With new customers and enhancements to IEV, Insurity strengthens its leadership position in the data solution market
INDIANAPOLIS, IN (June 9, 2014) – From the IASA Annual Educational Conference and Business Show, Insurity, Inc., a provider of core insurance processing and data integration & analysis solutions, today announced the signing of eight new deals in the past two quarters demonstrating the continued success and strong industry momentum for Insurance Enterprise View (IEV), its comprehensive data solution. Additionally, Insurity announced enhancements to IEV including a data migration capability and integration with third party data analytics and tools.
The rapid growth and market acceptance of IEV is evident with new customers like FCCI and long-time customers like Glatfelter Insurance Group adding IEV to their current Insurity solution footprint. Insurity now has 17 IEV clients in production and another seven with implementation projects underway for insurers across all tiers and for both Commercial and Personal lines of business. IEV is being used by customers to solve challenges, including core system modernization, replacement of existing operational data store (ODS) and data warehouse (DW) components, inter-company data integration, and quickly establishing a platform for enterprise reporting and analytics.
Karen Furtado, Partner at Strategy Meets Action, commented, “One of the greatest challenges facing insurers during core system modernization initiatives is the ability to take an enterprise view of the company’s financial and performance metrics. In many situations, there are various data sources being used, information does not align between systems, and there are differences in the timing of system cutoffs for the generation of key information points. These inconsistencies can skew the understanding of the real metrics of a company. With IEV, a company can continue to efficiently and effectively manage their business throughout the life cycle of modernization projects.”
The enhancements to IEV include a new data migration capability that eliminates significant costs and time typically required for P&C policy data migration during policy administration system (PAS) modernization initiatives, translating into millions of dollars in potential savings compared to traditional migration methods. This new capability will allow policies to migrate from existing to new PAS applications through IEV, eliminating the need to develop any direct integrations between the two systems. Additionally, IEV integration with third party analytics and data tools will allow insurers to leverage their existing investments in those solutions and provide flexibility to quickly take advantage of new data analytics products as they become available.
Bruce F Broussard, Jr, Vice President, Data Products and Strategy, Insurity, added, “We believe the IEV migration enhancement is a breakthrough in the insurance industry and a data capability that will finally enable insurers to efficiently and affordably sunset legacy systems.”
Jeffrey Glazer, CEO and President, Insurity, noted, “Through IEV, our solutions extend beyond core system transformation and replacement by enabling insurers to integrate, manage and distribute their insurance data to deliver greater business value. We have delivered IEV as the industry’s only data platform which is open and able to interface with any system, making IEV a high value data solution for any insurer, whether they are utilizing Insurity’s core solutions, other vendor solutions, or proprietary in-house developed applications.”
First introduced in May 2011, IEV is the most comprehensive data solution available to P&C insurers. Built specifically for the insurance industry, it leverages industry standard and non-proprietary ACORD standards to more easily integrate a wide range of insurance data from any policy, billing, claims, or reinsurance system into a set of reconciled data repositories, providing a unified data view throughout the enterprise. IEV also provides extensive operational and management reporting as well as robust business intelligence dashboards and analytics KPIs.