Insurers contemplating policy administration replacement should have a clear view of the capabilities and the level of sophistication required to provide competitive advantage, as well as the implications of change.
By Mike Kulp, Xuber Insurance Software | July 18, 2013
The entrance of Berkshire Hathaway, Warren Buffet's insurance holding company, into the U.S. commercial excess and surplus market will involve a greenfield technology implementation. What should management's top IT priorities be?
The Ben Franklin-founded company set out to find a core systems solution that could meet expectations of producers and insureds for service and information access, while providing internal process efficiencies and continual upgrades as technology advances.
Built around the vendor's Quicksolver core platform, Quicksolver Connect is a virtual shopping mall of pre-integrated, web-deployed software components enabling a best-of-breed approach to meet insurers' specific needs.
Guidewire has characterized the deal as providing the ability to help customers to accelerate replacement of their legacy core systems and to improve management of operational data in their policy, billing, and claims functions.
OMSNIC will use Accenture's Policy Administration, Billing and Claim Components software in order to create a single integrated solution for rating, quoting, underwriting, billing, claims administration and policy lifecycle support.
By consolidating business rules into a central, audit trail-supported repository, DECISION for Insurance is designed to give carriers full control of decision execution throughout the enterprise, and consistency across multiple systems.