The Innovation Group announces the latest release of the company's flagship technology suite, Innovation Insurer, which includes Insurer Policy, Insurer Claims and Insurer Configurator.

The highlight the suite as a platform for enabling business change and responsiveness, thereby helping insurers meet customer needs for improved value and experience, improved combined ratios through lower operational and claims cost, and better underwriting performance.

The business value and key enhancements to Innovation Insurer include:

• Customer Centricity: Expanded customer information management with a 360-degree customer view across policy, billing and claims; and base distributor, customer and mobile portals.
• Underwriting: Enhanced rating, including rating worksheets, expanded facultative reinsurance processing including ability to reallocate proportions ceded to any treaty and adding facultative in a policy transaction, ability to pull claims loss information from policy and integration with Insurer Analytics to support life-cycle, what-if and profitability analysis.
• Claims Management: Enhanced event or cat management; process claim recoveries in accounts receivable and produce both policy and claim checks / EFT in the same run and view via accounts payable
• Robust Configuration: Expanded Configuration capabilities including dynamic screen build, the ability to modify screen flow through a graphical flowchart feature and ability to define a line of business.
• Performance and Scalability: A series of tests emulating business transaction volumes for Tier 1, Tier 2, and Tier 3 insurers demonstrated performance and scalability.
• Lower TCO and Affordability: Regional out-of-the-box (OOTB) capabilities to speed and decrease the cost of implementation for insurers. Some of the OOTB capabilities for the US market include pre-configured lines of business for all 50 states, 50 standard documents and key industry interfaces.

"Property/casualty insurers are replacing core systems at an unprecedented rate in order to improve speed-to-market, distributor service, business intelligence capabilities, and overall agility," says Matt Josefowicz, partner and managing director of Novarica, a research and advisory firm that serves insurers. "More and more, they are turning to providers that can offer a suite of pre-integrated solutions, built on modern technology, that are highly configurable but also include pre-loaded content for their specific lines of business."