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Turning the Threat of Insurance Fraud into an Opportunity [ Source: BAE Systems Applied Intelligence ]

February 2015- Insurance fraud is a problem that is being compounded by public perception: for 'normal' citizens, insurance companies are acceptable targets, and for hardened criminals, insurance companies are easy targets. It's a problem that's intensified by financial challenges: the environment in which insurers operate today simultaneously makes the goal of profitability more important and yet more distant. And it is a problem that's exacerbated by the volume, velocity and variety of data available: data which is ...

The Potential of Location Based Data and Geographic Information Systems in Insurance [ Source: TCS ]

January 2015- Location-based data is a foundational element in underwriting risk analysis. Underwriters utilize it to understand the nature of the exposures present, to visualize and quantify the perils that threaten the insured property and to obtain rating values with which to quantify pricing to properly compensate the insurer for providing indemnity to the insured. The need for current, precise and rich location - based data is ever increasing for the insurer.

Are Insurers Ready For The Nextgen Digital Consumer Experience? [ Source: TCS ]

January 2015- Insurers have embarked on an aggressive digital transformation journey to in order to deliver superior omni-channel experience. This white paper, explores how insurers must leverage combinatorial innovation in new and creative ways, while driving business model innovation and shifting from a product to a customer and service focus.

Data in the Digital Era [ Source: TCS ]

January 2015- Data is not a new proposition or challenge for insurers. However, in today's data-driven digital era, insurers need to think of data differently as they embark on their digital transformation journeys. This whitepaper describes how insurers are using data in each line of business in this new digital era. The paper discusses the use of an outcome-driven approach to define data strategy and develop a holistic view of the customer.

Investigative Analytics: An End to the Era of Uncertainty [ Source: Raytheon ]

December 2014- Why are effective incident responses - those which not only "fix" the current compromise, but incorporate lasting, corrective measures to avoid future attacks taking so long? A lack of clarity has emerged as the primary, driving factor. On the technical side, organizations still deal with a mishmash of siloed systems that can't "talk" to each other.

The co-authors of this white paper, are chief information security officers (CISOs) representing the financial sector. In ...

The Social Marketer vs. the Social Enterprise [ Source: Dell ]

December 2014- Social media efforts in financial services institutions are typically marketing-led initiatives that focus on branding and customer awareness without sufficient attention to ROI, according to new research from UBM Tech. The survey of professionals in banking, insurance, and capital markets, sponsored by Dell, set out to answer key questions on social media use in financial services. A minority of the financial institutions that responded are taking a broader, enterprise view of social media that seeks ...

An Innovative Testing Framework for Insurance [ Source: Dell ]

September 2014- Insurers, like any other service-based businesses across the globe, can face many challenges when testing. With frequent changes in the insurance regulatory framework and increased focus on innovation and launching new products to fuel business growth, many insurers are focusing on improving testing strategies, which can catch errors early in the development phase and significantly reduce production costs. Read how Dell Insurance Services created an innovative testing framework that seeks to improve the quality of ...

Transforming Enterprise Applications for Mobile/ BYOD Environments [ Source: Dell ]

September 2014- Preparing enterprise applications for the increasingly diverse array of mobile devices used for business purposes is a key challenge for insurance and other financial services IT groups. Many organizations are having to rapidly expand their mobility programs to enable more users to access enterprise applications and data from a wider range of devices. Apps development must also support a variety of operating systems, form factors, user preferences, methods of interaction and security requirements. As organizations ...

Mobility: Going Your Way
(Reprinted from Dell Power Solutions article by Anna-Lee Muck and Sean Wisdom, Dell)
[ Source: Dell ]

September 2014- Constant connectivity is the new norm - causing a shift in worker expectations that may not align with enterprise requirements. An effective mobility strategy empowers users and improves business performance without compromising essential IT controls. Mobile-device use is also transforming today's enterprise computing landscape for insurance providers and other financial services organizations. Employees and business leaders expect constant connectivity, diverse collaboration tools and on-demand access to enterprise applications and content.

An adaptable, end-to-end ...

Dell Application Modernization Services for Global Financial Companies: How to Cut Infrastructure Costs by 1/3 - Watch the Video [ Source: Dell ]

September 2014- With a market capitalization of more than US$6 billion, Singapore Exchange (SGX) is among the world's largest exchanges and is Asia's second-largest listed exchange. SGX needed to enhance operating efficiency and update its mission-critical security clearing, settlement and depository applications. To achieve that, the company selected Dell's Application Modernization Services and mainframe re-hosting technology to migrate its entire mainframe environment. The global exchange migrated its entire mainframe environment (including key applications, third-party tools and utilities, ...

Leveraging Business Intelligence to Improve Claims Performance and Results [ Source: Systema Software ]

October 2014- There's a wealth of information trapped in claim systems and operational databases. Business intelligence tools hold the key to unlock the insights executives need to reduce claims costs, optimize efficiency and enhance customer service.

Industrialization of Business Operations in the Insurance Industry [ Source: Genpact ]

July 2014- Many insurance organizations are grappling with an uncertain economic and investment environment, changing customer needs, and increasing regulatory scrutiny. They are seeking new ways to improve revenue, capital utilization, risk profile, and ultimately profitability all while controlling costs.

Global Business Services (GBS) is a more "industrialized" target operating model that many insurers are turning towards. This evolution of shared services with a larger global footprint serving multiple functions, helps streamline processes by leveraging ...

Salesforce Cloud Governance : Innovating at the Pace of Business [ Source: Bluewolf ]

July 2014- IT Governance is a framework designed to ensure that technology investments generate business value and mitigate risks. The problem with governance in the on-premise world is that it typically drives a wedge between the two departments it is designed to serve. The business gets frustrated with IT's slow moving progress, and IT feels alienated when the business sees them as a barrier to progress.

Enter Cloud Governance, a legacy strategy that ...

Stepping up to the plate: Fraud detection in service of the greater good [ Source: BAE Systems Applied Intelligence ]

May 2014- Claims fraud is known to be a debilitating problem for the profitability of insurance companies (Aite Group estimates claims fraud in the P&C industry alone costs the US insurance industry $64 billion a year) - but what about for the general public? The Insurance Research Council points out that up to one in four Americans sees it as acceptable to exaggerate their insurance claims to compensate themselves for previous claim-free years of premium payments or ...

The need for advanced operating models in the insurance industry [ Source: Genpact ]

May 2014- A recent survey by the Everest Group and SSON asked 650 executives their approach to shared services and outsourcing. While respondents generally agreed on three areas of focus - process changes, analytics and global delivery - they placed very different priorities on them. Those from the Insurance vertical are dealing with trends such as customer empowerment, use of alternative capital and a multitude of regulatory threats that collectively are driving them to adjust their business models ...

Four Imperatives for Establishing Investment Accounting and Reporting Best Practices [ Source: Clearwater Analytics ]

May 2014- More than ever, accounting and finance professionals operate within a very complex world. Accounting rules change. Markets swing. Prices move. Credit ratings shift overnight. Auditors scrutinize. At the same time, Boards must be briefed and they expect all portfolio data to be accurate-at their convenience. With growing investment balances across the industry, it's imperative that the relevant stakeholders have access to automated, consolidated investment information that is actionable and timely.

This white paper ...

The Advantages of Modernizing Investment Accounting and Reporting for Insurers eBook [ Source: Clearwater Analytics ]

May 2014- This eBook highlights a fresh approach to investment portfolio accounting, regulatory reporting and analysis-one that centers on using a Software-as-a-Service model as the new industry standard. It focuses on the challenges insurers face with regard to investment portfolio accounting and reporting, and a discussion of the advantages of a web-based solution. It also features short case studies highlighting insurers who have outsourced investment accounting and reporting, and realized dramatic improvements.

It's Time for ...

Leaky Risk: Hidden Losses that Cost Insurance Companies Money [ Source: Perceptive Software ]

April 2014- Your organization may be at risk because of issues that aren't on your radar but offer significant exposure."Leaky" Risk: Hidden Losses that Cost Insurance Companies Money, offers an industry veteran's perspective on how to identify potentially troublesome areas and use process and content management technology to mitigate the risk

Top 5 Ways Process and Content Management Helps Insurers Increase Profitability [ Source: Perceptive Software ]

April 2014- Discover how improved processes and better information access impact on your profits. 5 Ways Process and Content Management Helps Insurers Increase Profitability highlights how to get a handle on the complex, document-intensive processes that drive your business.

Data Integrity and Visibility that Turns Reform into Revenue [ Source: Infogix ]

March 2014- For health insurers, data integrity and visibility are key to successful integration with the Federal Marketplace. However, complex processes and trivial errors can lead to data gaps that impact revenue, profitability and member satisfaction. Adopting a standardized approach to data integrity early in the process is critical to successfully adapting to the technologies and processes of the Affordable Care Act.

Healthcare Reform Will Talk SMAC [ Source: ISG ]

February 2014- The Affordable Care Act creates a powerful set of incentives to expose and eliminate inefficiency and drive a transition from the existing fee-for-services model to bundled payments and outcome-based service delivery across treatments and supply chains. In this emerging environment, insurers will transform into true "wellness" companies, with a financial stake in improving the health of their covered populations.

The disruptive technologies of social media, mobility, analytics and big data and Cloud (SMAC) ...

SAP Circular Authority [ Source: SAP ]

January 2014- SAP Circular Authority for Insurance enables easy tracking and analysis of ISO Circulars in the Cloud. Insurance carriers can improve speed to market and reduce the effort required to analyze and interpret ISO circulars, which represents 32% of the of the overall circular adoption effort. SAP Circular Authority cloud-based solution also supports improved quality and compliance of an insurer's ISO-based products. Content is interpreted by ISO, delivered electronically, and presented in a business-friendly way. The overall ...

How Insurers Can Effectively Meet the Challenges of the ACA [ Source: Verint ]

January 2014- The Affordable Care Act (ACA) already has created a considerable amount of concern in the healthcare industry. It's also opening up new opportunities as well as significant business challenges for health insurance companies. Insurers need a means of:

Handling the influx of new members
Understanding the needs of these new members
Ensuring processes are in place to meet compliance and quality standards
Monitoring change as business models transition from an ...

Industrialization of Business Operations in the Insurance Industry [ Source: Genpact ]

November 2013- A volatile economic and investment environment, changing customer needs, and increasing regulatory scrutiny continue to push insurance companies to find new ways to improve revenue, capital utilization, risk profile, and ultimately profitability. As claims and expenses rise at a faster rate than premiums, and investment yields (and, often, spreads) decrease, insurers also cut costs. With the transformation of support operations across the industry, the traditional model of maintaining multiple or non-standardized back offices to support ...

Auto Insurance - Driving into the Sunset? [ Source: TCS ]

November 2013- In this white paper, we highlight how insurance companies must be able to change their systems and processes to develop and to accurately price new products and insurance packages. This will require agility in responding to the opportunities and insurers will need to evaluate their readiness to create and service new and relevant insurance products across all channels and proactively transform their new business and policy administration platforms.

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