Gathering Intelligence For P/C Insurers
The new iVOSc Carrier Edition from Aon eSolutions is designed to help property and casualty insurers transform data into actionable business intelligence.
BEST’S REVIEW: Aon eSolutions has just launched the iVOSc Carrier Edition. Tell me about the product.
RANDY WHEELER: We designed the iVOSc Carrier Edition with three core modules—policy administration, claims management and billing—to support the complete workflow and business needs within the insurance life cycle. The system provides the flexibility to meet any insurer’s business objectives. The iVOSc Carrier Edition also helps to address several industry challenges. A key issue is that insurers are struggling to manage more and more data than ever before. iVOSc provides the analytical tools to transform this data into the business intelligence and insight to achieve profitability, growth and customer service. Our system flexibilty enables insurers to more precisely price and design their products. Another challenge is regulatory compliance. iVOSc provides the state, federal, and auditing reporting tools to assist in compliance efforts.
BR: What has been Aon eSolutions’ approach to providing solutions specific to the carrier market?
WHEELER: We have more than 10 years of success and growth in the carrier market. Implementations in the carrier market alone have grown by 117% over the previous year. A key part of our market approach is designing the iVOSc Carrier Edition with insurance intelligence built in. In the past, mission-critical information and best practices resided in the minds of insurance professionals or in paper-based files. Carriers were unable to leverage this knowledge base across their enterprise. Working closely with these companies, we’ve built a lot of that insurance intelligence—insurers’ unique knowledge and procedures—into the product so out of the box you have this great solution.
BR: In terms of the iVOSc technology platform, what are some key benefits to insurer IT departments?
WHEELER: IT departments can harness the power of our iVOSc Enterprise Platform to meet their company’s unique needs. The platform is flexible and adaptable, so it can easily fit into an insurer’s complex IT environment and world-class security infrastructure.
One carrier I worked with had a diagram of their current enterprise system. It looked like a printed circuit board with literally hundreds of little boxes of systems and interfaces. It was pretty complex. You could pull out the various parts and pieces that we were replacing and plug in iVOSc without turning the existing system upside down.
Ultimately, the iVOSc Enterprise Platform empowers IT departments with four component sets. The iVOSc Developer Set provides maximum ability to configure and customize the system. The iVOSc Rules Engine Set offers both embedded and third-party rules capabilities to maximize workflow automation. The iVOSc Integration Set includes a complete set of connectors to internal and external systems, which enables enterprise-wide integration. And finally, the iVOSc Reporter Set enables insurance companies to analyze and act on their data to improve performance. In summary, the system provides insurers with greater IT flexibility and control.
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