Progress Software has introduced the Progressâ Insurance Information Modelä (IIM) solution accelerator.
Progress Software, a software provider that enables enterprises to be operationally responsive, claims that this new solution is the first of its kind in the insurance industry.
The company claims that its new release can enable insurance companies to significantly improve their customer experience in compliance with ACORD standards.
Featuring several capabilities, Progress' new solution can consistently and accurately consolidate customer, policy, claims and other insurance data.
It delivers a single view of claims data and improved customer service through enhanced response to legitimate claims. The solution also allows users to make accurate, timely decisions through improved data governance and impact analysis of data changes on core insurance processes.
Accelerates adoption of ACORD
The Progress IIM solution accelerator aids insurance companies to accelerate the adoption of the ACORD Information Model.
This has become very relevant in the current business environment because global adoption rates of the ACORD Framework are increasing as insurance companies recognise the benefits they can accrue from data and interoperability standards.
"There are many challenges faced by insurance companies including fluctuations in market conditions, the need for precision pricing, increase in fraudulent claims activity, rising regulatory scrutiny and an aging workforce. To overcome these challenges, insurance companies need systems that can respond to both real-time and historical customer needs, events and patterns," said Cindy Maike, industry vice president for insurance, Progress Software.
"Equally, they need to ensure they can provide a positive, end-to-end experience across the insurance ecosystem. The Progress Insurance Information Model solution accelerator delivers a common view of data across an enterprise enabling insurance providers to respond to both threats and opportunities before they become a problem."
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