Who's Using What: The Latest Insurance Software Implementations

Five property and casualty insurers—Ace, AIG, Fireman's Fund, Hiscox UK and PURE—will provide discounts to policyholders who manage their tangible wealth in a Trv.

Trv creates applications that help people collect the information about their belongings, storing the data in a personal Trv, defined as a private, cloud-hosted online digital locker where the information is organized, valued, securely accessible and selectively sharable.

Trv says its technology and processes “provide transparency into the value of insured items, enabling insurers to reduce risk and better protect clients' possessions through just-right insurance policies.” 

“The bottom line for Ace and its clients is with more information about their valuables, clients can make better decisions about how to insure them,” says Bob Courtemanche, chairman, Ace Private Risk Services.

Jerry Hourihan, executive vice president and chief marketing officer, AIG Personal Lines, says, “Instead of storing this information on spreadsheets, hard drives, or in file cabinets – data about tangible assets will live in Trv's private online digital locker, where clients will be able to manage new purchases and monitor changes in value of their tangible assets.”

“Trv provides Fireman's Fund's Prestige Collections policyholders with a way to easily collect, manage, and track the changing values of their possessions,” says Michelle Impey, Fine Art director at Fireman's Fund Insurance Company.

Martin Hartley, executive vice president and chief operating officer with PURE, notes, “Members who use Trv benefit from having a digital catalogue of their tangible wealth, which makes the claims process easier and more seamless in the event of a loss.”

Justin Gott, head of Art and Private Client at global specialist insurer Hiscox, explains, “The Trv process enables our UK retail customers to keep an accurate and hassle-free inventory of their possessions, and that helps us to ensure their specific insurance needs are met and that any claims they make can be settled quickly.”

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Global reinsurer TransRe has selected MetricStream's federated information architecture for its risk and compliance management needs. MetricStream's federated information architecture enables multiple reporting facilities, and links to existing enterprise, bringing together all risk management and compliance activities into a common enterprise-wide framework.

Julian Spence, TransRe's chief risk officer, says, “As a multi-billion dollar business operating from 24 offices around the world, we need a risk and compliance platform that combines flexibility, ease of use with an intuitive, automated reporting capability. MetricStream's federated information architecture is well suited to our needs.”

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Greece's oldest insurer, Generali Hellas, is implementing SAS Visual Analytics to improve customer service. With SAS Visual Analytics, everyday users can use analytics to explore data via point-and-click. While intended for any size data environment, SAS says its in-memory foundation makes it especially useful for big data visualization.

“SAS Visual Analytics analyzes massive volumes of data in minimal time, which we previously could not do,” says Dionissis Moschonas, Generali's assistant IT manager. “It provides our executives direct access to significant data volume so they can effortlessly analyze big data without IT assistance.”