11 December 2017
visit www.solutions.lexisnexis.com

Ilog signs China's Anbang Insurance

15 January 2008  |  1532 views  |  0 Source: Ilog

ILOG (NASDAQ: ILOG; Euronext: ILO, ISIN: FR0004042364), today announced that Anbang Insurance, a leading property and casualty insurance company in China, has selected ILOG JRules for a new underwriting system for its personal and commercial lines of business.

ILOG JRules is a key offering in ILOG's Business Rule Management System (BRMS) product line. With the new BRMS-based underwriting system, Anbang has already achieved speed-to-market gains of more than 50 percent, enabling the carrier to implement rule changes in hours or days compared with the months it took previously. Moreover, the carrier is able to deliver quotes within five seconds, allowing it to process incoming policy requests faster, and has been able to increase its pass-through-rate to over 70 percent.

As a result of triple-digit growth over the last three years, Anbang needed to process more than 10,000 policies per day. However, virtually all incoming policy requests were processed manually by the underwriters, creating bottlenecks and making it difficult for Anbang to sustain its growth and efficiency strategies.

With ILOG JRules, Anbang has automated the entire underwriting process, enabling the carrier to process over 10,000 policies per day while ensuring consistent adherence to its underwriting guidelines. ILOG's BRMS is used to automate such functions as eligibility, risk assessment, scoring, rating and quote generation. Given the success of the project, Anbang has also expanded the use of ILOG JRules to other rule-intensive insurance processes such as commission payments and fraud detection.

"Transparency, speed, integration, ease-of-use and advanced rule management features to support our business and IT users were key requirements for us when considering a technology like BRMS," said Hailan Yu, Vice General Manager, IT, Anbang. "We chose ILOG JRules because it addressed our requirements on all fronts. With JRules we were able to extend rule management capabilities to our business users, and have a technology in place that provides us with the flexibility we need to support our rapidly changing IT and business environment. Moreover, we were able to build and deploy the ILOG BRMS-based underwriting system within a record six months. S Since business rules are critical components of our underwriting system, we felt that with ILOG we were not only getting the best-in-breed BRMS technology but also a strategic partner."

ILOG BRMS empowers business users such as business analysts and actuaries with the ability to easily create and maintain business rules. Business users can perform 'what if' scenarios to drive a profitable book of business and create flexible risk and rate tiers that support customer segmentation strategies at a granular level.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.solutions.lexisnexis.comvisit http://info.nice.com

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18201 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11089 views comments | 7 tweets | 6 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
6959 views comments | 13 tweets | 20 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
6461 views comments | 8 tweets | 17 linkedin
Barclays, First Direct and Nationwide join FCA sandbox cohortBarclays, First Direct and Nationwide join...
5866 views comments | 5 tweets | 12 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job