CHARLOTTE, N.C., Sept. 29, 2004 (PRIMEZONE) -- In the past, insurers' attempts to decrease loss costs and improve profitability have focused mainly on increasing premiums and streamlining processes. Recent results indicate these measures may not be enough to sustain growth in the insurance industry, and insurers are now focusing additional efforts on improving underwriting practices. Technologies that can standardize transactions and incorporate better access to external data needed in the underwriting process are now not only desired, but necessary.
With this in mind, Innovative Software Solutions (ISS), a Charlotte, NC-based software provider, is pleased to announce the release of Version 1.2 of the MAPS Underwriting Workbench. The MAPS Underwriting Workbench is an expert underwriting solution with the ability to push real-time status to the carrier's key personnel. The most significant features of this release include enhancements that allow underwriters to both generate an ACORD Compliant 401 MIB Search and submit an ACORD Compliant 103 New Business Transaction automatically.
"We are pleased with Innovative Software Solutions' drive to implement ACORD standards with the development of the MAPS Underwriting Workbench," said Rick Heil, Program Director, Life and Annuity, ACORD. "This initiative will certainly bring greater momentum and focus to the standards process."
"This new version of the MAPS Underwriting Workbench changes the way insurance companies close new business by making the process quicker, more efficient and paperless," said Don Andersen, President of ISS. "The automated, highly configurable, web-based MAPS Underwriting Workbench reduces the time, costs and inefficiencies associated with the new business underwriting process by integrating seamlessly with both distribution and policy administration systems and helping improve service to an insurer's clients."
Utilizing the standard set of new business processing functions and tools like the ACORD Compliant MIB Search within the MAPS Underwriting Workbench, insurers can build a customized system that incorporates company-specific underwriting guidelines and workflow processes. The MAPS Underwriting Workbench shortens application turnaround times, significantly reduces home office underwriting cost, and streamlines new business workflow.
Future releases of the MAPS Underwriting Workbench will include additional ACORD Compliant transactions, such as the ACORD Compliant 402 MIB Update and 403 MIB Follow Up along with a myriad of other ACORD Compliant new business transactions, inquiries and status transmittals.
To learn more about specific features of the MAPS Underwriting Workbench, or to schedule a personal demonstration of the new release, please visit the ISS website at www.ISS-MAPS.com, or call Meredith Getler at 800-837-2187.
About Innovative Software Solutions (ISS)
Founded in 1989, ISS is dedicated to delivering customized IT solutions that exceed the evolving business needs of the life insurance industry, including carriers, agencies and brokers. The MAPS Integrated Insurance Suite creates enhanced operational efficiencies, streamlines new business processes, reduces expenses and increases sales growth. For more information on ISS and the company's products and services, please visit the company's website at www.ISS-MAPS.com
About ACORD
Based in New York, ACORD (Association for Cooperative Operations Research and Development) is a global, nonprofit insurance association whose mission is to facilitate the development and use of standards for the insurance, reinsurance and related financial services industries. With offices in London as well, ACORD accomplishes its mission by remaining an objective, independent advocate for sharing information among diverse platforms. ACORD Standards and services improve efficiency and expand market reach. Affiliated with ACORD are hundreds of insurance and reinsurance companies and thousands of agents and brokers, related financial services organizations, software providers, and industry organizations worldwide. For more information about ACORD standards, please visit the ACORD website at www.acord.org