Patni Launches New STP Solution for Life Insurers

Patni Computer Systems, Ltd. and FileNet Corporation have launched Patni's Life New Business Straight-Through Processing solution framework. Built on FileNet enterprise content management platform and targeted at life and health insurance carriers, Life New Business STP was developed as a way to streamline, automate, and integrate key business processes and operations.

The Patni product is designed to reduce transaction processing time, improve profitability, and increase customer satisfaction through a combination of content management, business process management, and business rules engines. The solution promotes internal collaboration and timely reaction to critical events, allowing relationship managers to focus on generating revenue and increasing market share rather than tracking down application status.

Patni designed the solution framework to improve case management workflow and support the needs of the business. Utilizing ACORD industry standards, Life New Business STP links business processes with content, people, and systems, leveraging standard interfaces, applications, and languages for rapid application development. These business processes offer executives access to real-time information for informed underwriting decisions.

"Given the increasing need to manage complex issues surrounding product distribution and third-party vendor management, customer satisfaction is emerging as an area of concern. This has a direct link with the insurance carrier's reputation and profitability," says Bill Budde, senior vice president and head of insurance business unit for Patni. "Insurance organizations need to proactively ensure they can access the right information to make the correct underwriting decision in a timely manner. Life New Business STP addresses this by linking processes with relevant content."