Anil Annadata, CEO Even with all the technological advancements, insurance providers still tend to utilize legacy frameworks to prepare and administer policies. This not only causes issues with compliance, but also limits the insurer’s capabilities to create and maintain policies. To relieve insurance carriers from the complex and inflexible systems, CodeObjects, a Silicon Valley based insurance technology company, provides a configurable platform that allows carriers to quickly launch new products and modify workflows to suit their requirements. “For any insurance carrier, a major challenge is making changes to legacy systems to keep up with the regulatory changes and market advancements,” says Anil Annadata, CEO, CodeObjects. “From our perspective, high configurability and speed-to-market methodology is the key to addressing this challenge.”
CodeObjects’s InsuranceEnterprise is an insurance process management platform designed to overcome the challenges of legacy systems. The platform provides a fully integrated environment to streamline processes like address cleansing, document generation. It also incorporates a rating solution that enables clients to strategically thwart their competition and write better policies—minimizing underwriting costs, increasing market share, and expanding the distribution channels. The platform includes three architecture tenants: Service Oriented, Model Driven, and Event Driven. “In service oriented architecture, the application is a loosely coupled collection of reusable and replaceable services,” says Annadata. The model driven architecture, on the other hand, is independent of the platform and is used to generate specific runtime implementations. Meanwhile, event driven architecture illustrates that the services can create and consume events like quote generation, renewals, and cancellations.
We want to be a one-stop shop for insurance carriers
The platform features a cloud based solution, PolicyEnterprise that provides complete automation from the point a quote is generated to policy renewal. The flexible solution builds a detailed view of a customer’s information for the underwriters to take data-driven decisions. “We shorten the underwriting cycle,” says Annadata. Consumers can also visit the insurance carrier’s website and generate the needed quote. With more customers demanding quotes from different geographical locations, CodeObjects’ customers can ensure adequate expansion of their distribution channels. “The solution is also capable of actionable reporting on top of the data warehouse with a library of pre-configured reports,” says Annadata.
Writing policies for complex situations has always been an issue for insurers and CodeObjects simplifies it by integrating data across multiple systems. For instance, an insurance carrier for a public housing authority wanted to eliminate the complexity of writing policies for thousands of buildings. “We then deployed a policy administration billing and claims system for the client in 46 different states across multiple products,” says Annadata. To cater to all these states, CodeObjects used an inheritance model within the client’s system. Post implementation, the client gained an integrated environment that reduced the time to quote thousands of buildings by 98 percent, while significantly increasing the insurer’s return on investment.
Forging ahead, CodeObjects will continue to invest in supporting mobility and improving configurability across applications. Additionally, the company is also focused on reducing the implementation cost of the entire life cycle of insurance processing while developing additional content. CodeObjects aims to leverage the cloud and provide a bundle of value added services. “We want to be a one-stop shop for insurance carriers,” concludes Annadata.
