The back-end processing at an insurance carrier is a complex, integrated set of hardware, software, and systems. From relatively straightforward e-mail software to the detailed workflow of the claims process, these systems have evolved steadily since computers were first introduced to the industry.
At the center of it all is the policy-processing systemthe computers, software, input and output devices, algorithms, and workflow that allow an insurance company to manage thousands or millions of policies totaling millions or billions of dollars.
Its not a system you can take chances with.
Thats why there are so many vendors offering add-ons, enhancements, upgrades, middleware, and more to keep policy processing systems running at their best, allowing them to integrate with whatever other systems and vendors a carrier is using.
Policy processing systems generate a lot of attention. And no wondermany of them, built in the 1960s or 70s, are based on legacy hardware and software that need wrappers to allow them to integrate with todays processing systems. But they work, and the idea of replacing them is greeted with about as much enthusiasm as a heart transplant.
The good news is, you dont need to replace themyou dont need to spend millions to have the latest and greatest. The important thing is to make smart decisions about how you use, update, and integrate the system you have. That means choosing the right vendors (and consultants, if necessary), managing that relationship well, implementing any new systems carefully, and always keeping an eye toward the ROI.
Not surprisingly, dealing with the policy processing system has become the elephant in the corner for many carriers; its a daunting challenge for IT executives caught between the business realities of implementing something new, and the obvious need to keep up with the Joneses.
The Healthy Heart: Best Practices for Your Policy Processing, a TechDEC session (www. tech-dec.com) will help CIOs and other senior IT executives take a step back and find the best ways to choose among a myriad of options, technologies, and vendors. Presented by Cecilia Claudio, senior vice president and CIO of Farmers Insurance, its a chance to learn from an expert, ask questions, and network with peers facing the same problems.
Would you like to know more?
The Healthy Heart: Best Practices for Your Policy Processing
Friday, September 13
Presented by: Cecilia Claudio, senior vice president and CIO, Farmers Insurance
Go to www.tech-dec.com for information and registration.
TechDEC Fact
In only its second year, the show had to move to a larger venue to accommodate exhibitors and attendees. For 2002, its in Orlandos brand-new Gaylord Palms Resort & Convention Center.
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