RISKCLICK UNVEILS NEW COMPREHENSIVE UNDERWRITING SYSTEM
Riskclick Underwriting 1.0 Decreases Operational Costs, Improves Insurers' Bottom Line Results ORLANDO, Fla. — May 23, 2005
Riskclick, a leader in Business Process Management (BPM) solutions for the insurance industry, today announced the release of Riskclick Underwriting 1.0, a comprehensive, exception-based underwriting system for new business submissions, endorsements, and renewals across personal, commercial, and specialty lines of business. This announcement was made at the ACORD LOMA Insurance Systems Forum.
By automating the underwriting process, eliminating re-keying and improving resource utilization, Riskclick Underwriting enables organizations to dramatically decrease operational costs, increase underwriting profits, expand distribution and improve compliance efforts.
“Straight-through processing, predictive modeling, risk segmentation, and product management are critical cornerstones of underwriting and necessary for conducting business today,” said Deborah Smallwood, vice president, TowerGroup Insurance Practice. “These elements need to be tightly integrated in today’s environment if an insurance company is to be competitive in the future.”
Riskclick Underwriting manages and streamlines carrier underwriting processes by automating agent submissions and speeding up overall submission processes. All policy data and communication history are stored in a single, electronic account file, replacing paper files at the core of most insurance processes. The submissions, endorsements, and renewals are then routed through an automated, structured process enabling exception-based underwriting. The entire process is driven by an underwriting rules database to make process adaptations, brought on by changing conditions or new products, easy and efficient.
Riskclick Underwriting enables straight-through and exception-based processing by seamlessly integrating into an insurer’s existing systems (such as policy administration, ratings, and business intelligence systems) via an ACORD XML-based Web services integration layer. Riskclick tracks the entire process, creating a complete audit trail and detailed process metrics that provide insight across the enterprise.
“By integrating into existing systems, Riskclick Underwriting enables carriers to significantly upgrade their capabilities without the huge cost or risk of legacy system replacement,” said Riskclick CEO James DeSocio. “Riskclick Underwriting gives insurers a more practical way to modernize their underwriting process.”
Riskclick Underwriting is built on top of Riskclick’s proven, world-class Business Process Management platform. The Riskclick BPM platform is in use by many leading insurance organizations, such as VNAB (the Dutch insurance bourse) and Worldwide Broker Network. The Riskclick BPM platform provides a secure, scalable, configurable infrastructure for Riskclick’s insurance applications.
About Riskclick
Riskclick provides Business Process Management (BPM) solutions for the insurance industry. Headquartered in New York with operations in London, Riskclick provides users in 43 countries with solutions that manage mission-critical insurance processes.
Riskclick’s underwriting solution, Riskclick Underwriting, is a comprehensive exception-based underwriting system for new business submissions, endorsements, and renewals across personal, commercial, and specialty lines of business. For additional information, visit the company Web site at www.riskclick.com.
Media Contacts
Carol Romeo
CBK Group
(201) 556-9404, ext. 110
cromeo@cbkgroup.com |
