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To Dr PRIYA GUPTA
BY: Sujay kumar
The use of technology in insurance
improves every aspect of an agency's
data management system and
processes. Insurance agents can
quickly respond to the needs of
customers, using state-of-the-art
technology that can instantly provide
accurate information to clients
regarding insurance issues.
• Information technologies' role in General
• How Is Information Technology Used in
• Challenges Faced
• What needs to be done?
• IBM Solutions..
• The purpose of insurance technology is to
dramatically reduce the amount of paperwork
dealing with policies and proposals, and
effectively meet the needs of clients in much
less time than traditionally expected. Insurance
technology eliminates a great deal of paper
handling and travel cost once required by
• Insurance technology allows insurers to
increase revenue by automating service
processes that were once exhausting and time-
consuming. Now, insurance agents can
generate more insurance policies, proposals
and applications for new customers, thereby
creating opportunities for faster purchasing.
• Insurance technology makes it easier on clients
as well. Web-based agency sites allow clients
to complete application processes, sign policies
and proposals, and receive quotes without
having to visit the insurance agency in person.
• A front office online system is used by general
• Benefits of front office system-
To carry out business transactions efficiently
Easy to handle growing volume of business and
variety of business efficient customer services
Reduction in office expenses
• Policy Management has provisions for policy
acceptance, client interaction window and
policy printing. They should be able to store
policies and the system should allow
immediate access to a client portfolio. The
policy management system generally has
provisions for dealing directly through a broker
or an agent or branch office.
• The software designed to handle
reinsurance and claims. Reinsurance modules
produce separators for each person’s
obligations. Front Office System helps in
recording, monitoring and progressing claims.
The claims system provides all the facilities
required to manage reserves, payments.
recovery, accounting, claims history recording,
statistics and various kinds of ratios.
• The accounting is generally integrated to
policy management system and automatically
produces debit/credit notes, renewals notices,
cover notes, reminders, statements, etc. The
system is able to handle taxes duties, reporting
requirements as well as automatic calculation
of midterm adjustments.
• The statistics module allows production of
comprehensive statistical, analytical and
management information. Reports can be in
any different formats and should include
detailed audits, performance reports for
• As technology improves, the life insurance
industry evolves and benefits from new
systems and methods of communicating
information about applicants. Information
technology increases the speed and efficiency
with which underwriters evaluate new
applicants and analyze aspects of their lives
affecting the carrier's proposed financial risk.
• Many life insurance companies now use digital
applications. Advanced computer software
allows applicants and agents to enter pertinent
information that previously had to be hand-
written onto paper applications. Digital life
insurance forms reduce the number of errors
and omissions, and entirely eliminate problems
with poor or illegible handwriting.
• Life insurance agents who use digital
applications can capture client signatures on
portable imaging devices. Small digital
signature pads connected to laptop computers
allow applicants to sign forms presented on
computer screens, entirely eliminating the need
to print documents. This reduces paper usage
and ensures information will be transmitted
accurately, as opposed to faxing or mailing
printed documents, which can be lost,
destroyed or otherwise compromised.
• Information technology allows carriers to
review a potential client's driving records
digitally in secured online databases.
• Digital information technology allows carriers
to obtain and review criminal records quickly
and efficiently. Applicants with undesirable
criminal pasts get rejected immediately,
reducing wasted time, effort and money on
other analyses that would have otherwise been
conducted while waiting for paper documents
to arrive in the mail.
• Every applicant's information, along with the
company's subsequent underwriting decisions,
are stored in electronic databases. Potential
clients' names and information are checked
against this database to detect fraud and
obtain relevant data discovered by other
•Modernize systems and the development
•Companies need a collaboration-based IT
environment that is robust, dynamic, and agile.
•Current legacy systems in many large
corporations are not equipped as well as they
could be in order to meet current or new
•With so many applications running
simultaneously in large insurance companies,
and increasing volume and data loads,
companies need to get more from what they
• Maintaining the right resources
• Keeping customers by quickly satisfying there
• IT Spending
• Compliance and Regulatory Issue
• Mergers and Acquisitions
IT environments at insurance agencies are
naturally complex. Reducing this complexity is a
challenge for managers and has been
compounded by other forces in today’s business
environment. This complexity can be reduced in
a cost-effective manner through the proper mix
It is a platform which provides the strength
required in Insurance Sector. It can be used for :-
• Operational Efficiency
• Expense Savings
• insurance companies can use their already-
owned legacy application based mainframes
and transform them by taking advantage of
their built-in critical functions.
In a nutshell, it’ll provide a simplified
• The IBM mainframe improves data capture, retention, and access.
• Improved modernization tools make it much easier to publish back office data as
• This greatly increases the flexibility of the mainframe technology for employee
and customer access to relevant data and, subsequently, increases short- and
long-term customer loyalty.
• Companies that oversee and process thousands of transactions a day
cannot afford a second of downtime.
• The mainframe’s reliability helps to ensure uninterrupted business.
• The current situation in the majority of large insurance companies is a
distributed environment with several small servers doing duplicate work.
• Ideal hosting platform for businesses that have and are struggling to integrate
multiple, disparate software solutions.
• The sheer amount of data an insurance company gathers can be searched and
used for opportunities – especially if it is consolidated and therefore able to be
• To achieve growth, insurance firms will focus on a few key business drivers,
including customer relationships, distributor relationships, new products, and
• Leveraging existing systems can help companies in two ways: it saves on
spending while allowing growth and affording new opportunities.
• Mining the enormous amount of data that insurance companies have on hand
can lead to new relationships and company success.
• Savings is crucial, but strategies for growth are just as, if not more, important.
• To achieve growth, insurance firms will focus on
a few key business drivers, including customer
relationships, distributor relationships, new
products, and mergers/acquisitions.
• Leveraging existing systems can help
companies in two ways: it saves on spending
while allowing growth and affording new
• Mining the enormous amount of data that
insurance companies have on hand can lead to
new relationships and company success.
• Savings is crucial, but strategies for growth are
just as, if not more, important.
• A centralized data centre can decrease risk.
The mainframe can be used to decrease
reliance on scattered infrastructure.
• System z helps enable firms to consolidate and
tightly integrate multiple workloads on a single
server with centralized systems management,
reducing overall infrastructure spend.
• Centralizing CRM, Data Warehousing is a big
• Security in today’s electronic world is difficult to
achieve, particularly in a distributed server
• With its leading-edge security technologies,
including high-performance cryptography and
supporting middleware, System z enables the
efficient processing of insurance policies and
claims in a continuously available and resilient
• The security-rich holistic design of the IBM
mainframe can mitigate the risk of security
breaches and help protect an organization's
brand image – and bottom line.
• Originally designed to be shared by thousands
of users, the IBM mainframe has security built
into nearly every level of the computer – from
the processor level, to the operating system, to
the application level.
• This design helps protect System z from
malware, viruses, and threats from insiders.