Vendor Developments

FirstBest Granted Two Tech Patents

February 1, 2012

FirstBest Systems Inc., a provider of insurance software solutions for insurance carriers, has been awarded two patents by the United States Patent and Trademark Office.

FirstBest says the patents include systems and methods delivered in the FirstBest UMS underwriting management system and agent/broker portal, related to underwriting authority management, automation and real-time collaboration. The protected innovations, core to the company's Front Office Suite for insurance, help insurers drive revenue growth and increase profitability across the enterprise, while improving ease of doing business with the distribution channel.

FirstBest says the two patents, numbers 8,073,716 and 8,073,717, include business-centric systems and methods that power Front Office Suite, such as the suite's real-time collaboration, underwriting notes, concurrent editing of the application and managing changes, and the Configurator's ability to maintain forms and rules using an intuitive business analyst user interface.

iPipeline Infused with VC Dollars

January 20, 2012

iPipeline, a provider of on-demand marketing, selling and processing solutions for the insurers, distributors and producers, reports that Technology Crossover Ventures (TCV) of Palo Alto, Calif., a provider of growth capital to technology companies, has made a “significant” investment in the company. TCV General Partner Robert Trudeau will join iPipeline's board of directors. TCV joins NewSpring Capital and Volition Capital as lead investors in iPipeline and as members of its Board of Directors.

According to Tim Wallace, iPipeline’s CEO, TCV has a record of investing in companies in the software and technology sectors including: ExactTarget, Expedia, Facebook, FX Alliance, Green Dot, Groupon, MarketAxess, Netflix, OSIsoft and RiskMetrics.

“Our goal is to assume a similar leadership position for the international insurance industry," said Wallace. "Our ability to aggressively invest in customer support, product development, and the expansion of our sales and marketing resources will enable us to better support the needs and success of our customers. The acquisition of companies in the United States and abroad and organic growth remain key components of our growth strategy."

Currently, iPipeline's on-demand platform is accessed by a customer network of 120 carriers, 1,200 distributors and 400,000 financial professionals and advisors. Platform solutions include: CRM, Forms, Quotes & Illustrations, iGO e-App, Agent Management, e-Policy Delivery and Policy Holder Services.

Priority Data Expands Presence

December 21, 2011

Priority Data has added four township mutual partners in Minnesota. In October, Priority Data launched Farm and Home quoting for North Branch Mutual. The company says it also has signed agreements with Sverdrup Mutual, Madelia-Lake Crystal Mutual, and Has San Lake Mutual to launch quoting, rating and underwriting solutions in the first quarter of 2012.

These four companies join Norwegian Mutual as Minnesota township mutuals that have partnered with Priority Data for fully web-based agent quoting and underwriting solutions, says Priority.

Priority says it has customized the Agent Rating solution to handle the unique packaging approach of township mutual insurance companies in Minnesota. The agent is presented with the fire rates from the township mutual, combined with the wind, liability and inland marine rates of their statewide packaging company or companies.

Priority says partner Remington Farmers Mutual in Indiana launched Agent Rating for Home and Farm quoting on December 1. Remington Farmers Mutual’s solution integrates credit scoring via LexisNexis and e2Value’s replacement cost estimation solutions for dwellings and farm outbuildings.

Priority says it expects all new partners to have their solutions in production with their agents in the first quarter of 2012. In addition to Agent Rating, Priority provides Consumer Quote, an online consumer-facing quoting solution for insurance carriers and full business process outsourcing (data entry, scanning and mailing) for a variety of industries, including insurance, retail, law, government and non-profits.

Forrester Names edge IPK Vendor to Watch

November 29, 2011

In a new report, Forrester Research Inc. identified edge IPK, the provider of edgeConnect, an insurance user experience platform (UXP) designed to provide the optimal user experience to any insurance user, through any device, browser, and language, as a vendor to watch.

“Insurance business leadership depends on enterprise architecture teams scanning the landscape for more efficient and effective ways to deliver what the business does,” noted Forrester senior analyst Ellen Carney in the report "Emerging Technology Vendors That Insurance Enterprise Architects Should Watch In 2012."

The vendors recognized in the report provide emerging technology solutions that are relevant to enterprise architectures in the property and casualty, life and annuity, and health insurance markets, notes Forrester. These vendors’ technology offerings are helping insurance IT deal with a variety of business pressures.

Forrester noted the importance of the user experience in determining an insurance company’s success. “The problems of application silos continue to plague the insurance industry. Call center reps and desk adjusters spend hours jockeying between applications and screens. Agents’ portals often don’t provide access to business functions that agents need to answer their customers’ questions,” said the analyst firm in its report.

“We appreciate when industry analysts, like Forrester focus research on what’s new in insurance technology and encourage the industry to take a closer look,” said Wendy Aarons-Corman, edge IPK’s North American president. “Insurers recognize the value of a high quality and highly personalized experience for all users – whether internal to the organization or external to existing and new distribution channels. Insurers are recognizing the need for a new approach to delivering functionality to the Web and the wide-range of devices now in use. User experience platforms are an attractive alternative to custom code and one-off vendor applications.”

Yodil Builds OneSource for Affirmative Insurance Holdings

November 28, 2011

Yodil Inc., a provider of business intelligence, data analytics and management reporting to the insurance industry, has developed OneSource for Affirmative Insurance Holdings Inc., a writer of non-standard auto coverage. According to Yodil, OneSource is now in live production and interfaces with Affirmative's multiple systems to rate, quote and sell auto, home and ancillary products.

Yodil says OneSource provides the ability to build custom quote presentations tailored to customer needs, to compare and recommend up to three carrier policies, and to adjust agency-based financing offers accordingly.

In addition, Yodil says the product also manages alerts, reminding agents if customers owe money on policies, letting managers know when they need to take action on a policy or review the discounts offered; provides information about the quotes offered, recommended and sold by each agent; and uploads finance documents at time of sale, or sets a reminder to upload documents at a later time.

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