Insurance

The Goal/The Advantage/The Benefits/The Approach/The Financial Advantage

Pay-as-you-drive car insurance. Pay-by-the-policy administration processing. Just-in-time policy building. Insurance on demand is here. Do you have access on demand?

Insurance companies face tremendous operational efficiency and productivity gains if they can utilize processes to enhance collaboration and improve the information flow across internal business units.

Electronic means of storing and transmitting data allow insurance companies to offer information access to customers and partners, driving down costs, increasing profits, and providing a vital competitive edge. The insurance industry also has large numbers of mobile knowledge workers, including agents, claims adjusters, brokers and consultants, who need access to key resources and applications. Providing access to key resources and applications that they need from wherever they are is essential, but deploying and maintaining a network-layer VPN is often impractical. AccessAnywhere allows you need to meet those demands and realize new opportunities in the ever-changing insurance environment.

Use secure remote access to gain a competitive edge

Count on AccessAnywhere for Insurance companies from Caveo to help you gain competitive advantages:

• Caveo is a recognized expert in designing, deploying and supporting remote access technologies that are of global scale.
  
• We can pull everything together to speed deployment-- the host platform installs at the data center in as little as one day. Plus no software or hardware installation is required at the remote location.
  
• Build a trusted environment where information can be exchanged securely among actuaries, brokers and consultants.
  
• Ensure that information is easily accessible to the right people, while maintaining and improving the security of data and assisting you to comply with privacy regulations in the The Gramm-Leach-Bliley Act
  
• Protect your customers confidential financial information

THE POWER TO REMOTELY ACCESS APPLICATIONS AND RECORDS

John Smith, an InsurCo life insurance agent, sits with Bill and Mary Jones as they discuss their retirement and protection needs, as well as the investment and insurance options available to them. Bill and Mary are very happy with the mutual funds that serve as the couple's primary investment vehicles, and both Bill and Mary participate in employer-sponsored group term life plans.

John uses his laptop and remotely connects using AccessID to his authorized applications and resources at InsurCo. John connects his local client insurance profile using AnywhereClient to InsurCo's AS400 and begins to create a virtual insurance product for Bill and Mary, layer by layer. The risk layer is based on InsurCo's current risk appetite for Bill and Mary's risk profile that resides on InsurCo's mainframe. John accesses the risk profile through AnywhereApplication and connects via AnywhereWeb to a third-party product manufacturer that provides access to the Joneses' group term life plans. The investment layer is based on Bill and Mary's preferred mutual funds, all of which are included in the broad array of funds available through InsurCo and reside on their Unix servers. Because the Joneses want to control administrative expenses, John selects the lowest cost service level package. Finally, the Joneses are not interested in purchasing conversion options, as they are only interested in variable products.

As they speak, John has been connected to the AS400 client/server system while downloading risk profile information from the InsurCo mainframe and mutual fund product information from the UNIX servers. Simultaneously, John has been accessing the term life coverage and investment vehicles from the third-party manufacturer's extranet. All the while, matching the Joneses risk profile against InsurCo risk appetite and reinsurance limits outlined in a recent e-mail accessed from his local Microsoft Outlook client.

Moments later, John is able to show the Joneses a side-by-side comparison of their "virtual" product and the InsurCo product that John can offer them. The Joneses then are equipped with the information required to make an informed decision on the spot.

At their next meeting, John will be able to offer the actual composite product, which will no longer be just an illustration. When this happens, John will be able to process the client application, generate a policy quote, confirm reinsurance coverage and bind the policy in realtime. This capability will be able to drive a range of business processes from automated data capture and policy issuance to updated InsurCo s risk appetite and shared information with reinsurers.

Core Insurance

Transform core insurance systems, the heart of your business. Underwriting becomes more intuitive, profitable. You can administer policies and accelerate claims from anywhere, anytime.

Many insurers are facing rising maintenance costs and systems inflexibility in a market demanding low operating costs and high agility in introducing new products in constantly evolving market niches. Many of the existing core insurance systems that insurers operate are inadequate to meet these demands because of a longstanding patchwork of maintenance procedures and tightly coupled systems designs. Optimizing, modernizing, and opening up individual legacy applications for more general access and use is one step toward increasing system flexibility, reducing maintenance expenses and increasing responsiveness to business needs.

AnywhereApplication lets you instantly open up legacy applications for secure remote access from anywhere, anytime. By providing web-enabling technology directly within the platform, remote users can securely access your IBM DB2® software platform for mission-critical business processing from anywhere as easily as if they were working with a local application installed on their computer.

Integrating the Value Chain

From a business perspective, insurers have long recognized the benefits of more closely integrating key areas of the value chain. Non-life (P&C) insurers are clearly focusing on more closely aligning the underwriting and claims processes to improve their ability to identify and price risks. Life carriers have historically invested heavily in the product development and distribution processes to increase product and service relevancy, speed-to-market and new business growth. Providing access to key resources and applications across the value chain is essential, but deploying and maintaining a network-layer VPN is often impractical

Underwriting (for P&C and life insurance)

With AccessAnywhere insurers would be able to remotely access data management and analysis capabilities from an enterprise shared service or from an independent service provider without requiring compatible VPN software and equipment. Insights into the existing book of business in the context of current market conditions and trends could be accessed remotely by agents to immediately update an insurer's risk tolerance profile. With AnywhereWeb remote agents could access changing target market definitions, underwriting guidelines, rate plans and reinsurance arrangements at home before they meet with clients to ensure that they leverage the most up-to-date profile information.

With AnywhereApplication agents could access mainframe predictive modeling, microsegmentation and advanced decision-support capabilities at the point of meeting the client. These capabilities could enable rate plan optimization, identification and execution of rate pursuit opportunities. Additionally, it would provide greater understanding of specific risk factors, identify the impact on profitability and update underwriting guidelines.

Policy administration and product management (for P&C and life insurance)

In many cases, current policy administration systems depend on overnight and intra-day batch updates to synchronize policy and customer information in multiple databases. AnywhereApplication can enable realtime remote access so the current view of the policy and the customer would be rapidly available to authorized employees and business partners as well as to the customer from a standard web browser.

Additional extranet access through AnywhereWeb could include just-in-time "policy building" including coverages, credits, exclusions and terms and conditions.

In the area of product management, an insurer may provide rapid development of new, "game changing" products that leverage hardware, data, analysis and applications from across and beyond the enterprise without the need for traditional network-layer connectivity. AccessAnywhere can enable easy remote access to third-party products to meet specific market needs and remotely access automated underwriting at the point of customer contact.

Separate account administration (for life insurance)

Similarly, life insurers can remotely access various components of the asset management process. With AccessAnywhere they can externally access third-party separate account administration for deposit and fund allocation changes. Open standards for fund management that offer a myriad of investment choices can be tailored to a customer's needs at the point of customer contact. External call center services can access back-end applications and resources through AnywhereApplication and respond to customer inquiries. And, financial information and investment research from business partners could be distributed to policyholders through AnywhereWeb remote customer access.

Claims management (for P&C insurance)

AccessAnywhere also has the potential to take claims management and processing to a higher, more cost-effective level. For example, claims adjusters can access claims remotely on location at the body shop or accident site. With AnywhereWeb they can remotely access authorized rental locations and deliver a replacement vehicle to the insurer. With the ability to remotely access applications and resources from anywhere, anytime claims resource requirements can be allocated based on predictive modeling techniques, dynamically driven by internal and external data (e.g., PIF, local weather conditions). Mobility can also offer variable cost structures to support the ebb and flow of resources required to handle changes in claim volumes and to provide a resilient infrastructure for virtually uninterrupted operations in the event of disasters.

Improve customer service and increase profits

AccessAnywhere consolidates your customer data into a single, enterprise-wide view, making the information available across contact points. AccessAnywhere can help you:

• Remotely access customer and product data more effectively to cross-sell to customers at point of contact.
  
• Gain quick and easy remote access to accurate, standardized client data to provide more efficient customer service.
  
• Remotely customize products that match the financial needs of your customers for a competitive advantage.
  
• Know the customers' financial needs to respond quickly to changing market conditions and new opportunities.
  
• Decrease time spent on customer questions and issues to reduce administrative expenses.
  
• Achieve customer personalization to improve customer retention.
  
• Consolidate customer data from different organizations after mergers and acquisitions

Maximize your ROI

AccessAnywhere can help:

• Reduce costs associated with client management and retention.
  
• Provide greater efficiencies in dealing remotely with customer questions, reducing administrative expenses.
  
• Increase cross- and up-selling to clients by remotely accessing customer and product data more efficiently.
  
• Sharpen market segments, allowing you to target high-value relationships.