Thunderhead and Wolters Kluwer form partnership on insurance compliance
21 May 2007 | 1094 views | 0
Thunderhead, the leading provider of enterprise communications software, today announced that it has entered into a strategic agreement with the Insurance Compliance Solutions group of Wolters Kluwer Financial Services.
The new relationship enables Thunderhead to offer Wolters Kluwer Financial Services' pre-configured, pre-approved state insurance forms as an output channel available directly via the Thunderhead platform. This will help insurance carriers streamline and expedite the complex process of producing carrier-specific policy forms in compliance with state and federal requirements.
Wolters Kluwer Financial Services' Insurance Compliance Solutions group provides insurance bureau forms to 600 of the top 1,000 insurance companies in the US, helping them expedite the process of filing their forms for standard-type insurance products. With state-specific information already filled in, including the latest compliance language, carriers have a more streamlined way to speed insurance products to market. Under the new agreement, insurers will gain the ability to create and manage carrier-specific forms and standard content all within a single enterprise communications platform.
Thunderhead is an enterprise-level technology platform that streamlines the process of creating and delivering personalized documents and other content throughout an organization. Thunderhead customers will now be able to implement forms from Wolters Kluwer Financial Services' Insurance Compliance Solutions group more quickly, for product offerings across multiple lines. The combination will also enable insurance companies to automate creation of batch and real-time, interactive content, such as policies, letters and other customer or agent communications.
The first solution to be completely architected on open standards, Thunderhead also offers workflow features that enable users to record a full audit trail of document edits, ensuring compliance to regulatory requirements such as Sarbanes-Oxley.
"Delays in creation, filing and approval of documents means delays in launching new products, resulting in lost revenue opportunities and market leadership," explained Neal Keene, vice president of industry solutions for Thunderhead. "Through this partnership, Thunderhead users can implement policy documents faster and at a lower cost, freeing up resources for higher-value initiatives."
"We offer insurers compliant, standardized documents that can be customized for their business, saving them the time, money and resources it would take to create these documents internally," said Dawn Barker, national product specialist for insurance compliance solutions at Wolters Kluwer Financial Services. "By entering into this strategic agreement with Thunderhead, we are providing our mutual insurance customers with a way to use these forms more efficiently."