Innovation Group Improves Suite with Full Support of Personal, Commercial, and Specialty Lines

The Innovation Group announces the latest release of its Innovation Insurer Suite, a platform that enables business change, responsiveness, growth and profitability through insight, innovation and performance for property & casualty insurers with any line of business and size.

Innovation Insurer Suite includes Insurer Policy, Insurer Claims, Insurer Configurator, Insurer Billing, Insurer Rating, Insurer Reinsurance and Insurer Analytics.

"P&C insurers of all sizes are increasingly looking at replacement of core systems with a pre-integrated software suite as a platform for growth, transformation and innovation," said Craig Weber, CEO of industry analyst firm Celent. "These solutions meet those needs. Innovation Insurer's expansion to support all lines of business also significantly improves the offering, as multi-product solutions are becoming more important to insurers looking to modernize their core systems."

New business capabilities and value include:

• Full Personal, Commercial and Specialty Lines Capability: Expanded support across the suite for all LOBs, including pre-configuration for personal and commercial—including BOP—to help get products to market faster and speed initial implementation.
• Product Innovation: An innovative generic product framework that provides a foundation to rapidly develop new, ground-breaking products for any LOB with the dynamic, user-friendly product management Insurer Configurator toolset, enabling first-mover market penetration.
• Enhanced Rating Capabilities: Robust, expanded rating methods to allow blanket rating, experience rating and schedule rating that supports micro-rating demonstrated with an implementation of 750,000 rating factors for auto.
• Policy Management: Streamlined Binder Issuance; new location capture screen utilizing third-party mapping; new audit adjustment process; ability to dynamically capture coverage; additional data and expanded policy analytics.
• Claims Management: Enhanced special investigative unit (SIU) management; improved fatality and bodily injury (BI) management; view policy level coverages for claims; enhanced financial balancing reports with claims transactions; and out-of-the-box fraud analytics.
• Expanded Analytics: Tablet touch dashboard interface; policy and claims consolidated analysis; support for SQL Server 2012; and advanced insurance analytics with greater "what next" and guidance linking analysis together and extending "what if" analysis for specific business scenarios.
• Enhanced Usability: Enhanced screen designs to reduce navigation; expanded pre-configured screens/capabilities to speed implementation.
• Robust Configuration: Expanded configuration capabilities, including dynamic screen build, modify screen flow through a graphical flowchart feature and ability to define a commercial or generic LOB, and Extended Field Support to allow new attributes to be added to the database, but still be accessible for processes such as rating and analytics.
• Upgradeability Ease: Enhanced tools in Insurer Configurator that enable flexibility, ease, accuracy, and speed of upgrades to minimize resources and cost.
• Quantifiable Lower Total Cost of Ownership (TCO) and Affordability: Expanded OOTB and pre-configured capabilities to speed and decrease the cost of implementation and upgradeability for insurers.

"The business impact of Innovation Insurer in terms of insight, innovation and performance is significant," says Andy Roberts, Global CEO, Innovation Group. "Insurers can increase their market share, improve customer loyalty, drive service excellence and ultimately be more profitable. Innovation Insurer can be easily implemented and upgraded as part of a truly 'future-ready' business platform."

"We believe it's the right solution delivered at the right time to help P&C insurers not just respond to market demands but innovate, enable options, and grow," says Euan King, CEO NA Insurer Software. "Innovation Group's growing customer base of insurers reflects the business value of Innovation Insurer, enabling insurers of all sizes with a powerful, comprehensive, and innovative integrated P&C software suite."