it is in place, the ability to institute personnel reductions may be part of the cost savings.
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