Real Time Carrier Solutions
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Software company that provides multiple distribution automation solutions for the property and casualty insurance industry, including tools that enable online portals, book rolls, and real-time data uploads and connectivity. They have over 100 projects with 54 clients and are part of a larger $300M revenue group focused on the insurance industry. The document discusses the company's AgencyConnect product which generates standardized ACORD XML outputs from various inputs and helps insulate carriers from changes in the insurance technology landscape.
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Real Time Carrier Solutions
- 1. Real Time Solutions for Carriers
- 3. Who we are Software company with multiple solutions all dedicated to distribution automation within the P&C insurance industry Installed at carriers or hosted for them; white-labeled Enable portals, book rolls, upload and real-time connectivity 100+ projects across 54 clients, all act as references Part of the Sword Group, a global player with $300m in annual revenue; leading all Sword Group activities in the insurance industry
- 5. CIO Lays out Agency Interface Landscape
- 6. Our agents love our upload interface, right?
- 7. E-mail from agent to carrier
- 8. Better get my resume together…
- 10. What is AgencyConnect? XML Product Definition ACORD XML v1.17
- 12. AgencyConnect Roadmap AgencyConnect v4.0 released Jan 2010 Faster speed to market and better maintenance Lays groundwork for toolkit Supports Personal Package Upgrade of existing client from v3.x to v4.0 in Feb 2010 AgencyConnect 4.1 (Q2 2010) More vendors: Hawksoft, Applied EPIC support, ACS, Capital Rating More Transport: TransactNOW PL Submit support
- 14. Experienced
- 15. Knowledgeable
- 16. Many inputs, one ACORD XML output
- 17. Insulates carriers from changes in landscape
- 18. SOA architecture
Editor's Notes
- Talking Points:Single interface for handling the complexity and variation involved in integration with agency systemsFor any transaction (inquiry, real time quote, FNOL, endorsement, etc.)For any distribution channel (AMS, Applied, Nexsure, homegrown, Broker network, etc.)Adds value-added services into the interface chainTransformation & Normalization to ACORD XMLValidation & CorrectionData Augmentation/Defaulting Company uniques3rd party (MVR, Clue, etc.)Change ManagementAgencyConnect enables real-time transactions between company systems and the major agency management systems and comparative raters. Enabling these transactions improves a company’s bottom line in two ways:1) Agents don’t want to re-key information. Providing the ability to quote and ultimately submit information from their own systems as opposed to re-keying information in a carrier system is a big win for carriers.2) There is a tremendous store of VALUE within the management systems in the form of active insurance policies. A carrier that allows an agent to price an existing policy that’s coming up for renewal with just a few clicks has unlocked this store of value. (By the way, a company that has implemented download and not upload has just given an enormous gift to their competitors.)Maintaining consistency between initial quote indication and final premium determination requires company uniques or product information. AgencyConnect can serve as a single representation of product definition for all of a carrier’s agency interface pointsChange Management – lots of things can happen to information between the time it leaves a management system or comparative rater and the time a real time quote is returned to the agent or data lands in a point of sale system. AgencyConnect tracks and communicates the changes both systematically to comparative raters and point of sale systems and graphically to agentsSample flows:Real Time rating with agency management systemsReal Time rating with comparative ratersBridging to a POS or AgencyPortalBridging to a quote within a POS with AgencyConnect Interview