Ovations develops pre-packaged claims management solution for insurers
Also eyeing other insurance, financial service industry process virtualisation solutions
Ovations, the Johannesburg-based business improvement solutions provider, has developed a pre-packaged claims management solution for insurance companies and is working on developing similar solutions for other insurance and financial services processes and applications.
Utilising state-of-the-art Business Process Management and Service Oriented Architecture and its own Ovaflo virtual case and work management solution, it has also incorporated IBM’s Insurance Application Architecture and Adobe Systems’ LiveCycle Enterprise Solutions to produce “insurance in a box.” This will provide “business with significant acceleration points and reduce implementation risk and time to market,” explains Emile Pepermans, Director of Ovations’ Solutions Centre.
“What we have really created is a short term virtual insurer initially deployed and driven by automated claims processing and intelligent forms handling, based upon best practice” says Pepermans.
“We chose the insurance industry as we have extensive knowledge of the industry and because of its complexity and need for automated processes and agility, both internally and externally, including linking with intermediaries, partners and suppliers.”
Using IBM’s insurance application architecture framework, Ovations has standardised all the processes that bind together business architecture, information systems architecture, technology architecture and people oriented architecture. It has also inserted all the relevant business rules into the solution using the ILog rules engine. The flexibility of this services based architecture driven by business process best practice will facilitate the automation and critical monitoring of any business process.
According to Pepermans, the “insurance in a box” philosophy realises the vision of having a flexible, highly configured business architecture to allow insurers to create new products and services and launch them to multiple channels through multiple brands across value chains with unprecedented speed, increased efficiency and limited IT effort or expenditure. “Our core principles and philosophy are centred around configuration and rapid implementation rather than expensive and risky IT development projects,” says Pepermans.
The “insurance in a box” claims management solution automates and streamlines the following: claims submission (first notification of loss), claims registration, claims allocation, claims assessment, claims authorisation and claims settlement.
Importantly, the virtual insurer model devised by Ovations is based on using internet based technologies, making solutions cost effective and accessible. A range of different solutions can also be plugged into the core architecture making it extremely flexible and user friendly. “We support the use of sweating existing IT assets rather than a “rip & replace” philosophy and are essentially creating re-usable solutions that bridge the gap between business and technology,” says Pepermans.
“Claims management is a central element of the key service areas within the insurance industry. All of the other core insurance processes - such as policy administration, salvage, third party and recovery - are based upon the same architectural principles,” he adds.
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