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 ...
90% say Salesforce is more valuable to their companies today than it was one year ago. But what are the best companies doing?
Based on data collected from hundreds of salesforce.com customers and analyzed in collaboration with MIT Sloan, this report cuts through the hype, exposes budget and product trends, and proposes the biggest opportunities for customers.
•90% say Salesforce is more valuable to their company today than ...
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 ...
To engage the always-on customer, insurance providers, agents, and brokers alike must provide a personalized experience, deliver overwhelming convenience, and uphold a constant drum-beat of innovative offerings and services to keep their customers.
For the insurance industry, this means continually evaluating existing technologies and processes to ensure that exceptional customer experience is delivered. Archaic, transaction-based systems are now giving way to agile solutions that enable real-time responsiveness. With improved internal transparency and data ...
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 ...
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 ...
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 ...
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 ...
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
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.
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.
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) ...
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 ...
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 ...
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 ...
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.
July 2013- IT Influencer Brief: Automating Producer Lifecycle Management, A Roadmap for IT would help IT influencers quickly identify how they can best support their business users, and remove typical IT pushback hot buttons like "we can build it ourselves" and "this is yet another add-on system that's going to take way too much of our time and money to support". By making the case for a SaaS-based,automated PLM application that seamlessly integrates with and drives ...
Despite investments in the latest claims management systems, data warehouses and analytical tools, you are overlooking valuable information hidden away in free form text fields such as claims adjuster notes and documents in electronic formats such as PDFs.
This white paper demonstrates how insurance companies can access and analyze the 50%+ of your claims data that is just out of reach.
• Reduce annual claims and LAE costs by millions of dollars<...
February 2013- This whitepaper from Strategy Meets Action (SMA) focuses on superior customer communication's role in capitalizing on the changes that are occurring in the life insurance industry. The twin pillars for profitable growth - new customer acquisition and improved retention - depend on high quality customer communications. This is not a case in which technology advancements fall short of needed solution requirements. The automated tools are in place. The capabilities for supporting the creation, management, and ...
After investing millions of dollars and countless hours over multiple years to implement, is your claims management system providing the information and analytical capabilities that you need?
By analyzing adjuster notes and content in electronic documents - the 50%+ of information that is often overlooked by a claims management system - you can gain unprecedented insight into your claims operations.
Read this paper and learn how to leverage this information to reduce ...
Why are you making decisions with information based on only 50% of data available in your workers' compensation claim files?
Read our white paper and learn how to automatically pinpoint indicators for drug abuse, obesity, malingerers and other red flags across all of your adjuster notes and free form text fields.
Reduce costs by identifying people pre-disposed to
longer-than-needed recovery periods
Enhance client satisfaction by speeding return-to-work
February 2013- As insurers work to achieve self-sufficiency, they need to proceed with eyes wide open. They should be well prepared, and take stock of both their organization, and the vendor's organization and solution offering.
November 2012- This report takes a look at UNIT4 and how the company's financial solution Coda Financials enables the financial executive to have a no-compromise approach to financial modeling and applications choice i.e. adding, keeping or changing business applications without losing control or increasing the risk of non-compliancy.
This white paper features insight from the UNIT4 group (which includes the CODA Financials software suite) about the issues facing companies that need an adaptable financial system but not necessarily a full-blown enterprise resource planning (ERP) solution.
Also featured in this white paper: TEC's suggestions for identifying financial system functionality that will support your organization's changing processes. The latter portion of this white paper includes a descriptive checklist for soliciting such information about ...
November 2012- This brief helps IT influencers quickly identify how they can best support their business users, and remove typical IT pushback hot buttons like “we can build it ourselves” and “this is yet another add-on system that’s going to take way too much of our time and money to support”, by making the case for SaaS-based, automated PLM application that seamlessly integrates with and breathes new life and up-to-date producer data into entrenched legacy systems
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INSURANCE: Architecture/Infrastructure, Claims, Customer Insight/Business Intelligence, Distribution, Management Strategies, Policy Administration & Management, Regulation/Financial Systems, Security/Risk Management