COMMERCIAL INSURANCE BUYERS, BROKERS & SELLERS SEE ADVISEN 4.0 AS DRIVING TRANSPARENCY
Advisen’s Newest Version Adds Tools for Commercial Insurance Professionals to Share, Track and Compare Submissions, Placements, Wordings and Claims.
Honolulu, April 24, 2006 – Advisen Ltd., the leading provider of analytics, benchmarking and market information to the global commercial insurance industry, today unveiled a new version of its platform that will facilitate greater transparency for insurance transactions for buyers, brokers and sellers of policies.
Advisen continues to pioneer innovations that facilitate the way key market participants interact and communicate. Advisen 4.0 drives more informed risk decisions, more efficiency in managing insurance programs, and more insight into current market conditions enabling insurance professionals to mitigate risk. Advisen is demonstrating this new functionality at the RIMS 2006 Conference & Exhibition being held this week in Honolulu.
This latest version of Advisen offers a series of new features that extend marketplace visibility beyond pricing conditions and benchmarking, and offer risk managers, brokers and carriers insight into individual insurance transactions.
“One of Advisen’s hallmark traditions is benchmarking - providing transparency into marketplace conditions by bringing access to market data found nowhere else,” said Tom Ruggieri, CEO of Advisen. “Advisen 4.0 extends the tradition of transparency beyond market conditions into individual insurance transactions. Utilizing three core engines: Work-up and Submission Templates, Program Management and Policy Comparisons, professionals achieve this new level of transparency.”
New Advisen functions include:
Interactive Work-up and Submission Templates: These new features efficiently deliver a transparent view into a client’s exposure. Advisen’s templates provide the ability to pre-populate Advisen content and structure client proprietary content into custom analytics that allow brokers to create submissions and underwriters to perform in-depth risk analysis. Templates both leverage the in-depth information Advisen has on more than 1.7 million companies as well as make professionals more efficient by reducing the time required to create submissions and work-ups. The templates also improve transparency by facilitating the disclosure and exchange of structured data between insurance counterparts. Advisen’s submission templates are highly configurable and can be manipulated to mirror customer-specific workflow requirements.
Program Management System: This system is more than simple policy management as it allows complex syndicated policies to be managed as a program. Professionals can assess and manage a complete portfolio of insurance transactions, analyze hypothetical cases or propose alternative scenarios to senior management. A hallmark of this component is Chart Your Program that efficiently standardizes the graphical display of insurance programs. This system also allows users to evaluate the financial security of insurers, generate schedules of insurance and compare quotes on new programs or to expiring programs. Eliminating double and triple entry, the system also generates binders, invoices and interfaces with Certificate and Auto ID production systems. Advisen clients can also grant other Advisen users permission to access results.
Advanced Policy Comparisons: With this feature, for the first time, insurance professionals can manage and compare up to ten policies at once, thus enabling tremendous efficiency gains. Users can also select policies that are issued by specific insurers, address specific topics (e.g. pollution, specific claim types, etc.) and/or are in effect in specific geographic areas.
In the area of transparency into market conditions, Advisen has expanded its offering with benchmarking capabilities beyond premium, limit and retention. With a quarter of a million programs stored electronically, Advisen now introduces two new dimensions: Total Cost of Risk and Loss Benchmarking.
Total Cost of Risk: This enables risk managers to track costs concerning premiums, retained losses and administrative expenses, and compare them to similar organizations over time via graphical cost benchmarks.
Loss Benchmarking: As previously announced, the Advisen system now includes 180,000 claims for Hospital Professional Liability. This initial database holds 10-year loss runs from more than 1,400 U.S. hospital facilities – approximately one in three American hospitals – with a geographic span closely representative of the full national hospital population. This forms the base for future Loss database additions.
Advisen 4.0 is rounded out with the expansion of reference information for risk managers and other professionals. Advisen has partnered with Risk Management Internet Services (RMIS) to supply the Risk Management Library (rmLibrary) which consists of more than 20,000 web links and documents that have been described, categorized, qualified and tagged for risk management purposes.
Advisen 4.0 is now available. For all sales inquiries, please call 1-866-ADVISEN.
About Advisen
Advisen Ltd. provides carriers, brokers, risk managers and other insurance professionals with an integrated analytics and information platform for insight to make key commercial insurance and risk management decisions. Advisen’s over 400 clients access the on-demand, web-based service for research on 275,000 program transactions, 180,000 claims, 80 industries and 1.7 million companies and organizations. Advisen member firms gain higher value on the above information through analytic functions such as: benchmarking, work-up and submission templates, insurance program management, policy & law comparisons, loss & exposure analysis, corporate governance, financial metrics, news and significant case data. Over 40,000 insurance professionals use Advisen every day. Visit www.advisen.com or call 212.897.4800.