Pegasystems unveils insurance industry technology

Source: Pegasystems

Pegasystems (NASDAQ: PEGA ), the leader in Business Process Management (BPM) software solutions, today announced a New Business Backbone as part of its suite of insurance industry frameworks.

The New Business Backbone improves policyholder conversion rates by providing insurers with a solution that reduces the process cycle time of new policy submissions. The framework's robust case management features automate many of the manual processes in policyholder submissions and increase visibility to the status across the new business value chain. The new offering reduces application, quote, and policy issue processing times, increases productivity, and enables an improved customer and producer experience.

Using Pegasystems Build for Change technology, the New Business Backbone enables insurers to:

  • Increase operational effectiveness - Perform straight through processing, automate redundant low complexity submissions, monitor service-level agreements (SLAs) and business alerts
  • Improve efficiency and reduce expenses - Reduce unnecessary work steps and eliminate manual handoffs through skills-based routing that assigns work to the right resource at the right time
  • Capture distribution channel loyalty - Leverage an "ease of use" business approach by providing intuitive tools that allow agents and brokers to expedite the processing of new business opportunities
  • Achieve new levels of quality - Identify duplicate submissions, select appropriate quotes, and initiate bind and issue processes using powerful search and quote management capabilities

"Pegasystems' approach to new business processing gives insurers a powerful tool to control and expedite submissions across front and back-office support operations," said Gary Kirkham, Senior Director for Insurance Industry Solutions at Pegasystems. "The New Business Backbone allows them to build a support foundation that can be specialized by line of business to reduce operational expense and drive revenue growth."

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