A.M. Best Co. Announces E-Fusion Award Recipients.OLDWICK, N.J. -- A.M. Best Co. has named Vantis Life Insurance Co., Royal & SunAlliance Insurance Company of Canada, E-Claim.comLLC, Oceanwide Inc., Selective Insurance and Homesite Group Inc. recipients of the 2006 E-Fusion awards. The awards, covering six categories of technology development, were presented at A.M. Best's Insurance & Technology Conference, E-Fusion, in Boston on October 24. The awards recognize innovative, business-focused uses of technology in actual use by insurers. The emphasis was on the business reasoning that gave birth to each project and results that were generated. "The presentations were insightful; they represented the ongoing work insurance organizations are putting into technology to leverage business value," said Paul Tinnirello, A.M. Best executive vice president, chief information officer and conference chairman. The award-receiving projects and their respective categories are as follows: Agent/Broker Life/Health Management: Vantis Life Insurance Co.: AgentWeb enables bank representatives and direct sales people to create a sales illustration and complete and submit an application online in minutes. Agent/Broker Property/Casualty Management: Royal & SunAlliance Insurance Company of Canada: WebBusiness Simplicity Project is a Web-based transaction tool used by the company's sales force across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. to enter new business and key policy amendments on personal auto and property policies in real-time. Claims Management: E-Claim.comLLC: ClickClaims Claims Management System for high-volume property claims operators eases the transmission of claims and replaces the need for on-site catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). centers. Customer Management: Oceanwide Inc.: GENOA Genoa (jĕn`ōwə), Ital. Genova, city (1991 pop. 678,771), capital of Genoa prov. and of Liguria, NW Italy, on the Ligurian Sea. is collaborative, comprehensive Web-based software for global marine insurance that automates all aspects of the insurance process into real-time: application quoting, policy issuance, certificate issuance, document transmission, accounting, premium tracking, claims management, detailed analysis and reporting. Productivity Management: Selective Insurance: xSELerate system has quoted more than $107 million in new business premium in commercial auto, general liability, commercial property, businessowners, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. and umbrella. It reduces to less than five minutes what took from 15 minutes to several days to re-key. Underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and Pricing: Homesite Group Inc.: Business Geographic Underwriting uses GIS-related data and rule-based expert underwriting systems to better underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. its book of homeowners policies. Judges for the 2006 awards competition were Bruce Arbonies, vice president, e-Business Development Group, Prudential Prudential is the name of two different companies and buildings named after them: Companies:
(Chief Information Officer) The executive officer in charge of information processing in an organization. , Penn National Insurance Penn National Insurance is a property-casualty insurance company, headquartered in Harrisburg, Pennsylvania. Founded in 1919 by the Pennsylvania Farmers and Threshermen's Mutual Protective Association, under the name Pennsylvania Threshermen's and Farmer's Mutual Casualty Company, Co.; Steven Landberg, managing partner, Claymore Partners; Gates Ouimette, senior business solutions consultant, Verizon Business; and John Pogas, vice president, Internet & E-Commerce, Affinity Insurance Services division of Aon Corp. A.M. Best Co., established in 1899, is the worldeIUs oldest and most authoritative insurance rating and information source. For more information, visit A.M. BesteIUs Web site at http://www.ambest.com. |
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