Evolutions on compliance and business innovation to enable a smarter approach to insurance business.
The new release enables Insurers to best exploit the market opportunities and its changes
RGI, an independent software vendor leader in Europe in the design, development and delivery of core systems to Insurers, announces today the release of PASS_Insurance 3.2, the Policy Administration System for Life and Non-Life European Insurers.
“The insurance market is undergoing a massive transformation, pushed by several drivers, such as the arise of new competitors that leverage on technology to deliver new services and the change of the consumers habits, – Ugo Di Iorio, RGI Presales and Business Innovation Director said. – Our commitment is to interpret the hot trends to design new features and solutions to best exploit the market opportunities and its changes”.
“Today one of the biggest changes in the Insurance market is also the dynamic regulatory environment, – Gianluca Verraz, RGI Chief Product Officer continues – The new release of PASS_Insurance meets the requirements of the current regulations and sets the basis for the Insurers to be compliant also to the regulations still to come, such as IDD, whose application is foreseen for October 2018.”
The major evolution of the new release of PASS_Insurance Suite are mainly related in fact to the business innovation and compliance, beside some functional enhancements to enable a smarter approach to insurance business.
Artificial Intelligence, natural language processing, advanced analytics and predictive models on Big Data are tech buzzwords that are greatly influencing the way an Insurer interact with a policyholder and with its partners. RGI integrated these new technologies within the new release of PASS_Insurance with 3 new add-on modules:
- Insurance Chatbot: an insurance virtual assistant to enable both customers (Business to Consumer approach) and intermediaries (Business to Business approach) to perform operations by asking questions in natural language and get answers. RGI developed the Insurance language engine in a joint research project with some major Universities focused on best-in-class Artificial Intelligence methodologies.
- Recommender system: Proposing to the customer the right product is crucial, that is why RGI has developed its own Insurance recommender system, a service to suggest to the customer some items he may have an interest in, exactly how it happens on e-commerce platforms and social networks. The benefits of the solution is that the Insurer can enhance the conversion of prospects to customers by capturing their needs in advance, and expand the customer proposition with up and Cross Selling initiatives
- PASS_Products Expert: RGI R&D department has released a first alpha version of a new system that will suppport Insurers in the pricing design. This first release enables Insurers to easily perform pricing simulation and customer segmentation in rate tables and, using past claims and portfolio data, to estimate the right price of policy according to the customer cluster.
The European regulation scenario is rushing into new laws that recently came, or are about to come into effect. Some of them, as the GDPR, are affecting all businesses, insurance included. Others are specific for the market, such as the IDD (Insurance Distribution Directive) or the ATRD (Dynamic Risk Certificate). More in details:
- To be current with the new standards and compliant with the Italian Regulations concerning the ATR (Risk Certificate) management, RGI integrated PASS_Insurance with the regulatory changes by assigning a code to each insured vehicle, by designing specific procedures to manage flows of information to and from ANIA (National Association of Insurers) and by extending to 11 the years included into the claims table.
- To be compliant with the new GDPR European regulation, RGI enriched PASS_Insurance Suite with some new functionalities to comply to the requirements of data processing consent, also for children below the age of 16 years, right of access, right to be forgotten, the erasure of data according to law terms.
- To proactively deal with the IDD (Insurance Distribution Directive) that is foreseen to go into effect on October 2018, RGI has developed and integrated a tool, PASS_Products Evolution, that extends the already wide configuration capabilities of the product engine PASS_Products. PASS Products Evolution is in fact a complete end-to-end Product Administration System that allows Insurers to have the complete governance of an insurance product, from the design to the monitoring and review, as defined by the POG (Product Oversight Governance) requirements
Last but not least, some general functional enhancements have been completed on the new release of PASS_Insurance:
- The multicountry management of tax rates
- The integration with a third party credit risks databases
- The integration of the mobile paperless signature (OTP)
- The upgrade of the Financial Insurance Guarantee management to deal with many different international markets, with the full transition form a functional to a process oriented system orcherstrated by a BPM (Business Process Management) system.
Follow us on:
LinkedIn: RGI Group
RGI is the EMEA digital influencer of the insurance market, providing a comprehensive and modular offering which addresses core insurance processes including policy administration, market management, and sales and distribution. With a team of 800 professionals specialised in IT and insurance, and operating from 12 offices in Italy, Ireland, France, Germany, Tunisia and Luxembourg, RGI has digitised the business of more than 100 Insurers and 300 brokers across different geographies.
Elena Pistone – Corporate Marketing, External Relations and Intermediaries Director
Mob: +39 335 6977103