Insurance Data Processing, Inc. Introduce Y2K Compliant Property and Casualty Insurance Management Software
A new Year-2000 compliant property and casualty insurance management software system that runs on Windows '95 NT, handles complex endorsements even when they are out of sequence and costs about half that of competitive systems with equivalent capabilities has been introduced by Insurance Data Processing, Inc. (IDP), Wyncote, PA.
The system, VISION 21, can be installed on an insurance company's PC/LAN or accessed remotely by a user from IDP's service bureau. The system has full graphical user interface and mouse-controlled functionality. IDP says it can install the program within 100 days of contract signing.
"We can have insurance companies that want to migrate from a non-compliant system to VISION 21 up and running in a Windows 95 NT environment--with the potential for agency interface, expert underwriting, advanced ad hoc reporting utilizing Impromptu software, imaging, mapping and all the things that make this system really purr--in under 100 days," says IDP president and CEO Gary Gilbert. "In contrast, a six-month implementation would be a monumental achievement for most systems currently on the market."
Eight Modules
VISION 21 consists of eight modules, including "Rating a Risk", "Direct and Agency Billing" and "Processing Claims". The system stores a complete detail of every transaction that has been performed for each policy. Users can call up a policy's history and view it at any stage of its term.
The system's modular, scaleable structure is a major factor in its cost-efficiency, IDP says. Customers can select only the modules necessary to address their needs. IDP can further engineer the modules to provide a custom-made software solution at modest cost. Customizing includes state-by-state bureau reporting.
VISION 21 is designed for small- and mid-sized insurance companies that need to upgrade existing systems for Year 2000 compliance, or who are preparing to launch new insurance lines. Product development was launched in January 1997 and completed March 1998. Additional capabilities will continually be incorporated to the system.
Year 2000 Compliance in 100 Days
IDP officials cite VISION 21 as a quick and permanent solution for insurance companies currently using legacy systems and experiencing Year 2000 compliance problems.
Gilbert says that proprietary IDP system-conversion mapping tools and extensive technical and insurance expertise lie behind the 100-day installation capability, and he estimates an 18-month payback on investment for insurance companies employing conventional methods of managing their businesses.
Out-of-Sequence Endorsement Processing
One of VISION 21's strengths is its ability to speedily process highly complex, out of sequence endorsements--normally a labor-intensive and time-consuming job. This capability can yield substantial time and labor efficiencies. VISION 21 simplifies the process, for example, when an insurance company needs to re-rate the policy of a consumer who purchased a new vehicle--or added coverage to a property--but did not immediately report the activity. Most DOS-based insurance management systems would require manual cancellation of the existing policy and issuance of a new one. Processing out of sequence endorsements of this type manually could take literally days.
VISION 21, however, can re-rate the existing policy in minutes, no matter how many transactions have transpired from the time of the activity, and produce the endorsement necessary to update the insured's records. The company says the software can process even the most complicated endorsements in five minutes or less.
In response to diverse needs in the marketplace, VISION 21 is engineered to process a company's proprietary rating programs. "It is the exception, not the rule, that insurers use straight bureau rating," Gilbert notes.
Windows 95 Platform
VISION 21 runs on Windows 95, and offers drop-down menus, point-and-click screen connection and on-line preview. Wizard tools, such as the one that makes rating a policy a simple six-step process, permits staff with little insurance experience to perform this task; more highly skilled insurance specialists are free for other activities. "When you rate a policy, the program asks you to pick options from a list box," explains Ed Kenna, director of VISION 21 Systems Development. "Employees do not need a statistical background to answer these questions. Behind the scenes, the program generates bureau statistics based on the characteristics of that particular risk."
Another key Windows 95-related benefit is multi-tasking--a capability that enables users to work with multiple modules at the same time. "If a customer calls in with a claim, for example," Gilbert explains, "it's easy to check coverages and premium status as you process that claim."
Reports and More
In addition to its "Rating a Risk","Direct and Agency Billing" and "Processing Claims" modules, VISION 21 includes modules that generate an extensive choice of reporting options, provide on-line help and process cash transactions. Two critical reporting areas are bureau reports that tie into premium and loss activities, and end-of-month billing reports. Users can view the reports at any time through the system's on-line preview function.
Founded in 1949, IDP is the oldest and most experienced property and casualty service company in the U.S. The company launched its first electronics-based insurance products and services in 1963, accounting for 35 years experience with high-tech insurance management. IDP is headquartered in Wyncote, PA, with a branch office in Solon, OH. Mission priorities include timely responsiveness to customer needs and creative problem solving. Software products range from policy rating and issuance, claims administration and accounting, to regulatory compliance and bureau reporting and submission. IDP also provides consulting services in both insurance and technical disciplines.