For executives within the Insurance industry that need greater business agility than their current IT systems can provide, Versata offers a compelling alternative.
Distribution Channel Management
The Versata’s Distribution Channel Management™ (DCM) solution is an industry-specific distribution management and compensation product that enables insurance and brokerage companies to successfully manage complex distribution channels. The suite consists of three integrated components to address industry challenges: Distributor Administration, Compensation Management, and Credentials Management. Working efficiently with a growing number of producers to managing multiple producer compensation plans, the Versata DCM™ product helps insurers get more from their investments in distribution systems by providing the accuracy and flexibility necessary to turn channel compensation systems from cost centers to revenue drivers.
Policy Administration
The Versata Policy Administration™ solution is a complete, modern policy administration solution that leverages the unique power of the Versata 6™ BRMS to allow the complete policy life cycle to be automated three to five times faster than is possible using traditional techniques. The solution is delivered to end users via a web-based interface that is built on top of a fully open architecture with no ties to legacy platforms or any third party licensing costs. Plus, it is fully enabled for real time processing. Versata Policy Administration also includes the acclaimed Versata Rating™ engine, which provides end business users with the flexibility to implement and maintain complex rules without IT involvement, in support of the delivery of accurate, real time product rating and quoting.
Point of Sale
The Versata Point of Sale™ solution provides your producers with a web-based business portal to bind and issue any product, across all channels, from the simplest disability income policy to the most complex group insurance policy. The solution includes Versata’s industry proven Rating, Configuration, and Needs Analysis engines, plus the Versata 6™ business rule management system (BRMS), which combine together to require the necessary information to be gathered and evaluated against your business rules in order to take a policy from rating through to issuance in real time.
Producer Portal
The Versata Producer Portal™ solution provides your field force with an on-line window into the home office, allowing common inquiries such as address changes, contract and licensing questions, as well as questions and disputes of compensation to be handled without direct home office involvement, helping to drastically reduce home office call volume. The Versata Producer Portal™ solution also enables the electronic distribution of field correspondence including compensation statements, credential expiration notices, and other correspondence, helping to sharply reduce mailing costs. Finally, the portal includes real time views into a producer’s performance; enabling the home office and producer to better understand sales performance to date and the amount of sales necessary to achieve their goals.
Data Analytics / Report Writer
Producers are the life-blood of any insurance or brokerage company. In order to ensure that their producers are as effective as possible, companies spend millions of dollars a year training and certifying career producers to sell their products. Unfortunately, less than a quarter of these producers remain at the company that trained them long enough to realize their full potential. However, the producers that do continue to successfully sell products year after year provide a wealth of information that can be mined to learn what works, and what doesn’t. By analyzing the early selling habits, personal characteristics, and certifications of successful producers, it is possible to identify patterns that can be applied to producers earlier in their careers, which will affect both the long-term producer retention rate, and the average revenue per producer.
Subrogation
Versata Subrogation™ is a comprehensive subrogation solution that enforces consistency throughout the subrogation process, reduces costs, and enables insurance companies to recover more money faster. The solution simplifies the unpredictable processes and complex business decisions required of subrogation specialists and eliminates 50% or more, of their current manual and clerical activities.
Eliminating this activity opens up four to five hours of the specialist’s day to engage in more strategic activities. Insurance companies reap better results by enforcing consistent best practices across the enterprise. And because the solution captures important business data, insurance companies can gain valuable insights and information about their recovery process.
Tranzax™
Versata’s insurance applications leverage Versata Tranzax™, a next generation BPM work automation and employee task level processing platform. What sets Tranzax™ apart is its patented case handling automation platform. Traditional BPM products attempt to add value by improving the processes and efficiency with which data is passed between people, systems, and organizations, in other words moving files on and off an employee’s desk. In contrast, Tranzax™ focuses on how a file gets handled
once it reaches an employees desk. Its unique and powerful case management capabilities automate tasks that would be performed by an employee even after deploying a traditional BPM solution, by allowing business analysts to extract, capture, and encode those tasks into an automated software solution.
Solving Insurance Challenges
Versata brings a team with decades of experience in the insurance and brokerage industries to the challenge of developing solutions that utilize best-in-class technology to drive unique functionality for your organization at the lowest possible total cost of ownership. Of the top 30 insurance and brokerage companies in the U.S., nearly one in four have Versata solutions in place. Our clients include Massachusetts Mutual Life Insurance Company, Ameriprise Financial, and Penn Mutual Life Insurance.
Insurance / Brokerage