SSP, a provider of insurance technology, announced that IBM has validated InsureJ, SSP’s component-based general insurance solution, against the IBM Insurance Industry Framework. The IBM Framework allows insurance companies to transform their business processes, whilst reducing IT investment costs and risk, through the use of industry best practices and innovative IT solutions.
SSP’s InsureJ is a modern, service-oriented architecture (SOA) based, dynamic general insurance solution that is delivered through a comprehensive range of business components including product configuration, policy administration, claims and reinsurance which can be deployed as a whole, or as individual products. As such, InsureJ offers a compelling proposition for global insurance companies, in particular those that are still using out-dated legacy technology.
SSP’s partnership with IBM follows a series of strong wins for its InsureJ product, which is rapidly gaining traction in the market following a series of contracts with companies that include The Co-operative Insurance, Bao Viet, and Absa. Following these key developments, SSP now has InsureJ customers located in each of the company’s key territories: Europe, Asia Pacific and Africa.
“Consumers and brokers increasingly want 24×7 access to products and services, through multiple channels and insurers need to be able to deliver this quickly and efficiently without costly manual intervention,” says Kevin Gaut, chief technology officer at SSP. The complexity of legacy systems makes this difficult, costly and risky, but by replacing out-dated and inefficient systems, InsureJ reduces costs and boosts productivity for insurers. SSP’s involvement with initiatives like IBM’s Framework underpins our strategy to bring the sizable benefits that InsureJ can deliver to the widest possible customer base.
The IBM Framework provides a robust and scalable infrastructure in order to provide flexibility, reduced costs, and the rapid deployment and integration of low-risk insurance solutions.
As part of this framework, SSP will deliver solutions that accelerate the transformation of business processes, from policy administration to claims processing and allow insurers to become truly multi-channel with the ability to react quickly to changes in the marketplace.
“Many insurance companies continue to spend millions of pounds a year just to keep their legacy systems running. Not only is this approach costly, but these out-dated systems can also be a major constraint on businesses as they struggle to modify pricing and bring new products to market quickly,” Kevin Gaut adds. “InsureJ can help these businesses to realise significant cost savings and processing efficiencies by providing technology solutions that cater for their specific needs, whether they are looking to replace a system entirely or incrementally, component by component.”
D.C.