Insurance technology initiatives used by today’s industry

Insurance industry standards and technology

Insurance technology

These firms are acknowledging the importance of keeping up with current innovations for both operations and customer service.

Today’s companies have not failed to notice that in order to remain competitive, they need to implement new and innovative forms of insurance technology that can help them to keep costs low, improve their accuracy, and appeal to consumers.

Among the efforts along that line are the following:

• Freeman Insurance Agencies are now using CSR24 by Applied Systems in order to offer their policyholders with online access to their coverage information as well as capabilities for self-service.

• Fremont Insurance is now using the Speedbuilder Systems’ BindExpress Policy Suite for workers’ compensation, which provides external agents and internal underwriters with the ability to process all of their transactions on a single web-based platform.

• Millers Mutual Group has announced a recent partnership with Ravello Solutions, which will be providing it with a new system for claims management.

• Zurich Insurance is now working with Genpact Limited and Procurian in order to be able to provide a global solution for source-to-pay which will help the insurer to optimize its IT, marketing, professional services, HR, facilities, and travel spending, as well as reduce its overall costs.

• CAN Canada is now using the STG Policy Administration service by MajescoMastek for its production, using it to administer the commercial auto fleet line of business of that carrier.

• Lincoln Financial Group has started a contract in order to have the Participant and Policy Owner Portal System from Andesa Service implemented in order to support its division for executive benefits.

• The self-insured city of Albuquerque is currently in production with PICS ClaimsVision, which is a claims administration system that is Software as a Service (SaaS) in nature and is both user configurable and highly automated.

• Universal North America is now using the Insurance Scorecard from iPartners in order to offer full-service reporting and analytics, as well as business intelligence for the new in-house processing environment for claims.

• The Guildwire ClaimCenter has been chosen by Westfield Insurance as its new insurance technology system for claims management in order to support its personal, commercial, and workers’ compensation lines management.

 

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