Progress Software Introduces Insurance Information Model Solution Accelerator

Progress Software Corporation, a software provider that enables enterprises to be operationally responsive, today announced the availability of the Progress Insurance Information Model(IIM) solution accelerator. This new solution, which is the first of its kind in the insurance industry, enables insurance companies to significantly improve their customer experience in compliance with ACORD standards. The Progress Insurance Information Model solution accelerator consistently and accurately consolidates customer, policy, claims and other insurance data, which often comes from multiple, different departments. This helps drive down costs for insurance providers and frees up resources for revenue generating activities.

Worldwide adoption rates of the ACORD Framework are increasing as insurance companies recognise the benefits they can accrue from data and interoperability standards. The Progress IIM solution accelerator helps insurance companies accelerate the adoption of the ACORD Information Model by providing the ACORD design and run-time integration components along with connectivity to disparate legacy systems.

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“There are many challenges faced by insurance companies including fluctuations in market conditions, the need for precision pricing, increase in fraudulent claims activity, rising regulatory scrutiny and an aging workforce. To overcome these challenges, insurance companies need systems that can respond to both real-time and historical customer needs, events and patterns. Equally, they need to ensure they can provide a positive, end-to-end experience across the insurance ecosystem. The Progress Insurance Information Model solution accelerator delivers a common view of data across an enterprise enabling insurance providers to respond to both threats and opportunities before they become a problem,” said Cindy Maike, industry vice president for insurance, Progress Software.

The Progress IIM solution accelerator facilitates the import of the ACORD Information Model and future mappings of ACORD XML standards, along with capabilities that integrate both distributed and mainframe legacy systems. The solution accelerator also provides data mapping and integration with external third-party applications and services.

The Progress IIM solution accelerator is built on the Progress Responsive Process Management (RPM) suite, which provides operational and line of business users with boundless visibility into vast, disparate data silos as well as the ability to correlate, analyse, and anticipate events that could impact their business. Equally important, it also enables users to make continuous business process improvements without disrupting their IT infrastructure, or requiring the replacement of existing systems. This comprehensive functionality is managed through the Progress Control Tower product.