California-based ePolicy, Inc. announced that its Web-enabling insurance technology subsidiary, Insurance Technology Solutions, has changed its name to ePolicy Solutions, Inc. (www.epolicysolutions.com) and has launched RightRiskSM, based on Java next-generation architecture.
“RightRisk significantly broadens the capabilities of our Web-enabling technology for property and casualty carriers and offers numerous new functional, technical and developmental benefits to the company’s insurance clients,” Don Martin, chairman and co-founder of ePolicy, Inc., remarked.
Martin added that finalizing the migration to the Java-based object-oriented architecture is a major milestone in the evolution of the company’s application architecture and that it marks the company’s completion of its strategic shift to focus solely on insurance transformation processes through its Web-enabling business.
“RightRisk transforms underwriting, sales, and customer service processes,” said Lou Kwiker, president, CEO, and co-founder of ePolicy. “RightRisk allows clients to experience lower expense ratios, strengthen underwriting performance, improve loss ratios, increase sales, enhance ease-of-use by agents, and improve customer service.”
Kwiker added RightRisk provides a comprehensive, fully automated insurance distribution methodology that rates, quotes, binds and issues policies online in real time at the producer, sub-producer and customer level.
Some of RightRisk’s benefits include platform independence, greater flexibility and management of quotes and associated data by storing quotes in an XML format, improved managing general agent/agent/customer relationships using a multi-tier channel hierarchy, flexible policy management options using the ePolicy Solutions’ Insurance Bus and Customer Management Entity framework, improved product definition and maintenance, and an External Systems Interface framework that makes it easier to plug in and implement new tools, such as third-party rating or document production systems.
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