CLEVELAND, May 20, 2011 /PRNewswire/ -- In insurance, having consistent, up-to-date information across systems is a priority. But with persistent legacy systems and market trends like consolidation, it's becoming an increasingly difficult goal to achieve. In an effort to change this, ACORD's Plug'n'Play Consortium, a work group within the insurance standards development organization, is working to create a standard that will enable enterprise systems to integrate using ACORD messages. To make the standard work, it requires an enterprise content management (ECM) solution that provides out-of-the box data-level integration capabilities, enabling the systems – from mainframes to policy administration – to pass data among each other. At the upcoming ACORD LOMA Insurance Systems Forum, Hyland Software's OnBase is the ECM solution providing this enterprise interoperability.
"Insurance companies have a lot of systems, and each has its place. The unfortunate truth is that, all too often, these systems create information silos instead of reducing them," said Ruth Fisk, director of insurance solutions for Hyland Software.
"But, counter to popular belief, solving this issue isn't an unreachable goal. It's why ECM solutions are in such high demand in the insurance market. And even more so, it's why insurers are looking for more and deeper integration levels from these solutions. By demonstrating the value of ECM that interoperates with enterprise systems by being ACORD-standard ready, we hope that insurance companies will have a better understanding of what to expect from their ECM solutions."
One scenario that demonstrates this value is when life insurance companies add a beneficiary to an account. Today, that activity is often a paper-driven process between an agent and account owner, followed by either a highly custom-coded system, or a manual process using checklists to re-key data in order to update all of the different systems.
But with OnBase plugging into the master index, the signed form is brought into the process via a tablet PC, which will then be used to create an ACORD message, instantly updating all the other vendor systems participating. And, the signed "add beneficiary" document will then be available within each of those systems.
The demonstration of this and other scenarios will be shown at the ACORD LOMA Insurance Systems Forum on Sunday, May 22, from 1:00 to 3:00 p.m. PT, during the ACORD Plug'n'Play Tooling Jamboree. A public awards ceremony will take place at the ACORD booth from 5:25 to 6:00 p.m. for all vendors capable of meeting this standard.
For more information about Hyland's insurance solutions, visit http://www.hyland.com/insurance.
About the Hyland Software solution, OnBase
One of the world's largest independent ECM software vendors, Hyland Software is the developer of OnBase. An award-winning suite of document and process management solutions, OnBase has a proven record of solving problems resulting from time consuming, costly and error plagued manual tasks. Available on-premises or as software as a service (SaaS), OnBase installs quickly, cost effectively and is designed to grow with organizations.
Today, people at more than 10,000 organizations, including health, life and property & casualty insurance companies, as well as managed general agents and third party administrators, have the time to do the things that really add value thanks to OnBase. Specifically, they're able to streamline insurance-specific processes such as claims and underwriting, while also extending OnBase to financial management and human resources. For helping its customers succeed in these areas and others in its 20 year history, Hyland Software is a Leader in the Gartner Magic Quadrant for Enterprise Content Management, 2010. For more about how document management software is helping organizations to solve their operational problems, go to http://blog.hyland.com.
SOURCE Hyland Software