RGI ANNOUNCES PASS_INSURANCE 3.2 NEW RELEASE

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  • 18/07/2018  |
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RGI ANNOUNCES PASS_INSURANCE 3.2 NEW RELEASE

Evolutions in compliance and business innovation to enable a smarter approach to the insurance business​.The new release enables insurers to best exploit market opportunities and changes.

RGI, an independent software vendor and leader in Europe in the design, development and delivery of core systems to insurers, today announced the release of PASS_Insurance 3.2, the Policy Administration System for European Life and Non-Life 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 in consumer habits,” explained Ugo Di Iorio, RGI Presales and Business Innovation Director. “Our commitment is to interpret the hot trends so as to design new features and solutions to best exploit market opportunities and changes”.

“One of the biggest changes in the insurance market today is the dynamic regulatory environment,” continued Gianluca Verraz, RGI Chief Product Officer.  “The new release of PASS_Insurance meets the requirements of the current regulations and sets the basis for insurers to be compliant also with regulations still to come, such as the IDD, whose application is foreseen for October 2018.”

The major evolutions of the new release of PASS_Insurance Suite are in fact mainly related to business innovation and compliance, beside some functional enhancements to enable a smarter approach to the insurance business.

Business Innovation

Artificial Intelligence, natural language processing, advanced analytics and predictive models on Big Data are tech buzzwords that are greatly influencing the way an insurer interacts with a policyholder and with its partners. RGI has integrated these new technologies in 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 getting answers. RGI has developed the insurance language engine in a joint research project with some major Universities focusing on best-in-class Artificial Intelligence methodologies.

Recommender system: Proposing the right product to the customer is crucial, which is why RGI has developed its own insurance recommender system, a service to suggest items of likely interest to customers, as happens on e-commerce platforms and social networks. The benefits of the solution are that the insurer can enhance the conversion of prospects to customers by capturing their needs in advance, and can expand the customer proposition with Up and Cross Selling initiatives

PASS_Products Expert: RGI’s R&D department has released a first alpha version of a new system that will support insurers in pricing. This first release enables insurers to easily perform pricing simulations and customer segmentation in rate tables and to estimate the right price for a policy according to the customer cluster, by using past claims and portfolio data.

Compliance

The European regulation scenario is rushing into new laws that recently came, or are about to come into effect. Some of them, such as the GDPR, affect all businesses, insurance included. Others are specific to the market, such as the IDD (Insurance Distribution Directive) or the ATRD (Dynamic Risk Certificate). Further details:

To be up-to-date with the new standards and to be compliant with the Italian Regulations concerning ATR (Risk Certificate) management, RGI has integrated the regulatory changes into PASS_Insurance by assigning a code to each insured vehicle, designing specific procedures to manage flows of information to and from ANIA (National Association of Insurers) and by extending the years included in the claims table to 11.

To be compliant with the new European GDPR regulation, RGI has enriched PASS_Insurance Suite with some new functionalities to comply with the requirements of consent for data processing, also for children below the age of 16, right of access, right to be forgotten and the erasure of data according to law.

To proactively deal with the IDD (Insurance Distribution Directive) that is expected to come into effect in October 2018, RGI has developed and integrated the PASS_Products Evolution tool, which extends the already extensive configuration capabilities of the PASS_Products product engine. PASS Products Evolution is in fact a complete end-to-end Product Administration System that provides insurers with complete governance of an insurance product, from design to monitoring and review, as defined by POG (Product Oversight Governance) requirements.

 

Functional enhancements

Last but not least, some general functional enhancements have been completed on the new release of PASS_Insurance:

Multi-country management of tax rates

Integration with third-party credit risk databases

Integration of the mobile paperless signature (OTP)

Upgrade of the Financial Insurance Guarantee management to deal with many different international markets, with the full transition from a functional to a process-oriented system orchestrated by a BPM (Business Process Management) system.

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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.

Press:

RGI

Elena Pistone – Corporate Marketing, External Relations and Intermediaries Director

ufficiostampa@rgigroup.com

Mob: +39 335 6977103

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