WorldGroup Broadens InsureWorx Solution with Receivable Administration Capabilities.Business Editors/High-Tech Writers CHICAGO--(BUSINESS WIRE)--Nov. 19, 2003 At the 12th Annual National 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 Disability Conference, components-based insurance software provider, WorldGroup, introduced the latest addition to their InsureWorx component library. The new InsureWorx capabilities address the complex receivable consolidation and payment application inefficiencies inherent in the commercial Property/Casualty and Group Life/Health lines. The new capabilities enhance the InsureWorx product suite, which also offers the electronic bill presentment and payment See EBPP. (EBPP (Electronic Bill Presentment and Payment) Sending invoices to customers over the Internet. When payment is due, an e-mail is sent with a link to a Web page that contains the billing information and the payment services that are supported. ) "Web-bill" product, as well as 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. , Policy and Claims administration applications. The additional functional components further strengthen the InsureWorx leadership position as the insurance industry's first and most comprehensive J2EE/WebSphere Application Server (WAS) software application: the preferred technology choice for mid- and large-size commercial and group carriers. The InsureWorx granular granular /gran·u·lar/ (gran´u-lar) made up of or marked by presence of granules or grains. gran·u·lar adj. 1. Composed or appearing to be composed of granules or grains. 2. component design offers an efficient, low risk incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. deployment, whether a broad enterprise Legacy replacement or integrated with existing Legacy administration systems. This pragmatic step-by-step approach provides carriers a proven technology and solution to address their most critical business systems needs, while also offering them a broad technical stance for whatever business and technical requirements the future may bring. Gary Sherne, WorldGroup's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "When we first introduced InsureWorx in June of last year, we promised the industry a complete end-to-end insurance solution. These latest additions to InsureWorx continue to demonstrate our unwavering commitment to expand the InsureWorx to deliver on our vision. We believe that InsureWorx is the most advanced J2EE/WAS insurance administration application available for core insurance administration processing." Mr. Sherne continued, "Since InsureWorx is built as a series of components, the carrier has the opportunity to take an ala carte approach to their functional requirements See information requirements and functional specification. (specification) functional requirements - What a system should be able to do, the functions it should perform. , implementing only what capabilities they need and adding new functionality as their needs expand and change. This breadth of functionality and implementation flexibility offer WorldGroup customers an unbeatable combination of a tailored solution with rapid implementation and the affordable pricing that they've come to expect from the traditional packaged solutions." About WorldGroup WorldGroup, located in the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay , (Emeryville) California, provides a new breed of software solution to the insurance industry - component solutions that allow insurance companies to incrementally replace the business and technical inefficiencies of their Legacy systems environments, with minimal disruption and risk to the organization. InsureWorx is widely recognized as the most mature J2EE/WAS core insurance processing system available. For additional information on WorldGroup, please visit the website at www.wgcusa.com, call us at 800.785.4526. |
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