Metaserver, Inc., a developer of Business Process Integration (BPI) software, based in New Haven CN, announced that the Providence Washington Insurance Company has chosen to expand its present investment and implementation of the Metaserver BPI solution into the company’s commercial lines.
“After recently reaching full production phase of Metaserver’s Property/Casualty (P/C) Carrier Integration Solution in its personal lines, Providence Washington is currently able to accept policy applications and quote requests from independent agencies in real time,” said the announcement. “The commercial line project will include feeding renewal data to the Providence Washington quoting system, expanding the quoting system to include renewal and endorsement functionality, and uploading billing information from the company’s quoting system to its billing system.”
The bulletin noted that the project was completed in just three months, due in particular to the ability of Metaserver’s solution to “allow companies to reuse significant pieces of functionality.” It said that future applications may take even less time.
“Through Metaserver’s BPI solution, the Rhode Island-based company is taking advantage of the insurance industry’s ACORD XML standards for electronic data submission to pass the data received from independent agencies to its policy administration system — without manual intervention,” the announcement continued. “Providence Washington also is using IVANS Transformation Station from IVANS, Inc. to accept the real-time agency ACORD XML transactions. The insurance carrier expects the automation of these critical pieces of the new business cycle to increase revenue by speeding the underwriting process and reducing the time it takes to respond to agency requests.”
“The SEMCI (single entry multiple company interface) initiative has pushed carriers and agencies to strive for real-time, round-trip transactions,” stated Metaserver CEO Richard Schultz, “however, the cost and effort of doing so has always been prohibitive. Our solution is helping carriers realize that real-time transactions can be implemented without spending millions of dollars or undertaking multi-year projects.”
The announcement indicated that “Providence Washington currently supports four real-time ACORD XML personal lines transactions that are critical to the company’s revenue-generating activity. These transactions support homeowner quotes, homeowner new issuance, auto quotes and auto new issuance.”
Ed Leveille, Providence Washington CIO, commented that using this system “First, our agents will be able to get quotes and issue policies significantly faster. Second, our internal staff will be able to focus more time writing and issuing new business rather than quoting business we do not get. Third, the quality of the data will be significantly improved since the additional task of re-keying the data from a paper document will be eliminated.
“The combination of these three benefits will allow us to process significantly more business without the need to add internal staff,” he added.
Topics Commercial Lines Business Insurance Washington Property Casualty
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