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IBM Smarter Cities Software To Play A Key Role In The Creation Of Minnesota's Health Insurance Exchange

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Armonk, N.Y. - 23 Jul 2012: IBM (NYSE: IBM) today announced that it will support the design and development of a statewide health insurance exchange in the State of Minnesota. As a subcontractor to MAXIMUS (NYSE: MMS), the IBM Cúram solution will serve as the platform for the health insurance exchange.

The IBM Cúram solution, part of IBM's Smarter Cities portfolio, was designed to meet the unique requirements of government administered social programs.  With the help of this platform, the State can improve statewide health insurance options and enable citizens to determine eligibility for expanded Medicaid coverage and tax credits for various insurance plans. The solution incorporates new income standards and manages the capture and storage of IRS income data, streamlining the eligibility and verification process for citizens. 

In addition to Minnesota’s current initiative, IBM’s integrated eligibility platform is capable of supporting any or all of the state’s health and human services programs in the future. 

“This contract is a significant milestone in the design and development of a Minnesota health insurance exchange,” said Commerce Commissioner Mike Rothman. “We can now move forward on developing the technology backbone of the exchange, a user friendly tool that will help more than 1.2 million Minnesotans choose the quality coverage they need at a price they can afford.”  

IBM acquired Cúram Software in December 2011, aimed at helping cities and governments boost efficiency and provide better service to citizens. Cúram Software is used in more than 80 government agency projects around the world in health and human services, workforce services, and social security organizations. This opportunity follows a series of IBM contract awards for the facilitation of other statewide health insurance exchanges. 

“Improving social services takes cooperation and a commitment to an open exchange of ideas and information,” said John Hearne, general manager, Cúram Solutions, IBM. “IBM's proven, interactive approach to delivering access to social programs will make it easier for Minnesota to deliver services to citizens and engage them in their own health decision making.” 

To support the design and development of the Minnesota health insurance exchange, IBM will team with MAXIMUS, the prime contractor leading the project; Connecture, Inc., which will support the enrollment and health insurance sales function; and EngagePoint (formerly known as Consumer Health Technologies, Inc.), which will deliver financial management capabilities. 

About IBM

IBM’s Cúram solutions are designed to meet the unique requirements of health and human services, workforce services and social security programs. As a part of IBM's Smarter Cities portfolio, the software is used in more than 80 government agency projects around the world to improve the accessibility and efficiency of social programs for citizens. 

Oracle Press Release

Oracle Releases Oracle Insurance Solvency II Analytics

Comprehensive Application Enables Insurers to Streamline Compliance and Gain Greater Insight into Capital Requirements

Redwood Shores, Calif. – July 11, 2012

News Facts

Oracle announced the availability of Oracle Insurance Solvency II Analytics, which can help insurers to quickly understand and comply with Solvency II reporting requirements and better assess and manage risk using a single unified platform.

Solvency II requires insurers to prove to regulators that they have enough capital in reserve to remain solvent. As part of the mandate, insurers must provide visibility into how they manage all solvency-related data, as well as how that information is used and incorporated into reporting – creating significant compliance challenges.

The Oracle Insurance application provides extensive out-of-the-box reports and dashboards designed to cover Solvency II Pillar 2 and 3 requirements, enabling insurers to accelerate compliance with pending European Insurance and Occupational Pensions Authority (EIOPA) deadline of January 2014 and gain the visibility required to improve capital management.

Oracle Insurance Solvency II Analytics is designed for life, non-life, health and re-insurance institutions. It delivers insight into business performance, risk profile, technical provision, claims, capital adequacy and other key metrics.

It features ready-to-deploy reports, helping enable insurers to comply with Solvency Financial and Condition Reports (SFCR), Report to Supervisors (RSR) and Own Risk and Solvency Assessment (ORSA) requirements

Insurers also have the flexibility to create ad-hoc reports and customized dashboards to meet changing business needs.

The application’s flexible, drill-through functionality enables detailed analysis of capital adequacy and risk results across multiple dimensions – such as solo, group, line of business or legal entity. This can give senior management complete, consistent and multi-dimensional views of various risk and performance measures. Finance and risk officers can also perform "what if" analysis to support better decision-making around their finance and risk portfolios.

Supporting Quote

“Solvency II is putting pressure on European insurers to add a new level of rigor to their finance and risk processes. Oracle Insurance Solvency II Analytics’ extensive reporting and dashboards are designed to cover Solvency II Pillar 2 and 3 requirements, helping insurers to reduce the risk associated with pending deadlines and achieve greater financial results through better management of their capital,” said S. Ramakrishnan, group vice president and general manager, Oracle Financial Services Analytical Applications.

“Decision makers also suggest that selecting a Solvency II system is not just a question of functionality –flexibility is just as important,” said Peyman Mestchian, Managing Partner at Chartis Research. “That means system architecture, ease of integration and an enterprise approach to modeling, analytics and reporting will be important.”

Supporting Resources

Oracle Insurance

Oracle Insurance Solutions for Risk and Solvency

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About Oracle

Oracle engineers hardware and software to work together in the cloud and in your data center.  For more information about Oracle (NASDAQ:ORCL), visit www.oracle.com

About Oracle in Industries

Oracle industry solutions leverage the company’s best-in-class portfolio of products to address complex business processes relevant to financial services, helping speed time to market, reduce costs, and gain a competitive edge.

Accenture Unveils Enhanced Insurance Claims Management Software Platform

News Release:

May 16, 2012

Accenture Unveils Enhanced Insurance Claims Management Software Platform

 

Upgraded Accenture Claim Components embeds new analytics capability to help insurers achieve faster, more efficient claims processing

 

ORLANDO; May 16, 2012 – Accenture (NYSE: ACN) has unveiled an enhanced version of its claims management software platform, the Accenture Claim Components, with new business intelligence features to help property and casualty (P&C) insurers process claims more quickly and efficiently and improve customer satisfaction.

 

The new release of Accenture Claim Components (release 10.1) provides leading-edge, out-of-the-box business intelligence, analytics and reporting features, extended recovery and subrogation functionality, and enhanced “codeless configuration” capabilities. New features include:

 

• A pre-configured reporting database, which includes more than 150 key performance measures and characteristics, to allow insurers to more easily evaluate their claims management processes and improve claims handling performance. The databaseenables claims handlers and supervisors to access out-of-the-box reports and dashboards, and use intuitive interfaces to create new reports through easy drill down features. These business intelligent features are driven from Accenture’s experience in working with dozens of high performing claims organizations.
• Additional “codeless configuration” features, which further enhance the ability of claims handlers to quickly and easily change the application behavior, through user-friendly business rules and without any programming knowledge. The new features include pre-configured business rules to manage claims activities, data and logic which can vary by client, product set, and regulatory jurisdiction.
• Extended subrogation functionality, based on Accenture’s analysis of best practices in claims recovery processing, which enables insurers to better identify, track and pursue recoveries.  The upgraded version of Accenture Claim Components provides accelerated data capture for subrogation, including identification of third-party carriers and ownership status of vehicles. The new release also features pre-configured business rules for automatic identification of recovery opportunities, and additional “portlets” and automated functionality to support recovery processes by making information directly accessible and generating recovery requests based on payments and confirmed liability.

“With release 10.1, we continue to raise the bar on claims capabilities and business value,” said Michael A. Jackowski, global managing director of Accenture Software for P&C Insurance. “The new release notably provides additional predictive analytics capabilities that give claims professionals insight into all the elements needed to effectively manage a claim. This new version of Accenture Claim Components combined with our other award-winning policy administration software , Accenture Duck Creek, enables us to provide insurers of all sizes with one of the most powerful and comprehensive integrated end-to-end P&C software suites available.”

 

“Accenture Claim Components is built on more than a decade of experience in working closely with the industry’s most recognized and highly respected insurers, and is founded on a deep understanding of the business processes at the heart of high performance,” said John Del Santo, global managing director of Accenture's Insurance practice. “We will continue to develop new capabilities focused on taking our clients to the next level of business performance."

 

Accenture recently received a “Strong Positive” – the highest possible rating, in Gartner’s latest “MarketScope for North American Property and Casualty Insurance Claims Management Modules” for its Accenture Claim Components solution¹.

 

 

[1] Gartner “MarketScope for North American Property and Casualty Insurance Claims Management Modules” by Jeff Haner, March 28, 2012.

 

About the MarketScope

Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

 

About Accenture

Accenture is a global management consulting, technology services and outsourcing company, with approximately 246,000 people serving clients in more than 120 countries.  Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments.  The company generated net revenues of US$25.5 billion for the fiscal year ended Aug. 31, 2011.  Its home page is www.accenture.com.

 

Accenture Software combines deep technology acumen with industry knowledge to develop differentiated software products.  It offers innovative software-based solutions to enable organizations to meet their business goals and achieve high performance. Its home page iswww.accenture.com/software. For P&C Insurance software, its home page iswww.accenture.com/pcsoftware.

 

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Oracle Press Release

Oracle Introduces Newest Version of Oracle Insurance Insbridge Rating and Underwriting

New Functionality Enables Insurers to More Seamlessly Manage ISO Electronic Rating Content, Helping to Improve Flexibility and Time-to-Market

ACORD LOMA, Orlando, Fla. – May 15, 2012

News Facts

Oracle today announced the availability of Oracle Insurance Insbridge Rating and Underwriting 4.6, an adaptive, enterprise-wide rating engine for product management, premium calculation and underwriting rules management. The new release is designed to make it easier for insurers to use ISO (Insurance Services Office) standards and incorporate them into their unique rating environments to accelerate time-to-market.

The latest release extends the market-leading product’s capabilities to support ISO Electronic Rating Content (ERC) – content which includes complete and current rating data and rules for all major ISO lines in the United States.

Using the new ISO ERC Accelerator, insurers can import ISO ERC into Oracle Insurance Insbridge. Variables such as input and table variables are automatically created, reducing the amount of manual work required. Insurers can use the ISO definitions as-is or tailor them to meet their specific business needs, getting a jump-start on new product creation and ultimately accelerating time-to-market.

Other new features of Oracle Insurance Insbridge Rating and Underwriting 4.6 include:

Import/Export 2.0 – Helps reduce production downtime for a new rating release. Insurers can export rating data into a “sandbox” environment where actuaries, underwriters and business analysts can make changes to a product line, collaborate, and test the impact of the new rates – then seamlessly import them into the live environment and put them into production.

Advanced Math Functionality – Enables actuaries, underwriters and rate analysts to create even the most complex rating algorithms to help make an insurer’s offerings more competitive. The new functionality provides a user-friendly environment for rate modeling and testing.

Custom XML Mapping Screen – Designed to improve data accuracy by enabling users to define and store custom XML templates in a central location. Further, insurers can improve productivity by enabling users to reuse the custom XML templates saved in the library for use in mapping from multiple systems such as legacy systems or other rating engines.

Supporting Quotes

“ISO rates can provide a jump-start on creating new products because insurers don’t need to enter loss costs, deductibles and other data from scratch. Yet every insurer wants to keep the ‘secret sauce’ that makes their products unique. This leads to property and casualty insurers spending significant amounts of time and money to maintain and customize ISO rates; every time a new update is issued, the insurer has to manually comb through the circulars and find out where the deviations are. The ability to automatically compare and customize ISO content to an insurer’s specific business needs can greatly accelerate time to market and result in significant savings,” said Karlyn Carnahan, principal analyst, Novarica.

“With Release 4.6, insurers can more seamlessly manage their ISO content. The application’s flexibility also enables them to deviate from ISO and still accept regular ISO updates. The Import/Export 2.0 and Custom XML capabilities further improve the mapping process so insurers can maintain their competitive edge and have the flexibility to do rating their way. By expanding the math functionality, Oracle Insurance Insbridge Rating and Underwriting continues to broaden its functionality to provide insurers with a wide variety of tools to help maximize their competitive differentiation,” said Srini Venkatasanthanam, vice president, insurance products, Oracle.

Supporting Resources

Oracle Insurance

Oracle Insurance Insbridge Rating and Underwriting

Oracle Insurance on Facebook

Oracle Insurance on Twitter

Oracle Insurance on LinkedIn

Oracle Insurance on Diigo

About Oracle

Oracle engineers hardware and software to work together in the cloud and in your data center. For more information about Oracle (NASDAQ:ORCL), visit www.oracle.com.

About Oracle in Industries

Oracle industry solutions leverage the company’s best-in-class portfolio of products to address complex business processes relevant to financial services, helping speed time to market, reduce costs, and gain a competitive edge.

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Mutual Benefit Group Selects Accenture to Lead Insurance Claims Processing Software Modernization Initiative

News release:

May 10, 2012

Mutual Benefit Group Selects Accenture to Lead Insurance Claims Processing Software Modernization Initiative

 

Insurer to implement Accenture Claim Components software to improve customer service

 

NEW YORK; May 10, 2012 – Accenture (NYSE: ACN) announced today that Mutual Benefit Group has selected Accenture Claim Components to replace the insurer’s legacy claims systems. The new system, which will be implemented by Accenture, will help Mutual Benefit Group achieve faster, more efficient claims processing and enable improved customer service.

 

Mutual Benefit Group, which currently uses Accenture Duck Creek Policy Administration as its core policy processing system, writes personal and commercial lines in Pennsylvania and Maryland.  

 

“Claims management is a key driver in customer satisfaction, and providing quality products supported by superior claims service is part of our core mission,” stated Mark Russell, Vice President of Claims, Mutual Benefit Group. “Accenture Claim Components will give adjusters greater control over business processes and customer information, and will enable us to more efficiently manage our claims handling. The solution has the depth and breadth of functionality that will give a company of our size a competitive advantage. That, along with the long-standing relationship with the Accenture Duck Creek team, made Accenture Claim Components the obvious choice.”

 

“We see great value in implementing Accenture’s suite of property and casualty software,” commented Rick Laabs, Chief Information Officer, Mutual Benefit Group. “It will allow us to take advantage of the configurability of our policy, billing and claims solutions, leverage integrated data and move towards a single view of our customer.”

 

Mutual Benefit Group has also licensed Accenture Duck Creek billing software in anticipation of leveraging the analytical benefits of accessing integrated policy, claims and account payment data.

 

“Being selected by Mutual Benefit Group is an affirmation of the strength of our claims and billing solutions,” said Michael A. Jackowski, global managing director of Accenture Software for P&C Insurance. “We are pleased that another mid-market carrier has selected Accenture Claim Components, reinforcing the fact that Accenture now delivers the industry’s most advanced claims technology to carriers of all sizes. The additional selection of our billing system illustrates that we are succeeding in our goal of building the strongest suite of insurance software in the industry.”

 

Accenture’s award-winning policy and claims software offers carriers an integrated, end-to-end suite of software with modules that can be implemented individually or as part of a broader migration strategy. Insurers of all sizes can benefit from a flexible suite of P&C software that allows them to configure products, transact lines of business and process claims.

 

About Mutual Benefit Group

A regional property/casualty carrier based in Huntingdon, Pennsylvania, Mutual Benefit Group provides a full line of commercial and personal insurance coverage. It serves more than 90,000 policyholders in Pennsylvania and Maryland through a network of 250 independent agents. Comprised of member companies Mutual Benefit Insurance Company and Select Risk Insurance Company, the Group reported premium writings of $109 million and consolidated assets of $194 million in 2011. Founded in 1908, Mutual Benefit Group is rated A- (Excellent) by A.M. Best. Since 2004, the firm has consistently ranked as one of the top three carriers on the Insurance Agents and Brokers biannual Company Satisfaction Index Survey. Mutual Benefit was named one of the Best Places to Work in Pennsylvania in 2009, 2010, and 2011, and has been listed among the top 100 businesses in the region by Pennsylvania Business Central. 

 

About Accenture

Accenture is a global management consulting, technology services and outsourcing company, with approximately 246,000 people serving clients in more than 120 countries.  Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments.  The company generated net revenues of US$25.5 billion for the fiscal year ended Aug. 31, 2011.  Its home page is www.accenture.com 

 

Accenture Software combines deep technology acumen with industry knowledge to develop differentiated software products.  It offers innovative software-based solutions to enable organizations to meet their business goals and achieve high performance. Its home page iswww.accenture.com/software. For P&C Insurance software, its home page iswww.accenture.com/pcsoftware.

 

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Accenture Receives “Strong Positive”, the Highest Possible Rating, in Leading Analyst Firm’s Insurance Claims Management Report

April 26, 2012

Accenture Receives “Strong Positive”, the Highest Possible Rating, in Leading Analyst Firm’s Insurance Claims Management Report

 

NEW YORK, April 26, 2012 – Accenture’s (NYSE: ACN) insurance claims management software application, Accenture Claim Components, was rated “Strong Positive”, the highest possible rating, in Gartner’s latest “MarketScope for North American Property and Casualty Insurance Claims Management Modules.”¹

Gartner’s MarketScope provides a comparative evaluation of stand-alone claims management modules that support commercial, personal and specialty insurance lines of business. The assessment takes into account seven major criteria: market understanding, offering/product strategy, product and service, overall viability, customer experience, sales execution/pricing, and sales strategy.

 

“Accenture Claim Components is unmatched in providing leading-edge “codeless configuration”, allowing claims handlers to configure the application without traditional programming knowledge,” said Michael A. Jackowski, global managing director of Accenture Software for P&C insurance. “It also delivers other advantages including an unprecedented level of business intelligence and analytics, made possible through a comprehensive claims data model, dashboards, a pre-configured reporting database, and real time analytics. We believe our strong positive rating is evidence of how these features truly set Accenture Claim Components apart from the competition.”

 

“Accenture Claim Components’ “codeless configuration” is a critical and differentiating feature as it helps insurers quickly and easily change the application’s behavior and workflow, thus making continuous improvement of the claims process a reality,” said Michael A. Costonis, global head of Accenture Claims Services.  “Accenture Claim Components is also unmatched in driving the next level of customer and agency interaction through its portal and mobile capabilities for agents and policyholders.”

Accenture Claim Components is a Web-based technology solution designed to help insurers –from the world’s largest to smaller carriers – improve the efficiency of their claims-handling operations. Currently used by more than 65,000 claims handlers worldwide to process more than 40 million insurance claims each year, Accenture Claim Components supports core claims transactions from first notice of loss through to financials and reserve management.

 

¹ Gartner “MarketScope for North American Property and Casualty Insurance Claims Management Modules” by Jeff Haner, March 28, 2012.

 

About the MarketScope

Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Accenture

Accenture is a global management consulting, technology services and outsourcing company, with approximately 246,000 people serving clients in more than 120 countries.  Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments.  The company generated net revenues of US$25.5 billion for the fiscal year ended Aug. 31, 2011.  Its home page is www.accenture.com.

 

Accenture Software combines deep technology acumen with industry knowledge to develop differentiated software products.  It offers innovative software-based solutions to enable organizations to meet their business goals and achieve high performance. Its home page iswww.accenture.com/software. For P&C Insurance software, its home page iswww.accenture.com/pcsoftware.

 

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