Clear Technology, a global software provider to the insurance industry, today announces the launch of 'Clear Life', its new software solution designed to complement an insurer's existing processing systems for life insurance and investment products.
Clear Life reduces operating costs of policy administration and claims processing by 40 - 80%. Clear Life automates process best practices and enforces procedural and regulatory guidelines to enable 100% process consistency, reduced cycle time, and improved operational efficiency.
Clear Life adds value to the existing environment and process by automating the actions that are still performed manually and outside of the core processing systems. The Clear solution integrates with the existing environment (whether a single system or multiple), facilitating a streamlined and automated end-to-end process that requires no changes to the existing processing systems, while ensuring that all data is managed and stored in the insurer's system (or systems) of record.
Clear Life can be implemented as a complete end-to-end system or in modules to support specific client needs, and is offered through traditional software licensing. It supports a range of life insurance processes, including claims and policy administration services for all lines of life insurance business:
- Policy Administration Module - a front-end system which automates all touch points to the back office life administration system to orchestrate changes to existing policies and facilitating smooth processing from application stage to-in force for new policies;
- Claims Processing Module - an end-to-end system which ensures the claim gets off on the right foot by guiding the user through the setup, capture of all required claim detail, and navigation through the process and policy system.
The solution is currently operating in a production environment supporting the closed book of the UK operation of Sun Life Financial of Canada. Sun Life's UK business portfolio consisted of a broad range of traditional and unit-linked investment products, all of which are supported by Clear Life.
Tim Crossley, Managing Director at Clear Technology, said: "We're confident that Clear Life offers a compelling proposition to insurers. The software automatically retrieves, collates and validates information from policy administration systems, claims systems, document management systems or third party systems needed to process a customer request.
"What we've developed is a policy administration and claims solution that delivers 100% accurate auditable, consistent and compliant processes, that can improve productivity by up to 50% and that can reduce the operating cost of policy administration by 40-80%. We believe that those are the kind of numbers which will prove attractive to insurers looking to improve their policy admin and claims functions, and adapt them to support TCF and other regulatory initiatives."