http://www.propertycasualty360.com/2011/05/24/lexisnexis-announces-new-technology-platform-for-p
LexisNexis Announces New Technology Platform For Policy, Claims, Billing and Reinsurance Data
LexisNexis Risk Solutions announced the availability of LexisNexis Insurance Enterprise View, a new modular solution that integrates data from multiple sources to drive decision-making by insurance companies. The platform serves as a single, reconciled data source for billing, policy, claims and reinsurance systems.
Throughout the insurance industry, companies are facing rising costs associated with aging legacy systems that are expensive to maintain and often unable to effectively merge data from different sources. Insurers are taking a more aggressive approach to replace older systems with solutions that reconcile data across platforms and speed up time-to-market for new products and services.
LexisNexis Insurance Enterprise View offers balancing, reconciliation, and error report features. The solution is designed to streamline reporting to statistical bureaus, helps insurers comply with evolving audit requirements, and gives insurers secure online access to valuable information and analytics.
“Insurance Enterprise View enables insurance carriers to use IT to promote business growth and transformation, providing a way forward from legacy systems,” sa Jeffrey Glazer, CEO Insurance, LexisNexis Risk Solutions. “LexisNexis Insurance Enterprise View achieves this by giving carriers a unified view of data from disparate systems across the enterprise.”
LexisNexis designed Insurance Enterprise View so that it can be implemented in phases. The solution can be tailored to the requirements of each enterprise, with the ability to adapt as specific business situations evolve. Additional benefits include the merging of back-office systems and reduced reliance on hard-to-find resources necessary for maintaining legacy systems.
This new product offering reminds me a lot of recent findings on ERP. The industry is in dire need of new technology to replace legacy systems in order to reduce costs associated with maintaining those systems. When data from multiple sources becomes integrated into a centralized location, it absolutely helps improve decision making, efficiency, communication as well as other business functions. Insurance companies are consistently doing a better job of using IT and new trends to become more savvy, finding innovative ways to make technology work in their favor. I hope as time progresses we continue to see more implementation of this nature within the industry.
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