Insurity Inc., a ChoicePoint(R) company, announced its acquisition of assets from insuranceDecisions Inc. (IDI).
IDI possesses a robust claims management suite for the property
and casualty market that is fully integrated with Insurity’s rating and policy administration systems. The acquisition will allow Insurity to extend more products and solutions to its broader audience, which includes carriers, MGAs, brokers, TPAs, self-insureds and other financial services institutions.
It will also facilitate “one-stop-shopping” for the Property/Casualty
marketplace, including software and related services, data center hosting, business process outsourcing and knowledge-based decision support.
“The acquisition of insuranceDecisions is a perfect complement to
Insurity’s policy management platform, and further supports our vision of becoming the undisputed leader in providing total solutions to the insurance industry,” said Jeffrey Glazer, Insurity vice president. “Not only is Pyramid recognized throughout the industry as a premier claims processing software platform, insuranceDecisions has added proprietary rules-based support by which claims management decisions are made.”
The expertCenter(TM) platform around which the Pyramid claims suite is marketed consists of three main product and service sets:
*firstDecisions(TM) — the industry’s original rules-based expert system First Notice of Loss decision-making software. An Internet and browser-deployed application, this system offers fast, efficient and high quality data;
*capture and loss reporting — with fully automated regulatory
compliance — at the lowest possible cost. Using an “intelligent” interview process, data is either entered directly by the insured via the Internet or by a telephone call center. The application automatically routes the data to an appropriate claim database/application; categorizes and assigns the claim; sets initial reserves; and notifies the state, internal staff and the external claimant/company, as desired. Benefits include increased productivity, optimal efficiency, reliable data, and improved outcomes;
*complianceDecisions(TM) — uses expert engine technology to manage the large number of regulatory reports required in the claims process, taking the worry out of regulatory compliance;
*reportingDecisions(TM) — provides Internet-based reports and reporting tools for claims administration organizations and their customers. It is built on data warehousing technology which makes the writing of new reports easy and the production of reports fast and efficient. Advanced, account-specific security access controls release of confidential data. Reports are distributed via a browser, e-mail, fax or print. Benefits include automated reporting, increased user access, maximum flexibility, secure data and intelligent systems management.
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