Introducing Insurance CBX - Accelerating Business Process Renovation That Drives Efficiency and Growth
Poster: SySAdmin
Posted on May 25, 2010 at 6:35:01 AM
Introducing Insurance CBX - Accelerating Business Process Renovation That Drives Efficiency and Growth
LAS VEGAS, PITTSBURGH, Pennsylvania and CHENNAI, India, May 25, 2010-- Intellect SEEC, a Polaris Group Company, is announcing the
launch of its new Collaborative Business Solutions - Insurance CBX. These
solutions are designed to effectively utilize portal technology, process
choreography and business components built on ACORD standards that improve
efficiency and support business growth.
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:
- New business applications for Property & Casualty (P&C),
specialty insurance, life and annuities
- Automated underwriting to reduce cycle time for policy
insurance
- Claims for P&C, disability health and specialty insurance
- 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 SEEC's 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 IBM's
insurance process framework, a robust platform for transformation in the
insurance industry.
Insurance CBX Benefits:
- 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.
- 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.
- Delivered portal based, intuitive user interface for
insurers providing a 360 ยก customer view improving customer retention
and loyalty and sales.
"Intellect 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," said Jim McCourt, COO, Mortgage Assurance Corporation.
Arun Jain, Founder, Chairman & CEO, Polaris Software Lab said,
"We understand how to digitize and make the business process workflow more
efficient and that's 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 industry."
Commenting on the launch Ravi Koka, President of Intellect
SEEC said, "We 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."
About Intellect SEEC
Intellect SEEC helps the world's leading insurance and
financial services firms to deliver a seamless customer experience across all
products, channels and lines of business. Within the Intellect SEEC Advantage
Library(TM), we have designed, built and tested hundreds of non-proprietary,
SOA software components that can be quickly assembled to deliver business
solutions that streamline service, accelerate sales, and improve productivity
across the enterprise. Unlike traditional applications, Intellect SEEC
solutions leverage data and systems already in place, liberating the business
from struggling with silo'ed applications and avoiding the risk of rebuilding
or replacing proven assets. And because Intellect SEEC components are
designed for SOA, they can be reused across channels and product lines,
increasing agility and lowering IT costs. SEEC solutions use SLM(TM)
methodology for non-disruptive legacy modernization. With Intellect SEEC, IT
organizations gain a significant competitive advantage - faster, more
flexible solutions at lower cost than building from scratch.
Industry leaders such as New York Life, ICICI Prudential,
Mutual of Omaha, and Bankers' Life & Casualty, rely on SEEC to increase
productivity, drive innovation and growth, and enhance customer experience.
Intellect SEEC is headquartered in Pittsburgh, Pennsylvania, and has offices
in Hyderabad, India. Visit us at http://www.seec.com.
About Polaris Software Lab
Polaris Software Lab (POLS.BO) is one of the world's largest
Financial Technology companies, with its comprehensive portfolio of products,
services and consulting. Polaris has a talent strength of over 9,000 solution
architects, domain and technology experts. The company owns the largest set
of Intellectual Properties in the form of a comprehensive product suite
namely Intellect(TM). Intellect is the first pure play SOA based application
suite for Insurance and Retail sectors.
Polaris is headquartered in Chennai and has offices in all
global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India,
Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New
York, Chicago, Fremont, Pittsburgh and Chile. For more information, please
visit http://www.polaris.co.in.
(c)2010, Intellect SEEC, Inc. SEEC is a trademark of SEEC, Inc. All other
company names are trademarks of their respective companies.
For more information, please contact:
Stephanie Bavaro
Intellect SEEC, Inc.
+1-412-297-0050
sbavaro@seec.com
Shailesh Dhawla
Polaris Software Lab
+91-9711-811-460
shailesh.d@polaris.co.in
Source: Polaris Software Lab
For more information, please contact: Stephanie Bavaro, Intellect SEEC, Inc., +1-412-297-0050, sbavaro@seec.com; Shailesh Dhawla, Polaris Software Lab, +91-9711-811-460, shailesh.d@polaris.co.in
LAS VEGAS, PITTSBURGH, Pennsylvania and CHENNAI, India, May 25, 2010-- Intellect SEEC, a Polaris Group Company, is announcing the
launch of its new Collaborative Business Solutions - Insurance CBX. These
solutions are designed to effectively utilize portal technology, process
choreography and business components built on ACORD standards that improve
efficiency and support business growth.
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:
- New business applications for Property & Casualty (P&C),
specialty insurance, life and annuities
- Automated underwriting to reduce cycle time for policy
insurance
- Claims for P&C, disability health and specialty insurance
- 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 SEEC's 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 IBM's
insurance process framework, a robust platform for transformation in the
insurance industry.
Insurance CBX Benefits:
- 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.
- 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.
- Delivered portal based, intuitive user interface for
insurers providing a 360 ยก customer view improving customer retention
and loyalty and sales.
"Intellect 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," said Jim McCourt, COO, Mortgage Assurance Corporation.
Arun Jain, Founder, Chairman & CEO, Polaris Software Lab said,
"We understand how to digitize and make the business process workflow more
efficient and that's 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 industry."
Commenting on the launch Ravi Koka, President of Intellect
SEEC said, "We 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."
About Intellect SEEC
Intellect SEEC helps the world's leading insurance and
financial services firms to deliver a seamless customer experience across all
products, channels and lines of business. Within the Intellect SEEC Advantage
Library(TM), we have designed, built and tested hundreds of non-proprietary,
SOA software components that can be quickly assembled to deliver business
solutions that streamline service, accelerate sales, and improve productivity
across the enterprise. Unlike traditional applications, Intellect SEEC
solutions leverage data and systems already in place, liberating the business
from struggling with silo'ed applications and avoiding the risk of rebuilding
or replacing proven assets. And because Intellect SEEC components are
designed for SOA, they can be reused across channels and product lines,
increasing agility and lowering IT costs. SEEC solutions use SLM(TM)
methodology for non-disruptive legacy modernization. With Intellect SEEC, IT
organizations gain a significant competitive advantage - faster, more
flexible solutions at lower cost than building from scratch.
Industry leaders such as New York Life, ICICI Prudential,
Mutual of Omaha, and Bankers' Life & Casualty, rely on SEEC to increase
productivity, drive innovation and growth, and enhance customer experience.
Intellect SEEC is headquartered in Pittsburgh, Pennsylvania, and has offices
in Hyderabad, India. Visit us at http://www.seec.com.
About Polaris Software Lab
Polaris Software Lab (POLS.BO) is one of the world's largest
Financial Technology companies, with its comprehensive portfolio of products,
services and consulting. Polaris has a talent strength of over 9,000 solution
architects, domain and technology experts. The company owns the largest set
of Intellectual Properties in the form of a comprehensive product suite
namely Intellect(TM). Intellect is the first pure play SOA based application
suite for Insurance and Retail sectors.
Polaris is headquartered in Chennai and has offices in all
global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India,
Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New
York, Chicago, Fremont, Pittsburgh and Chile. For more information, please
visit http://www.polaris.co.in.
(c)2010, Intellect SEEC, Inc. SEEC is a trademark of SEEC, Inc. All other
company names are trademarks of their respective companies.
For more information, please contact:
Stephanie Bavaro
Intellect SEEC, Inc.
+1-412-297-0050
sbavaro@seec.com
Shailesh Dhawla
Polaris Software Lab
+91-9711-811-460
shailesh.d@polaris.co.in
Source: Polaris Software Lab
For more information, please contact: Stephanie Bavaro, Intellect SEEC, Inc., +1-412-297-0050, sbavaro@seec.com; Shailesh Dhawla, Polaris Software Lab, +91-9711-811-460, shailesh.d@polaris.co.in