Florida Land Title Association - Are Clerk Audits coming to Florida? Audit by Mass Recorder reveals 75% of Assignments of Mortgage Fraudulent or Suspect. Introduction to the Insurance Value Chain Integration Factory. Dan Woodman Microsoft Corporation May 2007 Applies to: Financial-Services Architecture Service-Oriented Applications Summary: This paper describes the Microsoft Insurance Value Chain (IVC) Integration Factory, the partner line-of-business (LOB) applications that already participate in our Partner-to-Partner Integration Framework, and the Microsoft vision and road map for technology evolution and advancement in the insurance industry. (7 printed pages) Contents Introduction: Microsoft and the Insurance Value ChainInsurance Value Chain Integration FactoryCreating Business Solutions by Integrating ApplicationsStandards-Based Computing for Maximum Integration and Minimum ExpenseSupporting Multiple Integration-Architecture ModelsPartner-to-Partner IntegrationEnterprise Service Bus IntegrationAdditional Resources Introduction: Microsoft and the Insurance Value Chain The insurance industry today faces a collection of business-process execution challenges quite unlike what it has faced in the past.
Full Cycle Insurance - quotations, policy issue, documents downloads, renewals. Many insurers and intermediaries have deployed online insurance applications that enable users to obtain quotes and purchase policies for a range of personal line and commercial line products.
The policy details are then transferred to the insurer’s back-end system. Discover IT has developed and deployed many such applications.The more compelling application that demonstrates more complete engagement of the Internet provides brokers and agents, and also end user customers, with their own log-in to allow the processing of policy adjustments, renewals, and cancellations, directly online.
Discover IT has developed, deployed, maintains and operates a number of systems in which the complete life-cycle of insurance policies (New Business, Mid-Term Adjustments, Renewals, Lapses, and Cancellations) can be administered directly online . . . online "full cycle" insurance applications. The front-end web applications are connected directly to enterprise back-end business systems. IBM Knowledge Center - WebSphere Insurance Content Pack.
Underwriting Automation - iter8 solutions. Augmenting Your Claims Fraud System with Big Data Capabilities. Co-authored by Kim Minor, Worldwide Industry Marketing Manager for Insurance at IBM.
Claims fraud is an important topic, so we’ve written about it several times before. In this blog, I want to discuss how IBM big data capabilities can augment an existing fraud system at any insurer. By wrapping big data around your existing claims fraud system, you can capitalize on available data that isn’t included in your current fraud analysis and gain new insights. While IBM offers a comprehensive fraud solution, you do not have to replace an existing fraud solution in order to take advantage of the IBM big data platform. As continues to be reported in recent headlines, fraud is on the rise as organized crime rings take advantage of regulation loopholes, overworked adjusters and investigators, easier access to information and a clogged court system.
To optimize claims processing in this environment, insurers need to consider the four Vs of big data: AUGIE Tools & Resources. Data Standards. ACORD is committed to helping the industry achieve the goal of straight-through processing.
We offer many public standards specifications and documentation for download from this website, as well as Members Only documentation to aid member organizations in implementing the specifications. You will need an account on the ACORD.org website to download standards files. If you already have an account, then you can use that account to log in. Otherwise you must create a new account. Prima Solutions - Prima IBCS™ Insurance Reference Model Insurance organizations have long been in need of an enterprise wide data model, not only to provide business users with a consistent unified view of customers, contracts and other data across multiple systems, but also to aid in implementing end to end business processes, to enhance the quality of data, to promote business agility and to ensure effective service reuse.
Prima IBCS™ is that object-oriented insurance model suite: it covers the major functional domains of all the principal branches of insurance (life, non-life, personal-commercial lines and reinsurance), it is used by dozens of clients as the foundation for projects spanning from underwriting to contract and claim management systems, and it has been adopted by ACORD as the foundation of the ACORD Information Model.
What is Prima IBCS? Prima IBCS is a comprehensive offering made of: A Reference data model expressed in UML providing the definition of key insurance concepts. Reference Model.