The Corticon ACA solution was developed based upon our experience implementing Corticon BRMS at dozens of leading insurance companies
Redwood City, CA (PRWEB) May 13, 2008
Corticon® Technologies (http://www.corticon.com), the leader in model-driven Business Rules Management Systems (BRMS), today announced its newest offering, the Corticon Automated Customer Acquisition solution (Corticon ACA), at the ACORD LOMA Insurance Systems Forum in Las Vegas. Available now, Corticon ACA is specifically designed for insurance carriers who seek to automate their new policy application and enrollment processes via the web.
Insurance carriers leveraging Corticon ACA will see significant business results including up to ten-fold reduction in:
- Manual underwriting costs
- Time-to-close for new policy issuance
- Time-to-market for new product lines, channels and regions
- Time-to-change, in response to regulations and market dynamics
- Cost of ownership for IT systems development & maintenance
The Corticon ACA solution is a complete web-based, "Apply & Buy" solution that encapsulates the data acquisition, underwriting, payment and policy generation phases. Powered by Corticon's flagship BRMS, and leveraging ACORD standards, Corticon ACA offers unprecedented agility and business control for automating new insurance business application and enrollment processes.
The Corticon ACA solution employs four key technologies:
- Corticon Business Rules Management System - the industry-leading platform to model, execute and manage rules that drive dynamic forms, automated underwriting and quoting and dynamic document generation.
- Corticon Dynamic Dialogs - web-based forms solution to drive interactive, rules-driven customer dialogs via the web.
- Corticon ACA Content Framework - Insurance object model supporting products, factors, rates and enrollment transactions, accessed through the Business Control Center.
- Corticon Dynamic Document Generation - dynamic, rules-based PDF generation for policy, disclosure and marketing documents.
"The Corticon ACA solution was developed based upon our experience implementing Corticon BRMS at dozens of leading insurance companies," said Dr. Mark Allen, Corticon's founder and CEO. "Many of these companies had the same problem: finding ways to more efficiently and cost effectively onboard new customers. These customers were using Corticon BRMS across a common set of business functions: web-based data collection; automated underwriting, quoting and product recommendations; and dynamically-generated documentation. We decided to bring these components together under a single, end-to-end solution that could accelerate time-to-market for our insurance customers."
Corticon recruited Don Ames as VP of Industry Solutions to lead this effort. Prior to joining Corticon, Ames was Chief Technology Officer for Precedent Insurance where he was responsible for implementing an automated customer acquisition solution, powered by Corticon BRMS, for individual health insurance.
"Corticon helped Precedent reduce time-to-close for new policies from an industry average two weeks, to less than 24 hours," said Ames. Based upon his experiences at Precedent, Ames joined Corticon to help bring the new Corticon ACA solution to the broader insurance industry. "Corticon ACA solution can transform the insurance industry, converting long, manual processes into automated, self-service applications. Think about how the web has transformed the travel industry. Booking a ticket used to require lengthy conversations with travel agents. Now consumers are empowered to do the same in minutes. Corticon ACA can provide the same experience for purchasing complex insurance products."
The Corticon ACA solution is available now, powered by the world's most advanced business rules management system, with a pre-built solution framework for insurance customer acquisition, and pre-integrated with database and application server components. Completely customizable, Corticon ACA supports direct-to-consumer (D2C), inside sales and agent/broker channels across all lines of insurance. Corticon is actively recruiting partners to enhance and deliver Corticon ACA to specific insurance markets. Initial partners ready to deliver Corticon ACA solutions across various insurance markets include Colibrium Partners, enChoice (ICI Solutions & en technologies, IBM, NIIT Technologies, Patni, ProRules and Satyam Computer Services Limited.
Corticon Technologies (http://www.corticon.com) delivers Business Rules Management solutions that unleash the Power of Decisions™. Many of the world's most successful organizations rely on Corticon to discover, model, automate and improve operational decisions within their enterprise systems, providing unprecedented agility and business control. Corticon is a privately held company headquartered in Redwood City, California, with European headquarters in The Netherlands, worldwide distribution through local Corticon offices, and an extensive partner network. Recognized as a leading BRMS vendor by industry analysts and thought leaders, Corticon's products are in use today at many of the world's largest banks, insurance companies, media companies, telecommunication providers and government organizations, collectively automating millions of decisions per day.