Sapiens International Corporation today introduced Sapiens DECISION for Insurance, at the ACORD LOMA Insurance Systems Forum in Las Vegas. DECISION for Insurance is a business decision management solution (BDMS) that the vendor says is designed to enable carriers to build, maintain and leverage a centralized repository of reusable business rules and logic to provide a single source for enhanced business decision making, easier compliance, better governance and improved efficiencies. Sapiens can be found on the ACORD LOMA show floor at booth 551.
By treating business logic as a corporate asset, separating the logic from the process, and consolidating all of the rules into a central, audit trail-supported repository, DECISION for Insurance gives the carrier full control of decision execution throughout the enterprise, and consistency across multiple systems, according to a vendor statement.
DECISION for Insurance addresses a growing challenge to manage the growing volume of business rules within the insurance enterprise, according to Karen Furtado, partner, SMA. The emergence of configurable insurance systems has made it easier for insurers to construct rules, but that advantage simultaneously raises problems with tracking and maintaining rules, Furtado acknowledges.
"We went from code to rules engines, and today you will see rules built on rules, often without adequate understanding and control of downstream interactions," Furtado coments. "With a solution like DECICIONS you’re able to document and track the rules."
"Now that we have everything documented in rules engines, the next challenge for the industry will be to gain visibility into the rules," Furtado adds. "Today, when they may be implemented across multiple systems, it can become mind-boggling to track all the rules."
Sapiens identifies several highlights of DECISION for Insurance, including the following capabilities:
• Provide consistency of business rule application throughout the enterprise;
• Increase speed to market with new product via re-use of existing decision logic;
•Monitor and test the logic that informs underwriting eligibility rules;
• Identify business transactions that should flow straight through policy administration systems and provide clear business reasons for those that will fail;
• Ensure rating rules are grounded in core business decision logic based on the rigor of The Decision Model methodology;
• View rules that drive the claims assignment or escalations process to determine where workflow bottlenecks occur;
• Provide business intelligence for better fraud detection based on results traced back to the business logic;
• Provide an independent solution that seamlessly integrates with existing infrastructure, business rule engines and business process solutions.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio