CodeObjects Launches InsuranceEnterprise [Professional Services Close – Up]

At the IASA Annual Conference, CodeObjects, a P&C insurance software company, announced the introduction and immediate availability of its InsuranceEnterprise offering.

According to a release, a complete insurance processing management solution running in the cloud and available via Software as a Service (SaaS), InsuranceEnterprise offers policy, claims, billing and rating components, but goes well beyond the core by including capabilities to address all ancillary functions and systems required for true insurance processing.

A carrier's business user can configure products, rates, rules and documents to go live in less than 90 days because InsuranceEnterprise is always available and ready-to-use in the cloud. With InsuranceEnterprise, carriers get the full suite of functionality without the costly and restrictive licensing fees of traditional software models. InsuranceEnterprise is available with consumption-based pricing calculated on direct written premium; making the CodeObjects solution true pay-as-you-go.

Commenting on the new CodeObjects offering, Deb Smallwood, Founder of Strategy Meets Action, said "This latest product release from CodeObjects is a big deal for the industry. InsuranceEnterprise is one of the first SaaS core systems offerings that is SOA based. This provides agility and flexibility that will set a new bar for speed to market."

Chad Hersh, industry analyst and partner in Novarica's insurance practice, also provided his perspective, saying, "As fully configurable solutions like CodeObjects' InsuranceEnterprise enter the market with true SaaS offerings, we believe that insurers will finally start to adopt SaaS on a broader scale for core systems."

The Company reported that while InsuranceEnterprise can offer great value to any P&C insurance carrier, small to mid-size personal lines auto carriers is CodeObjects' initial target market. InsuranceEnterprise can address a critical and immediate need for these carriers as they face serious growth challenges due to ever- increasing operational costs and exposure to adverse selection.

Anil Annadata, chief executive officer of CodeObjects, said, "Our goal is to level the playing field for small to mid-size insurance carriers who are at a significant disadvantage when it comes to huge technology investment typically required for a modern solution. InsuranceEnterprise provides all the technology, functionality and configurability needed for a state of the art policy, billing, claims and rating solution - all available in the cloud delivered via Software as a Service. We believe that's a compelling value proposition for the industry."

In a release, the company noted that the cloud delivered components and capability highlights offered with InsuranceEnterprise include:

-PolicyEnterprise

-A policy processing solution, providing complete automation from quote to renewal

-Designed to increase operational efficiencies while reducing underwriting costs by more than 30 percent by enabling straight- through application and endorsement processing

-Fully configurable, enabling carriers to respond to market shifts and regulatory changes

-Delivered with pre-built distribution channels, including a direct to consumer portal.

-ClaimsEnterprise

-A complete claims processing system, from FNOL through adjudication

-Designed to streamline, compress, and improve the claims process

-Provides automated and concurrent skill-based assignment, immediately notifying and arming appropriate carrier personnel with required information for prompt investigation and resolution

-Comes with pre-built predictive analytics

-Automatically establishes factor reserves at the FNOL stage

-Allows a carrier to establish all appropriate security and authority levels across the enterprise

-BillingEnterprise

-A billing system that enables carriers to configure to their specific needs and control billing options, processes, and characteristics

-Enables multiple bill plans and allows the policyholder to choose a down payment option along with pay date and payment method

-Offers flexible renewal options

-Supports both equity and scheduled billing

-RatingEnterprise

-A rating engine that allows any size carrier to develop and implement rating programs

-Provides an administrative graphical user interface tool which allows business users to add new rating variables, change rate factors, and algorithms, and stay current with market best practices

-Enables carriers to strategically out-select their competition to write better business, resulting in reduced loss ratio

-Includes an embedded testing framework

-A sampling of additional functionality and ancillary systems offered beyond the core processing components of InsuranceEnterprise includes:

-Complete forms and document generation

-Embedded data warehouse

-Access to 3rd party consumer reports

-Integration with payment gateways

-Content management system

-Agency upload/download

-Address standardization

More Information:

http://www.codeobjects.com

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