A press release by Gartner Group on April 5th, 2010 outlined top technologies that impact property and casualty insurance. Synergize from Microdea is a proven document management and process automation platform that complements these top technologies, by acting as a back bone that supports each of them with information, security and automation.
1. Claims Management Systems
“The adoption of these systems by personal and commercial P&C insurers can provide significant value, including reducing the total cost of ownership when legacy systems are decommissioned, faster rules and workflow changes, easier integration with surrounding systems and improved long-term maintenance.” *
• Synergize integrates with Claims Management Systems, which enables company administrators to access and process documents in a timely and predictable manner. Microdea’s Synergize software additionally offers a suite of workflow and process management tools to ensure policy documents and client correspondence are handled securely and consistently in accordance with corporate best practices.
2. Web Services and SOA Tools
“The use of Web services/service-oriented architecture (SOA) enables companies to deploy services instead of using one-to-one integration. These technologies will help insurers improve their straight-through processing (STP) capabilities and reduce integration costs.” *
• Synergize provides integration for Web services/service-oriented architecture (SOA), enabling insurers to connect services for seamless processing, no longer rely on hard-code integration between systems, and reduce their integration costs.
3. Business Intelligence and Analytics
“P&C insurers are increasing their focus on improving how data is used and the value derived from past investments in data warehousing. The outcome will be improved risk management, compliance/reporting and customer intelligence.” *
• Synergize provides Service Level Agreement (SLA) tracking and workflow reporting to give management an overview of business processes and increased visibility of users and their tasks. Insurers are able to more effectively monitor their operational efficiency, compliance status, and service levels. For instance, the claims and underwriting cycles can be measured and metrics can be established to ensure the process is functioning at maximum efficiency and all personnel are fulfilling their duties by a pre-defined schedule.
4. BPM Solutions Including Workflow and Rule Engines
“The use of BPM suites will result in insurers being more customer-centric, driving improved user experiences through the Web channel, faster transaction processing, staffing productivity improvements, lower cost of transaction processing, more-consistent decisions, improved risk management and improved customer service.” *
• The Synergize solution includes a fully integrated enterprise-class workflow and business process management (BPM) solution that is designed to easily and quickly automate data and process flows, and inter-connect processes, applications and workflows using industry standards. With Synergize Process Server, insurers are able to implement consistent, streamlined and reliable process automations to reduce transactional costs, enhance productivity, and improve customer service.
5. Portal and Internet Technologies
“The use of portal technologies for agents and policyholders is critical as a means to offer access to sales/customer service systems, corporate information, and data.” *
• Synergize has open API’s to connect with portals enabling agents and policy holders to have access to all associated documents stored in a secure virtual repository, including claims, contracts, transactions, ID’s, etc. Operational efficiencies are increased resulting in reduced costs and improved customer service.
* Gartner Press Release, April 5th, 2010