Faster and more intelligent access to customer data is perhaps the top technology issue facing insurance companies as they strive to comply with ever-increasing regulatory demands. Unisys Corporation, through an alliance with XAware, announced that it will offer insurers a cost-effective solution to better respond to these pressures.
The Web-based Unisys solution helps insurers maximize current technology investments and manage costs of many data integration, migration and consolidation projects necessary to meet today's regulatory demands.
"Accessing information buried in diverse legacy systems is a critical issue for insurers, for both regulatory compliance and operational effectiveness reasons. "Data mastery" solutions like this one from Unisys and XAware provide browser-based data transparency without requiring legacy replacement," said Matthew Josefowicz, a leading insurance industry analyst at Celent and author of two reports on data mastery in insurance.
Unisys helps insurers address some of the industry's most pressing compliance issues such as:
-- USA PATRIOT Act: Insurance risk managers can view client information instantaneously across all their databases to more quickly monitor, flag and evaluate fraud and money laundering activity.
-- Sarbanes-Oxley: Insurers can automate and consolidate financial processes to encourage more accurate, traceable and faster filings of financial reports.
Open Standards and a Single Platform
Prompted in part by these regulatory demands, many insurers now look to adopt open standards that provide more flexibility than proprietary systems. In recognition of this growing trend, the Unisys solution uses extensible mark-up language (XML) in an open architecture that facilitates implementing any industry standards, for example, those proposed by ACORD (a leading insurance standards-setting organization) as well as recommendations from other groups. Thesolution also uses a single software platform, which in most cases eliminates the complexities and costs associated with purchasing separate modules for data integration and migration.
Unisys incorporates this new solution into its insurance blueprints, which are Unisys 3D Visible Enterprise (3D-VE) solutions. 3D-VE starts with understanding the basic blueprinting process, identifying patterns and developing a process map. From there, a blueprint using state-of-the-art tools, methods, and libraries of business and technology assets is created. The result is a comprehensive solution that allows insurers to respond quickly to changes without altering existing business processes.
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