CodeObjects (Milpitas, Calif.) has launched InsuranceEnterprise a comprehensive cloud-based P&C insurance solution that delivers not only core policy, billing, claims and rating functionality via the cloud, but also all ancillary functions within the insurance processing chain, as CodeObjects CEO Anil Annadata related to Insurance & Technology at the annual IASA Educational Conference and Business Show at the San Diego Convention Center.
Insurers' use of the cloud has largely been limited to either non-core functions or to applications based on private cloud provisioning, owing to concerns about the exposure of sensitive data, but CodeObject solves that concern by segregating each customer's data into dedicated databases, according to Annadata.
InsuranceEnterprise enables carriers to configure products, rates, rules and documents to go live in less than 90 days because the application is always available and ready to use in the cloud, Annadata explains. Furthermore, the solution goes beyond core processing to include all aspects of a P&C insurer's processing environment, including agency upload/download, content management, document creation, CRM, business intelligence, predictive analytics, third-party consumer reports and credit card/payment processing capabilities.
"This latest product release from CodeObjects is a big deal for the industry," comments Deb Smallwood, founder of Strategy Meets Action (SMA, Boston). "InsuranceEnterprise is one of the first SaaS core system offerings that is SOA-based. This provides agility and flexibility that will set a new bar for speed-to-market." CodeObjects was influenced to move in the direction of a cloud-based, SaaS delivery model when, during 2010, the vendor noticed that almost every RFP it received from the midsized market it targeted inquired about cloud-based delivery, according to Annadata. Though he asserts that InsuranceEnterprise can offer significant value to any P&C carrier, CodeObjects' initial target market will be small to midsized personal lines auto carriers. He says that InsuranceEnterprise addresses a critical and urgent challenge need for such carriers: rising operational costs and exposure to adverse selection.
"InsuranceEnterprise empowers these carriers with the right technologies and rich functionality at an affordable cost, with quick implementation, enabling them to effectively compete with the largest insurance carriers in the industry, notes a CodeObjects statement.
The RFPs that CodeObjects sales force have seen foreshadow an industry trend, suggests Chad Hersh, a partner with research and advisory firm Novarica (New York), who comments: "As full configurable solutions such as CodeObjects InsuranceEnterprise enter the market with true SaaS offerings, we believe that insurers will finally start to adopt SaaS on a broader scale for core systems."