Performance Mgmt. Products Debut At IASADenver

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The IASA Educational Conference and Business Show, held lastmonth, featured multiple new technology products aimed at boostingproductivity.

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Among those aimed at providing a holistic view ofproperty-casualty insurer performance or improving their businessmanagement processes were products from Thazar, INEA Corporationand Systems Union.

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Thazar, part of Skywire Software Company,announced INSsight 4.0, the latest version of its businessintelligence software for the property-casualty industry.

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According to Frisco, Texas-based Thazar, the new product givesinsurers “a strategic, enterprise-wide view of their informationacross all operating units.” This includes actuarial, accounting,underwriting, claims, sales and marketing units.

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INSsight 4.0 allows insurance companies to automatically measureperformance against goals, identify and track trends, and detectand respond to [marketing] threats, the company said.

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“INSsight provides instant access to critical data in onecentralized repository for reporting and analysis,” stated ThomasR. Chesbrough, founder and executive vice president of Thazar. “Inreturn, insurers are able to reduce costs, increase operationalefficiencies and improve profitability.”

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The INSsight system is composed of three areas: informationmanagement, Web-based analytical and reporting tools, andimplementation and support services, said Thazar. The software isbased on ACORD and ISO standards. It supports multiple operatingenvironments, including Unix or Windows.

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INSsight 4.0 will be available via the Skywire SoftwareInsurance Suite in the third quarter of this year, the companyadded. Pricing information was not provided. Details are availableat www.thazar.com.

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INEA Corporation unveiled its INEA PerformanceManagement Suite, a financial services performance managementsystem.

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The company claimed the new software will enable insurancecompanies to deliver “a holistic view of performance andprofitability across the enterprise, easily andcost-effectively.”

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The product offers the same features as INEAs software forbanks, but adds features that are specifically important toinsurers, said Toronto, Canada-based INEA. These features include:sources of earnings reporting; embedded value calculation; keyperformance indicators; planning and forecasting across multipledimensions; balance sheet planning; sales performance, compensationplanning and scorecarding; investment yield and portfolio planning;pricing/reserving models; and statutory capital requirementreporting.

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Pricing for the new product is in the $500 to $2,500 per seatrange, with volume discounts available, an INEA spokespersonstated.

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More information is available at www.ineacorp.com.

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Systems Union Inc. announced the SunSystemsInsurance Financial Portal, a Web-enabled service that providespre-configured key performance indicators and management reportprocesses for “better business management, decision making andincreased financial transparency.”

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The portal is the result of an alliance between Systems Unionand Scruggs Consulting, an actuarial and systems firm in theinsurance industry, said United Kingdom-based Systems Union. It candeliver cost savings and efficiencies due to reducedimplementation, customization and training time. In addition, theportal is built with technology to streamline financial managementfunctions, such as integrating business processes, consolidatingdata from multiple environments and delivering real-timeinformation to financial users, the company noted.

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“Financial and IT professionals in the insurance sector continueto spend significant time and resources deploying ineffectivegeneric enterprise portal solutions because large vendors aresimply selling empty boxes to the masses,” stated Alan Hall,director, Americas Insurance Group, SunSystems. “We have built aspecialized portal solution that incorporates the best practicesand requirements of many of the worlds leading insurancecompanies.”

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Portal offerings include: a “dashboard” view of the corporationin real time; real-time alerts tied to business goals andactivities; pre-configured reports, as well as links to allfinancial management and analysis software used in the enterprise;and drill down analysis to help identify problems, the companysaid.

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According to a company spokesperson, a “typical” deploymentprice for the financial portal is $40,000 for new customers. Moreinformation is available at www.sunsystemsamericas.com.


Reproduced from National Underwriter Edition, July 7, 2003.Copyright 2003 by The National Underwriter Company in the serialpublication. All rights reserved. Copyright in this article as anindependent work may be held by the author.


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