Sun Microsystems opens insurance distribution channel portal
21 May 2007 | 1176 views | 0
Source: Sun Microsystems
Sun Microsystems (Nasdaq: SUNW) today introduced the Sun Distribution Channel Portal solution to help the insurance industry open up new markets and better serve new and existing customers by making it easier to develop new product distribution channels.
The solution includes Sun servers, storage, services and software to help insurers quickly and cost-efficiently reach new customers through non- traditional channels such as banks, supermarkets, post offices, kiosks, telephones and PDAs. At the same time as increasing top-line growth, the Sun solution also helps insurers reduce bottom-line costs associated with traditional distribution channels and offers ways to improve customer service.
The Distribution Channel Portal solution has Straight Through Processing (STP) capability to bring the back office systems through to the front office. This means insurers can rapidly sell existing insurance products-and create, launch and manage new products-without adding IT processes that could delay the sales cycle. Operating 24/7 and accessible via an Internet browser, the portal presents a single customer view and covers all insurance products in any language and in any currency, through unlimited channels. It also delivers real-time performance monitoring of agents, products and channels, and offers First Notice of Loss (FNOL) to improve claims handling.
"In today's insurance industry, the product is no longer a competitive differentiator. What is most important today is how insurers find and serve their customers," said Larry Scott, vice president, global financial services industry for Sun Microsystems. "Our new solution enables insurers around the globe to discover and implement new distribution channels in order to serve new markets - without increasing expense ratios."
The Sun Distribution Channel Portal solution prevents the addition of new processes and operational risk through its integration with Java Composite Application Platform Suite (CAPS) technology. This lets insurers pull information from the back office to the point of sale (POS) without requiring any IT involvement at the front end.
Sun's Distribution Channel Portal combines best-of-breed solutions from three different vendors.
The customer sales and service piece is handled by G2X Agility Software, known for its Internet-based CRM solutions. This software centralizes relationship history including policy and claims information in a centralized portal and provides a single view of the customer at all times. It drives more revenue by identifying cross and upsell opportunities and retaining customers through improved service, as well as reduces event time for the sales and services process.
A core application from UniRisX allows insurers to create new products and new distribution channels in a few clicks with real-time risk management and control. This application offers full end-to-end policy administration from quoting and issuance to documentation production and mid-term adjustments, hence, it offers a much faster go-to-market model than traditional systems while retaining full visibility of product and distribution channel performance. UniRisX migrated the Global Insurance Distribution Service-their core Java Platform, Enterprise Edition (Java EE) application--to the Sun Java System Application Server 9 using the NetBeans 5.5 Integrated Development Environment (IDE).