San Francisco, Calif. — Exigen Group, a global provider of business process optimization technology and services, today announced the availability of the latest version of the Exigen Insurance Process Backbone (IPB). Enhancements include an ACORD-based business object model along with a modern component-based, services-oriented architecture that enables end-to end business process optimization and seamless integration with legacy insurance systems of record. IPB's new policy, sales administration, claims administration, billing and payment processing, and customer service and support components enable end-to end processing for property & casualty and life insurance lines of business.
"Insurers will need to find new and innovative methods to leverage their investment in legacy systems while optimizing business transactions. Taking a services oriented approach mixed with process modernization will enable insurers to improve these transactions plus reduce operational costs simultaneously," stated Kimberly Harris-Ferrante, research vice president with Gartner. "Business process management approaches will help companies drive greater return on equity by improving new business, underwriting, claims servicing, policy administration, and billing processes."
Karl Uphoff, Chief Technology Officer of AIG's Private Client Group said, "We are moving quickly to support new and existing customers, and our reliance on aging technology can't hold business back. Modernization of core systems allows our organization to quickly support new products and customers, while maintaining our current systems, and enabling new process rules and user interface agility to support our business needs now."
"Insurance Process Backbone's services-oriented architecture is designed to quickly aggregate and integrate disparate legacy insurance industry systems," said Jim Logan, general manager of Exigen Group's Insurance Industry Group. Logan continued, "As part of our surround and replace strategy, the new Insurance Process Backbone enables our insurance clients to modernize the front-end of core systems thereby eliminating the need for their immediate replacement."
Exigen's Insurance Process Backbone is a business process management (BPMS) suite that includes:
Business Object Model to create ACORD-based information
Process Control Services to manage policy and claims processes and task flows
Decision Services that provide quote, underwriting, trailing documentation, adjudication and other insurance-specific business rules engines from user-defined templates
Workspace Services to generate adaptive roles-based user interfaces or portals for brokers, agents, call center reps, underwriting, management and other personnel supporting end-to-end insurance processes
Channel Services to support all types of customer interactions, including ACORD forms, fax, e-mail and web services
Integration Services to integrate and leverage existing systems data and transactions
Business Activity Monitoring for real-time operational analytics and reports for customers, departments, processes and profitability
Security Services that easily integrate with existing security and entitlement systems
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