CodeObjects announces the introduction of itsInsuranceEnterprise offering, an insurance processing managementsolution running in the cloud and available via Software as aService (SaaS). InsuranceEnterprise offers policy, claims, billing,and rating components and has the capabilities to address ancillaryfunctions and systems required for end-to-end insuranceprocessing.

A carrier's business user can configure products, rates, rules,and documents to go live in less than 90 days becauseInsuranceEnterprise is available in the cloud. Carriers get thefull suite of functionality without the licensing fees oftraditional software models. InsuranceEnterprise is available withconsumption-based pricing calculated on direct written premium;making the CodeObjects.

"This latest product release from CodeObjects is a big deal forthe industry," says Deb Smallwood, founder of Strategy MeetsAction. "InsuranceEnterprise is one of the first SaaS core systemsofferings that is SOA based. This provides agility and flexibilitythat will set a new bar for speed to market."

Chad Hersh, a partner with Novarica's insurance practice, added,"As fully configurable solutions like CodeObjects'InsuranceEnterprise enter the market with true SaaS offerings, webelieve that insurers will finally start to adopt SaaS on a broaderscale for core systems."

Small to mid-size personal lines auto carriers are CodeObjects'initial target market.  InsuranceEnterprise can addresscritical needs for these carriers as they face serious growthchallenges due to increasing operational costs and exposure toadverse selection. InsuranceEnterprise gives these carriers thetechnology and functionality at an affordable cost, with quickimplementation, which enables them to compete with the largestinsurance carriers in the industry. 

"Our goal is to level the playing field for small to mid-sizeinsurance carriers who are at a significant disadvantage when itcomes to huge technology investment typically required for a modernsolution," says Anil Annadata, CEO of CodeObjects."InsuranceEnterprise provides the technology, functionality, andconfigurability needed for a state-of-the-art policy, billing,claims, and rating solution—all available in the cloud deliveredvia Software as a Service. We believe that's a compelling valueproposition for the industry."

The cloud delivered components and capability highlights offeredwith InsuranceEnterprise include:

PolicyEnterprise

• An end-to-end policy processing solution, providing automationfrom quote to renewal
• Designed to increase operational efficiencies while reducingunderwriting costs by more than 30 percent by enablingstraight-through application and endorsement processing
• Fully configurable, enabling carriers to rapidly respond tomarket shifts and regulatory changes
• Delivered with pre-built and easy to use distribution channels,including a direct to consumer portal.

ClaimsEnterprise

• A complete claims processing system, from FNOL throughadjudication
• Designed to streamline, compress, and improve the claimsprocess
• Provides automated and concurrent skill-based assignment,immediately notifying and arming appropriate carrier personnel withrequired information for prompt investigation and resolution
• Comes with pre-built predictive analytics
• Automatically establishes factor reserves at the FNOLstage
• Allows a carrier to establish all appropriate security andauthority levels across the enterprise

BillingEnterprise

• A highly flexible billing system that enables carriers toconfigure to their specific needs and control billing options,processes, and characteristics
• Enables multiple bill plans and allows the policyholder tochoose a down payment option along with pay date and paymentmethod
• Offers flexible renewal options
• Supports both equity and scheduled billing
• RatingEnterprise
• A rating engine that allows any size carrier to develop andimplement sophisticated rating programs
• Provides an administrative graphical user interface tool whichallows business users to easily add new rating variables, changerate factors, and algorithms, and stay current with market bestpractices
• Enables carriers to strategically out-select their competitionto write better business, resulting in reduced loss ratio
• Includes an embedded testing framework

Additional functionality and ancillary systems offered beyondthe core processing components of InsuranceEnterprise include:

• Complete forms and document generation
• Embedded data warehouse
• Access to third-party consumer reports
• Integration with payment gateways
• Content management system
• Agency upload/download
• Address standardization