Connecting the Business & Technology Communities

Who Said it?

Initial resistance to—and fear of— the new system was our primary challenge.

July/August 2010 Volume 13 Issue 8

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www.insurancenetworking.com

STP Staking a Claim

By Bob Violino

>>STRAIGHT-THROUGH PROCESSING

ONCE PERSISTENTLY ON the horizon, straight-through processing is now reality for insurers. This is especially so within the claims area, where carriers such as The Motorists Insurance Group and Kansas City Life, use STP solutions to improve productivity and ef;ciency.

Formerly manual work;ows
are now automated and pro-
cesses that used to take days are
often resolved in minutes.
Over-loaded adjusters are freed
from the mundane to concen-
trate on the most exceptional
or suspicious claims.

Using Analytics to
Augment Underwriting

By Ed McKinley

>>UNDERWRITING

AS ASSAYERS OF RISK, underwriters have always depended on a mix of tools, experience and intuition to match price and risk. Now, as predictive technologies mature and penetrate the enterprise, new levels of pricing precision are possible.

Yet, incorporating pre-
dictive analytics into a long-
established, well-functioning
underwriting operation is no
small undertaking. Indeed,
adopting the technology itself
may be the easiest part, as a
host of data and personnel
challenges are commonplace.
For example, underwriters ac-
customed to manual processes
may find themselves ill at
ease with highly complex risk
models. Elsewhere, IT staff
may be pressed to elicit data in
myriad formats from a variety
of legacy systems and third-
party sources.