Insurers Put New Products to the Test - Implementation

Product: TransactNOW
Company: AMS Services
Web Site: www.amsworld.com

This spring, AMS Services, Inc., introduced TransactNOW, a product that enables interface communication among carriers, agents, and the AMS Services management system product line. TransactNOW allows agents to process business transactions with carriers via a seamless single-entry workflow without having to leave their management system.

Chris Garson, agent IT business leader for Progressive Insurance, says TransactNOW makes life easier for agents using AMS agency management systems and for the carrier. Agents using the AMS systems produce over a billion dollars in premium each year for Progressive, according to Garson. From a carriers perspective, the effort amounted to signing a contract and writing a check, Garson says. It was zero work [for the carrier]. Thats the most appealing thing about it.

One area where TransactNOW is working well is in billing inquiries from agents. A typical billing telephone call takes between three and four minutes before an answer can be found, Garson indicates. With Trans-actNOW, the response time is in the four- to six-second range, he says.

There are modifications we want to make to improve the workflow options, says Garson. He believes a one-button click to make a payment following a billing inquiry will be helpful. What most agents want to do when they say How much do I owe? is make a payment. Thats the type of thing we want to work on with AMS to understand how the agents are using [the system] and allow agents to take things one step farther and do things more seamlessly.

The initial release brings many top carriers live on TransactNOW. In addition to Progressive, carriers that have adopted TransactNOW for the initial release include Chubb Group of Insurance Companies, Encompass Insurance, The Hartford Finan-cial Services Group, Kemper Auto and Home, SAFECO Property and Casualty Insurance Companies, The St. Paul Companies, and Travelers Property Casualty. Dave Shea, president and CEO of AMS Services Agency Markets, says, The ability for our agents to process transactions with carriers effectively through their management systems is vital to the success of their business. TransactNOW was developed to provide AMS and carriers with a solution that allows for rapid development and roll-out of new transactions and additional carriers, leveraging resources already developed and employed in the market.

Work already is under way on a significant expansion of TransactNOW to add carriers and support more business transactions. The addition of policy view rounds out the inquiry workflow, as agents now can respond to all customer inquiries from within their management system in a matter of seconds. TransactNOW uses ACORD standards and XML technology to integrate with carrier Web site functionality. This means transactions and carriers can be added quickly, and agents can deploy rapidly.

Garson believes the competition among vendors in the agent management system market is showing how powerful competition can be. Ive always been afraid the pursuit of the Holy Grail of SEMCI would lock us into a single solution that stifles creativity, inhibits innovation, and ultimately proves bad for the industry, he says. In watching the landscape over the last couple of years, competition is healthy and necessary for our industry. Without it, were not going to get the solutions that really lower the cost of doing business.

Product: PIN Real Time
Company: Innovative IT Solutions
Web sites www.innovativeit.com

Innovative IT Solutions, Inc., has introduced PIN Real Time, a service that cuts appointment and termination approvals/denials from days to seconds. PIN Real Time is available for insurers in states that authorize the National Insurance Producer Registry (NIPR) to approve or deny their appointments and terminations based on data in the Producer Database (PDB), a central repository of producer licensing information updated by participating state insurance departments.

Deana Klees, associate manager of the regulatory services department for Great-West Life & Annuity, says the biggest advantage of PIN Real Time is it allows an insurer to tell its people when they are officially licensed to sell. From my standpoint, the appointment process is much faster, she says. PIN Real Time will make it even more efficient.

Speeding the licensing process is important to Great-West, which has appointed over 7,000 agents in the first six months of the year. We enter into marketing agreements with banks, and all the bankers have to be appointed to represent us, Klees says. We are making tons of appointments. She believes the system also will prove beneficial because of the high turnover rate among life insurance salespeople. We bring them on, and we take them off, she says. Sometimes they are appointed only for a month, so this is a great time-saver. Another benefit for carriers is it allows insurers to consolidate licensing fees, eliminating the constant need for obtaining checks from the accounting department.

States have picked up on the electronic licensing in the last three years, according to Klees. Today, there are only three states left that require paper [filings], she says. Those states are Washington, Mississippi, and Florida, according to Klees.
Insurers are looking forward to expanding the electronic license application and company appointment renewal process, according to Klees. Licensing appointment was just a dry, boring paper shuffle, she says. The tools coming around the last couple of years really have streamlined it. All these databases where all the agent information is located are very helpful.

Innovative ITs ability to offer real-time connection and near-instantaneous approvals for producer appointments and terminations in these PIN Real Time states directly benefits carriers bottom lines, says Innovative IT vice president of e-government Gary Gummig. This real-time capability means carriers no longer have to wait days to receive confirmation for appointments, and their producers can immediately begin selling insurance.

SHOPPING CART
Product: INSsight 4.0
Company: Thazar
Web Site: www.thazar.com

Thazar, A Skywire Software Company, announced the availability of INSsight 4.0, the latest version of its end-to-end business intelligence (BI) system designed specifically for the property/casualty insurance industry. The new version will be released during the third quarter of this year.

INSsight is a customer-driven system that provides insurers with a strategic, enterprisewide view of their information across all operating unitsfrom actuarial and accounting to underwriting, claims, sales, and marketing. The product allows carriers to measure performance against goals, identify and track trends, detect and respond to threats, and identify and take advantage of real opportunities.

INSsight 4.0 is based on ACORD and ISO standards. The system is both J2EE 1.3 and EJB 2.0 compliant, which enables it to run on any compliant application server, such as IBM Websphere and BEA WebLogic. INSsight supports multiple operating environments, including Unix or Windows, and industry-leading database platforms, such as Oracle and SQL Server.

The new version also includes:
Enhanced Report Creation and Cataloging. Users can view, distribute, catalog, and retrieve management information reports electronically. They also can import and catalog third-party reports in a file-system-based catalog. Custom reports can be created using data cubing technology.
Expanded Query and Analysis Capability. A query tool that enables ad hoc analysis of the warehouse environment. Queries can be initiated using Structured Query Language (SQL) or through a Wizard.

To prepare for change in todays competitive landscape, insurance companies need to gain visibility into the performance of their business, as well as manage future risks, says Thomas R. Chesbrough, founder and executive vice president of Thazar. INSsight provides instant access to critical data in one centralized repository for reporting and analysis. In return, insurers are able to reduce costs, increase operational efficiencies, and improve profitability.