Exigen Insurance Solutions®, a global provider of core systems and business transformation to insurers, today announced at ACORD LOMA Forum, the release of Exigen Pre-Configured Solution Packages that provide more than 80 percent of the core systems functionality required by most property & casualty insurers out-of-the-box.
Exigen Pre-Configured Solution Packages reduce core system replacement risks for insurers, and are designed to generate up to 50 percent savings in time and 40 percent savings in average costs. Exigen Pre-Configured Solution Packages use the extensive configuration capabilities of the Exigen Suite™ multi-line platform for policy administration, billing and claims management to reduce the technology and business risks associated with core systems replacement.
“The history of core systems replacement for insurers tells us that a decision to acquire a software package can be a risky proposition,” said Alec Miloslavsky, executive chairman and CEO, Exigen Insurance Solutions. “Only 20 percent of projects deliver on time and within budget. This is largely because many projects are still heavily reliant on software code customization to deliver promised functionality, as opposed to rich, underlying base code supported by extensive configuration capabilities. Insurers can run their companies on what we provide in our base pre-configured solutions.”
This new offering from Exigen provides insurers a system with the highest level of implementability and upgradeability. Insurers need only determine minimal changes to the working Pre-configured Solution Package to tailor the system to their specific situation, or adopt the pre-configured option as is. This significantly reduces the typical cost, time and risk of deployment of a traditional systems replacement. Typical upgrades can be accomplished in two months, and can even be performed during the implementation itself.
“Future system upgrades following initial implementation can be extremely difficult, often taking six to 18 months, and sometimes costing amounts that look more like initial implementation than an upgrade,” said Miloslavsky. “This has resulted in many companies being several versions behind the most current version of the vendor’s software. Exigen Pre-Configured Solution Packages lay these concerns to rest for insurers.”
“Carriers looking at new systems often focus on the extent of functionality available out of the box. But just as important as those lines of business and functionality already built within the system is the relative ease with which additional capabilities can be added,” said Karlyn Carnahan, principal at Novarica. “Carriers looking for speed to market look for pre-configured solutions and look for easily configurable rules, workflows, roles, pages, and forms.”
Implementing Exigen’s Pre-Configured Solution Packages allows insurers to manage the functionality, implementation, upgrade, cost of ownership and vendor risks characteristic of most package software implementations.
Initially, Exigen’s Pre-Configured Solution Packages are available for personal lines auto, home, dwelling property, and umbrella, and provide delivery of an out-of-the-box, fully functioning insurance processing system with complete lifecycle transactional capability. The design and underlying assumptions inherent to Exigen’s Pre-Configured Package Solutions are based on “best of breed” characteristics from Exigen client implementations and industry best practices. The package is offered with a Software-as-a-Service (SaaS) option, and portal/self-service capability, plus a built-in Interface Factory component providing pre-built integrations to standard data and third-party sources to accelerate initial system integrations and upgrades.