Insurance CBX is an SOA enabled solution designed to provide seamless integration and straight through processing for critical business processes. Some of the business processes where efficiencies could be achieved include:
â¢ New business applications for Property & Casualty (P&C), specialty insurance, life and annuities
â¢ Automated underwriting to reduce cycle time for policy insurance
â¢ Claims for P&C, disability health and specialty insurance
â¢ Agent and service portals that provide consistent and easy access to information across multiple back end systems and lines of business
It is designed to rapidly renovate business processes utilizing pre-built components from Intellect SEECâs award winning library of components. This solution, along with the reuse of existing legacy systems, results in significant time and cost savings.
Insurance CBX maximizes collaboration efforts between customers, underwriters, agents and service personnel. It leverages IBMâs insurance process framework, a robust platform for transformation in the insurance industry.
Insurance CBX Benefits:
â¢ Renovated the Claims business process in 120 days for the second largest insurance company in India. Rolled out new products using the product configuration feature, with minimal changes to the system.
â¢ Delivered New Business, Automated Underwriting, Policy Management and Billing in 180 days for a mortgage insurance company in the US. Delivering an ACORD Standards Based Solution lowered development costs and promoted reusability. The ACORD model was easily extended to support mortgage insurance.
â¢ Delivered portal based, intuitive user interface for insurers providing a 360 ï¡ customer view improving customer retention and loyalty and sales.
âIntellect SEEC was the only vendor that could meet our requirement to deliver a new business and automated underwriting system in less than 6 months. This was critical to our business plan. Their technology is state of the art and gave us the flexibility to choose our functionality in phases as it is an SOA component based solution. We have been very satisfied with the quality of the solution and their ability to meet tight deadlines,â said Jim McCourt, COO, Mortgage Assurance Corporation.
Arun Jain, Founder, Chairman & CEO, Polaris Software Lab said, âWe understand how to digitize and make the business process workflow more efficient and thatâs why Insurance CBX was designed with the goal to improve business process efficiency in several key areas of the insurance industry. We have invested significantly in creating world class intellectual property that serves some of the largest financial institutions in the world and the Insurance CBX product line is our commitment to doing the same for the insurance industryâ.
Commenting on the launch Ravi Koka, President of Intellect SEEC said, âWe have created an insurance model and application architecture that allows for rapid assembly of solutions that are customer centric and allows insurance companies to react quickly to new business requirements, product introductions and support of new sales channels.â