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ELIOS Introduces Electronic Billing and Fund Transfer Capabilities

ELIOS, the leading loss payee notification company for auto and home mortgage insurance industries launches a new electronic fund transfer (EFT) feature for home owner insurance companies.

“This is a natural progression in our offering of paperless solutions technologies for our more than 250 property and casualty clients,” states president and CEO of ELIOS, Jordi Huguet. ELIOS automated the process of billing mortgagees in early 2003 to eliminate insurance companies’ need to print and mail escrow bills to financial institutions. “Our clients asked us if we could go one step further by providing the ability to receive funds electronically.” ELIOS has been working with its electronic trading partners who have relationships with tens of thousands of financial institutions to eliminate the need for paper check remittance and to speed up payment processing time.

Aside from eliminating paperwork going back and forth through normal payment processing, the insurance company will be notified immediately when the mortgagee indicates they are no longer the lender on the insurance policy. Often the problem is that financial institutions are acquired, merge or sell blocks of loans. ELIOS’ EFT solution will minimize or eliminate the frequency of insurance customers that should have never been cancelled for non payment, resulting in increased customer satisfaction and retention. Not only will the insurance company be able to sweep funds instantly, but they will also receive a report for payments that were processed to facilitate reconciliation. ELIOS will be offering its latest cost savings solution to its clients in July of 2005.

ELIOS, Incorporated was founded to address the needs of insurance and financial services companies in the 1990s. Headquartered in the San Francisco Bay Area, ELIOS provides software and services to electronically automate back office operations such as lien holder and mortgagee notifications. By increasing efficiency and eliminating manual operations that are error prone, costly and difficult to administer, ELIOS enables a wide range of insurance and financial services organizations to enjoy considerable cost savings in personnel, administration, IT resources, and overhead.

RMS Releases First Suite of Global Accumulation Management and Terrorism Risk Analysis Tools

Risk Management Solutions (RMS) today announced the release of its Global Geocoding Platform and upgraded Global Terrorism Risk and Terrorism Scenario models, which provide insurers and reinsurers with the first worldwide view of their catastrophe risk accumulations.

Version 5.0 of the RiskLink® and RiskBrowser® software platforms includes capabilities for capturing exposures in 228 countries, allowing users to identify and manage accumulations across multiple lines of business. Geocoding has been expanded to over 150 countries, with street-level resolution across Western Europe and a combination of street address and building-level geocoding in the U.S. RMS’ exposure accumulation functionality allows users to identify and quantify concentrations of property and human life exposures within a user-defined radius, along with assessing the implications for associated natural disaster and terrorism risk.

Leveraging the functionality provided by the RMS geocoding platform, the RMS® Terrorism Scenario Model has also been expanded to cover 228 countries, supporting the analysis of specific scenarios for virtually any location in the world. The model allows users to estimate losses and casualties for multiple lines of business for 30 different attack scenarios, ranging from conventional bombs to chemical, biological, radiological, and nuclear attacks. Users have the flexibility to select any location as a target for an attack, or use the patented RMS® Spider algorithm to automatically scan global exposures to identify worst case attack locations for a given scenario.

“Our clients have been increasingly concerned with terrorism risk. With the recent attacks in London and an upswing in terrorist activity outside of the U.S., we have been looking for tools to quantify non-U.S. terrorism loss potential,” said Ryan Ogaard, managing director of Guy Carpenter INSTRAT. “The RMS modeling suite now gives us the capability to address our clients’ needs on a global basis for both Property & Casualty and Accident & Health lines of business.”

Companies using the RMS® Global Terrorism Risk Model for pricing purposes can now consider the site-specific features of properties anywhere in the world and adjust modeled losses accordingly, taking into account individual building characteristics such as construction type and height, as well as specific design elements such as setbacks that can mitigate attack damage. Attack modes also can be tailored to match coverage exclusions or to reflect cases where a certain attack mode is not possible for a given structure.

“Our enhanced set of tools for global terrorism risk management reflects the reality that insurers and reinsurers are looking to develop even more detailed insights into the nature of the risk wherever in the world they choose to underwrite,” said Peter Ulrich, managing director of enterprise risk management. “These tools mirror the global nature of terrorism risk, and provide the means for insurers and reinsurers to get the most advanced insights available to improve underwriting and portfolio management around the globe.”

Risk Management Solutions is the world’s leading provider of products and services for catastrophe risk management. More than 400 leading insurers, reinsurers, trading companies, and other financial institutions rely on RMS models to quantify, manage, and transfer risk. Founded at Stanford University in 1988, RMS serves clients today from offices in the U.S., Europe, and Japan. For more information, visit our web site at www.rms.com.

ClaimIQ Delivers New Business Intelligence System to Measure and Optimize Claims Handling Performance

ClaimIQ, the leading provider of claims decision optimization solutions for the insurance industry, today introduced InsightIQ, a new module in the ClaimIQ decision optimization suite. With InsightIQ, insurance companies now have a comprehensive business intelligence and analysis application that reveals untapped information about system usage, claims outcomes and organizational performance. InsightIQ is available immediately.

“A carrier’s claims organizational processes are only as good as its analysis allows,” said Tom Baird, president and CEO, ClaimIQ. “Without insight into key metrics – such as current and past claims activity, trends, adjuster productivity, learning curves, coverages and policies – claims organizations cannot optimize their decision-making processes and streamline their operations. This lack of analysis at an organizational level can result in reduced customer satisfaction, slow response time to market conditions and emerging regulations.”

InsightIQ delivers deep claims analytics, enabling insurance carriers to automatically refine and optimize organizational processes for reduced leakage and competitive advantage. InsightIQ arms insurance companies with active, detailed business intelligence and analysis on key metrics to improve both adjuster and overall organizational performance. InsightIQ’s reporting mechanisms detail ongoing activity, provide regular updates to key organizational constituents, and offer ad-hoc reports that provide insights on immediate questions, concerns and exceptions. InsightIQ delivers results-based improvement so claims organizations can control and manage best practices, process transparency and corporate compliance.

InsightIQ is part of the ClaimIQ claims adjusting applications family, designed to deliver deep claims analytics that enable carriers to review adjustment activity and outcomes. The new InsightIQ application delivers:

  • A comprehensive and customizable application with a pre-packaged datamart optimized for reporting and a starter pack of 20 pre-defined reports.
  • Deep claims analysis including adjuster usage, claims outcomes and decision quality. It also provides trending, real-time, charting and graphing capabilities via an intuitive visual interface.
  • Fast and easy implementation with an estimated up-and-running time of 60 days.
  • Easy integration with existing systems including most RDBMS, reporting and analysis tools.
  • Flexible report delivery including automatic scheduling and report archives that create a transparent audit trail.

InsightIQ is a key component of ClaimIQ’s integrated suite, a collection of applications that help auto and general liability insurance companies automate best practices and drive claims processing efficiencies, helping them to reduce costs and leakage for liability, injury, subrogation and fraud claims.

ClaimIQ is the leading provider of claims decision optimization applications, delivering automated best practices, predictive analysis and real-time recommendations. ClaimIQ customers, auto and general liability insurance companies, use the solutions to drive claims processing efficiencies, implement accurate investigation, negotiation and liability assessment, control risk and exceptions, and reduce costs and leakage for liability, injury, subrogation and fraud claims. ClaimIQ customers have experienced as much as a 50 percent reduction in claims processing leakage.

Posted: Monday, October 17, 2005 12:00:00 AM. Modified: Monday, October 17, 2005 3:17:07 PM.

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