The introduction of Exigen Suite™ for Group Benefits is generating a lot of interest among insurers offering group benefits products and has been well-received by analysts familiar with this segment’s market conditions and pressing technology needs.
“As a modern, configurable system based on open standards, Exigen brings a new option into an underserved market,” said Chad Hersh, managing director in the insurance practice at Novarica. “Few systems adequately address the unique needs of the group benefits space, including the robust flexibility and scale requirements. Market forces demand greater investment in technology as insurers seek to build more effective channels that market to employees directly, while dealing with the convergence of traditional group and voluntary insurance and customer desire for greater control over their benefits.”
Exigen Suite for Group Benefits provides insurers with a technology response to the business, regulatory and social drivers that are reshaping the Group Benefits market. The Exigen Suite offers plan management for group and worksite products – life, disability, accident and health, and medical – that accommodates all classes of participant and all billing options from non-contributory to voluntary. The solution includes all policy admin, billing and claims functions and provides insurers with unparalleled flexibility to manage product offerings and distribution across a wide spectrum of the market. Through the built-in customer relationship management (CRM) module insurers, worksite sponsor companies and brokers get a full on-line account view of customers. The solution also meets the growing demand by plan participants to view and manage their products online and on mobile devices.
"As the group and voluntary insurance markets converge, changing distribution and service models will strain IT application architectures and legacy systems past the breaking point,” said Chuck Johnston, director, Americas Life/Annuity & Group Practice with Celent’s Insurance Group. “Insurers and brokers have underinvested in group and voluntary insurance solutions over the last 20-plus years, and will struggle to meet new market requirements. Celent believes that compelling new solution offerings in the group administration space will come from property & casualty (P&C) vendors leveraging their multi-coverage, multiple insurance object models to meet the unique needs of this market.”
Key features of Exigen Suite for Group Benefits include:
- A single multi-line platform for group and worksite insurance that reduces cost and provides greater control of distribution;
- A single view of the customer to improve service and increase cross-sell opportunities;
- Simplified eligibility and enrollment that saves time and increases accuracy;
- Flexible billing as a strategy to improve customer relationships; and
- Full real-time self-service for participants, brokers and sponsors.
“By consolidating disparate line of business systems into one and leveraging the ultra-configurability of Exigen Suite, we expect insurers to reduce operation and IT costs by more than 30 percent and to grow by controlling more of the value chain and being able to more quickly enter markets,” said Adam Denninger, SVP, Commercial Markets, Exigen Insurance Solutions.
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Congratulations to customer AAA Northern California, Nevada & Utah Insurance Exchange for their recognition as a Celent 2013 Model Insurer for policy administration. Several Insurance Exchange and Exigen staff were on hand in Boston in February at the awards ceremony that highlighted the benefits of the company’s transition to a new policy administration system and their utilization of effective change management practices to accomplish it.
It was a great way to start the year! We were very pleased to get the news that Narragansett Bay Insurance Company (NBIC) had been chosen to Best’s Review’s 2013 Innovation Showcase. Our congratulations to NBIC and its CIO Mike Anselmo and his team. NBIC is one of ten companies in the showcase recognized for forward-thinking among insurance organizations.
Every year, the CIO 100 Awards honor 100 companies that demonstrate excellence and achievement in innovation and business value. This year, Narragansett Bay Insurance (NBIC) was among the select few for a project lead by NBIC’s CIO, Mike Anselmo. Exigen Insurance is pleased to congratulate Mike and NBIC for their success and recognition for what CIO magazine describes as “using IT in innovative ways to deliver competitive advantage to the enterprise and enable growth.”
Peter Huehne, the former president and member of the board of directors of Allianz of America, has joined Exigen Insurance as vice chairman.
Today IBM announced its new family of expert integrated systems, IBM PureSystems. We’re very pleased to be among a select list of IBM’s business partners certified on PureSystems. PureSystems is a new class of systems that combines the flexibility of general purpose systems, the elasticity of cloud and the simplicity of an appliance with integrated expertise to change the experience and economics of IT.
We are pleased to announce the recent appointment of Wilhelm Zeller to Exigen Insurance's board of directors. Mr. Zeller is the former chief executive officer and executive board chairman of Hannover Re.
Roll-out of Auto Products in California Introduces AAA NCNU Insurance Exchange’s Multi-state Business Transformation and Technology Modernization
Exigen Insurance Solutions announces that AAA Northern California, Nevada, and Utah (NCNU) Insurance Exchange has rolled out Exigen Insurance Solutions’ policy administration and billing solutions for its California book of automobile insurance. The deployment is the first stage in providing AAA-branded personal lines insurance to more than 17 million AAA members in the 26 states served by AAA NCNU Insurance Exchange. Nearly one million auto policyholders and 1.7 million cars in California are insured by AAA NCNU.
Our warmest congratulations to customer Mike Anselmo, CIO of Narragansett Bay Insurance Company (NBIC), on his 2011 Elite 8 award. Exigen Insurance has the distinct pleasure this year of offering congratulations to two of our customer CIOs on their 2011 Elite 8 awards. Mike Anselmo is joined by Karl Uphoff, CIO of global consumer lines at Chartis.