Salmon launches best-of-breed web-based Underwriting Solution

Tue,27 January 2004

Salmon Ltd, the IT services and consulting firm, today announced the launch of its new underwriting solution. Unlike traditional underwriting solutions, Salmon's is fully web-based and covers all the key elements of the insurance lifecycle with an integrated solution including claims, reinsurance and management information systems (MIS).

Already deployed at Illium and WR Berkley Insurance (Europe) Limited as part of business process outsource contracts with Xchanging, Salmon will now directly sell the solution to underwriters.

This will provide underwriters with a complete end-to-end capability that will increase efficiency and reduce costs through automation of the typically vast amounts of paper-based manual administration of policies that occurs today. The thin client architecture also means that an underwriting team is able to access the system from any location via the web. At the same time the solution makes the underwriting process far more transparent and accommodates peer and management approval, throughout the lifecycle.

The solution was developed by Salmon for Xchanging on behalf of PRI (now part of Brit Insurance Holdings PLC) and is also already in use at Illium and WR Berkley. From January 2004, Salmon will offer the solution direct to the London insurance market, as well as globally through the company's New York and Sydney subsidiaries. This will form part of a best-of-breed underwriting offering that can be deployed within an extremely short deployment timeframe, and includes the build, integration, implementation and support of the underwriting system.

A key feature of the solution is the integrated expression analyser that facilitates accurate premium calculations and system validation. Importantly this can support all classes of business as well as wholesale, retail and direct markets in addition to 100% and subscription business. This will mean that insurers will not be prevented from moving into new classes or lines of business due to the vast amount of time it traditionally takes to make the necessary modifications to their IT infrastructure. Moreover, the Salmon solution allows the insurance company to make the necessary changes themselves, as opposed to relying on third party software or services companies.

As one of the first insurance underwriting systems in the industry to be truly web-based, underwriting firms will be able to dramatically reduce fixed costs associated with traditional policy and claims administration. These cost savings are possible because the underwriting solution is integrated with other key insurance areas. Normally, information is passed between disparate systems and is paper-based, requiring manual input at each end leading to duplication of policies and claims across multiple back office systems. This is all eliminated within the Salmon solution.

This process automation is not only a significant step towards streamlining many insurance processes, but also creates greater efficiencies for insurers by reducing error rates caused by manual inputting. Greater accuracy and reduced errors in policy creation will also assist insurers in their quest to obtain better management information and increased visibility of policies and claims throughout their life cycle. The solution also includes a MIS and reporting module to facilitate management reporting.

The application's fully integrated web-based J2EE architecture enables insurers to deploy a fully distributed and thin client solution. Underwriters are able to use the system on any browser, at any time, in any location, without having to rely on a 'thick' client, two-tier application with pre-installed software, add-ons, plug-ins or applets. From an underwriting firm's perspective this means that individual underwriters can be empowered quickly and easily, whilst control and visibility is increased. In addition, the integration of Salmon's underwriting solution with new or pre-existing complimentary applications can be facilitated far more quickly and easily due to the extensive use of J2EE and open standards.

Web-based access also extends to the broker community. Brokers can be provided with controlled access to the underwriting system so that they can directly enter risks, and also check progress on a claim for a client at any time. This enhances collaboration between brokers and underwriters whilst allowing the broker to run their own reports from the underwriting solution for accountability and audit purposes.

Another salient feature of Salmon's insurance solution is the document generation engine. This automatically builds quotes and subsequent policy documentation and also links to a dedicated repository, reducing paper based processes and eliminating human error. The solution can also be fully integrated with the Xchanging Market Repository facilitating improved claims processing in a timely manner. These facilities allow the insurer to store, retrieve and print documentation at the click of the button, and be far more accurate, accountable and dynamic at information recording and sharing.

The underwriting solution supports varying levels of automated security access. This prohibits underwriters from accessing client details they do not work on and particular actions or activities can be escalated to other users with the appropriate sign off authority. In this way visibility of each individual underwriter or team of underwriters is increased, and management by accountability can be introduced. Similarly, each underwriter can customise document production and automated quotations within set parameters to ensure all necessary rules and regulations are adhered to on a case-by-case basis, whilst retaining branding or standard templates.

Chris Harvey, the MD of Salmon, said: 'The London insurance market is crying out for a modern web-based underwriting solution and we firmly believe that this will emerge as the market leader over the next 12 months. Our solution has already been warmly received by Xchanging outsourcing clients as it meets many of the key demands within the London market, such as removing paper-based processes and limiting the possibility of human error. We believe that with its modular construction and J2EE architecture that this solution will provide unprecedented levels of flexibility and business agility for the London insurance market'

Bookmark this content with: