In recent years, insurers have recognized that many of their key business problems-excessive time to market, inability to serve new distribution channels, lack of insight into operating data for regulatory and business planning purposes--can be in large part traced to their policy administration system. The existing systems are so fragmented that they require special user interface for each specialty user. This problem becomes even worse, when mergers and acquisitions takes place.
Older systems often pose a great threat to product innovation and operational efficiency. Companies spend huge amounts of dollars to maintain these cumbersome systems. According to LIMRA research findings, a record number of agents are leaving their longtime employers to new places where they can be more productive to make higher commissions. As a result many big insurance companies are facing attrition in revenues.
With the help of EAIF(e-cognosys agile insurance framework), we can help insurance companies elevate to modern enterprise service-oriented-architecture(ESOA) to seize the market opportunity. Returns from well planned, successful consolidation projects onto modern platforms are often significant, as straight-through-processing (STP) becomes a reality, processing times and error volumes plummet, and call center volume drops among other benefits.
e-cognosys's agile insurance framework (EAIF) consists of :
• Distribution Channels
• Customer Intelligence
• Insurance Business Core Components (Policy Administration, Underwriting, Calims, Agent collaboration, Billing, Customer Service, Application & Forms, Product
• Enterprise Collaboration Components
Some of our other focused areas are:
• Multi-Channel access of policy information to agents and policyholders
• Develop seamless, unified claims-processing system
• Develop a single application through which any employee or agent can access any claim or policy information from any location
• Develop a unified billing system
• Develop an insurance company portal
• Develop an agent portal for operating edge
• Create Data Warehouse and Business Intelligence solutions for better customer insight and smarter decisions. This includes BPM, BAM, KPI, CRM and RISK analytics.