The Innovation Group announces the latest release of thecompany's flagship technology suite, Innovation Insurer, whichincludes Insurer Policy, Insurer Claims and InsurerConfigurator.

The highlight the suite as a platform for enabling businesschange and responsiveness, thereby helping insurers meet customerneeds for improved value and experience, improved combined ratiosthrough lower operational and claims cost, and better underwritingperformance.

The business value and key enhancements to Innovation Insurerinclude:

• Customer Centricity: Expanded customerinformation management with a 360-degree customer view acrosspolicy, billing and claims; and base distributor, customer andmobile portals.
• Underwriting: Enhanced rating, includingrating worksheets, expanded facultative reinsurance processingincluding ability to reallocate proportions ceded to any treaty andadding facultative in a policy transaction, ability to pull claimsloss information from policy and integration with Insurer Analyticsto support life-cycle, what-if and profitability analysis.
• Claims Management: Enhanced event or catmanagement; process claim recoveries in accounts receivable andproduce both policy and claim checks / EFT in the same run and viewvia accounts payable
• Robust Configuration: Expanded Configurationcapabilities including dynamic screen build, the ability to modifyscreen flow through a graphical flowchart feature and ability todefine a line of business.
• Performance and Scalability: A series of testsemulating business transaction volumes for Tier 1, Tier 2, and Tier3 insurers demonstrated performance and scalability.
• Lower TCO and Affordability: Regionalout-of-the-box (OOTB) capabilities to speed and decrease the costof implementation for insurers. Some of the OOTB capabilities forthe US market include pre-configured lines of business for all 50states, 50 standard documents and key industry interfaces.

“Property/casualty insurers are replacing core systems at anunprecedented rate in order to improve speed-to-market, distributorservice, business intelligence capabilities, and overall agility,”says Matt Josefowicz, partner and managing director of Novarica, aresearch and advisory firm that serves insurers. “More and more,they are turning to providers that can offer a suite ofpre-integrated solutions, built on modern technology, that arehighly configurable but also include pre-loaded content for theirspecific lines of business.”