SCSI, a producer of real-time information systems for data access and management, and Vitria, a collaboration platform and collaborative applications provider, announced a partnership to serve the property and casualty insurance vertical market.
The combination of Vitria BusinessWare® and BIAS™ enables BIAS users to set up rules-based processes to automate the reception, analysis, and processing of new business application processing.
With this connectivity between BIAS and Vitria, a client may enter a new business application via a web-based system. Then key elements of the application data are passed through Vitria’s BusinessWare integration server to the BIAS system for retrieval of the external information required to rate and underwrite the application.
Once the online BIAS retrieval facilities have accessed the information sources and stored the returned data, the information is scored and rated. This process can be accomplished using BIAS functionality, or the necessary data for this analysis can be passed to the p/c company’s internal systems for evaluation by BusinessWare.
With the results obtained, the approval and rates are returned through BusinessWare to the web-based system for presentation to the applicant. After the applicant has reviewed and accepted the offer, all of the required data is passed to the P&C company’s back-end enterprise software systems for action. In the case of this distribution channel, all of the systems can be integrated eliminating the need for manual processing.
The BIAS system’s real-time collection, storage and distribution of external information used in the p/c underwriting process provides the ability for the insurance company users to streamline this data intensive underwriting process. Demands for real-time analysis and verification of application data such as are required for e-commerce transactions, can be met using the combined capabilities of both the BusinessWare and BIAS software platforms.
Topics Mergers & Acquisitions InsurTech New Markets Property Casualty Market
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