Who's Buying What
Recent deals for technology software and services
Insurance Networking News, 02/01/2011
Royal Neighbors of America Picks StoneRiver
Royal Neighbors of America, a Rock Island, Ill.-based non-profit fraternal organization, will use Oakland, Calif.-based StoneRiver's Life Portraits ES e-Application and LifeSuite automated underwriting solutions to improve the efficiencies and speed of new business processing, the companies report. The solution is described as moving information from point A to point B without interruption, error or human intervention, eliminating cost in time and business.
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StoneRiver says that prior to this project, Royal Neighbor's underwriting had been a labor-intensive process, and an automated underwriting system with a rules engine was needed to improve the underwriting and new business processes. LifeSuite enables Royal Neighbors to build rules over time.
StoneRiver says it implemented the LPES e-Application module to match Royal Neighbors' applications, which ensures a high level of agent adoption, speeds application data gathering and submission, and delivers In Good Order applications via ACORD Data Standards.
Everest National to Use ClaimCenter
New York-based Everest National Insurance Co. will use Guidewire ClaimCenter as its claims management solution for its commercial lines' claims, says San Mateo, Calif.-based Guidewire Software.
HCL Technologies teamed with Everest National and Guidewire Professional Services to deliver this project, with 13,000 claims converted during the course of the project, according to Guidewire.
Everest National selected ClaimCenter for its functionality and configuration ease, enabling rapid system changes by Everest National staff, which has deployed four additional post-production releases since initially going live with ClaimCenter, says Guidewire.
Guidewire also says ClaimCenter enables Everest National to be more responsive to its business users by enabling them to capture more and better data; and provide better operational reports and on-line management tools.
Hyundai Marine & Fire Taps SAS to Detect Fraud
Hyundai Marine & Fire Insurance Co. Ltd., Korea, will deploy a new fraud detection system that has been built with software from SAS, a Cary, N.C.-based provider of business analytics software and services.
Hyundai M&F established a strong foundation for preventing costly fraud by implementing a fraud detection system developed by SAS that not only prevents claims fraud but will help enhance customer satisfaction and improve premium payment processing, thereby protecting its most profitable customers.
Hyundai M&F's SAS fraud detection system combines business rules based on the experience and knowledge of its investigators with model rules generated from data extracted from various IT systems using SAS advanced statistical techniques. The models are applied to insurance claims, delivering results to claims investigators in real time. The system also monitors the performance of these rules, enabling the company to quickly modify existing rules or generate new ones. The predictive models enhance the process of fraud detection so Hyundai M&F can detect insurance fraud not just after it occurs, but prevent a fraudulent claim from being paid.
"With SAS providing the foundation for advanced insurance fraud management, we can maintain consistent and transparent criteria for investigation, automate the scoring system, and respond swiftly and flexibly to investigations and operations of the organization," says Cheol-woo Lee, the Hyundai M&F Claim Investigation Department team leader who oversaw the project. "In particular, this will improve the efficiency of investigation personnel who collect and analyze evidence data for suspected insurance fraud, preventing payment of unjustified claims, while protecting honest policyholders from insurance fraud."
The project has been carried out in three areas: a fraud pre-detection system to help investigators judge the possibility of fraudulent activities using statistics-based model rules and business rules; a fraud post-detection system to detect afterward the characteristics of certain groups not detected with the pre-judgment model; and a risk mart to generate data for prejudgment and post-judgment models.
Shelter Insurance Selects CSC Billing Systems
CSC licensed its Exceed Billing software to Shelter Mutual Insurance Co., Columbia, Mo., to boost the cost-effectiveness of its billing services to insurance customers in more than 12 Midwestern and Southern states.
Under the 11-year agreement, Shelter Insurance will implement Exceed Billing, Exceed Disbursements and Exceed Financial Integrator for all lines of business, including life insurance, and personal and commercial P&C insurance, according to CSC.
CSC says that Shelter Insurance chose Exceed Billing to replace an existing P&C legacy system, and will integrate it with multiple policy administration systems, including CSC's CyberLife software for life insurance administration.
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