UK insurers face increased competition, rising costs and declining profits, as well as new regulatory challenges. The high cost of maintaining and enhancing legacy systems are also placing increased pressures on insurers. Now is the time for insurers to embrace new innovative systems that will increase their efficiency, improve operations, while decreasing their costs.
Martin Houston, Associate Vice President Insurance, Mphasis Wyde UK & Ireland, who is a also speaking at the event says,“I have worked in the insurance sector for nearly three decades and am very impressed by the power and flexibility of Wynsure. With the ability to create new products fast, manage an existing portfolio with ease and introducing self-service elements mean it is a powerful solution in today’s market.”
The core modules of Wynsure General Insurance Solution include Product Factory, Policy Management, Claims Management, Commissions, Billing/Payment, and Customer Care. The underlying component-based architecture allows for the deployment of one business domain at a time or the complete solution in its entirety. Because Wynsure modules support all of the core back-end processing through one fully integrated solution, the complexity of the technical environment is decreased while providing increased data integrity. In addition, Wynsure is easy to integrate and can be used as the central “hub” for the remaining systems.
Self-service – eliminating the need to build costly interfaces
“Rather than being a static application around which business processes are built, Wynsure can easily be tailored to support existing business processes,” Martin explains. “All of Wynsure functionality can be deployed to a web environment allowing customers to access their information through a user-friendly interface and external agents to gain access to the same feature-rich application functionality through the agent portal. This same functionality can be used by internal employees. Wynsure presents a user-friendly view of information in a safe and secure environment. This eliminates the need to build costly interfaces to web portals and ensures that the information being viewed by customers, agents or partners is both correct and up-to-date,” he concludes.
Empowering the business user
Wynsure, general insurance solution, was developed to empower business users. Through the Product Management domain business staff can create new products or adapt existing products without intervention of IT. While all common lines of business are supported “out-of-the-box”, it is easy to customize the core parameters of these products such as rates, coverage definition, eligibility rules, and underwriting workflow. All the dynamic business drivers are abstracted from the core application into a rules engine so that business users can customize the solution without the need to make programming changes. Additionally, the powerful rating engine handles the most complex multi-dimensional rate tables.
Wynsure’s underlying component-based architecture makes it flexible, scalable and platform independent. Wynsure can be installed on Microsoft, Sun, or IBM platforms. In addition, the component architecture allows Wynsure to easily integrate with other systems. The component architecture also accelerates the development and customisation efforts considerably because most functionality Wynsure empowers business users already exists; only the specific behavior needs to be defined for the particular need.
As a global solution Wynsure is of course multi-company, multi-currency and multi-language. It is a comprehensive and flexible back-office general insurance solution for insurance companies that can be easily customized to meet your specific business needs. It’s a fully supported component based solution that has been developed and implemented in conjunction with leading insurers. It has already been successful deployed in a number of insurance companies world-wide including AXA, ING, Houston Inc, Hanover Re, BNP Paribas and many others.
For individuals who would like to find out more come and see us at The Future of General Insurance or visit us at Booth #3 Nov 13-15, 2012 - Grange Tower Bridge Hotel, London, UK
About Mphasis Wyde
The Wyde Corporation (mphasis-wyde.com) an international software vendor and creator of Wynsure- an industry leading Insurance Policy Administration Solution was acquired by MphasiS in 2011. Wyde was headquartered in Minneapolis, USA, with a modern research and development centre in France, Wyde developed and deployed Wynsure, a proven software platform, used by many of the leading insurance companies in North America and across Europe.
Mphasis UK Limited
12th Floor, 88 Wood Street London EC2V 7RS.UK
P: +44 (0) 208 528 1066 - E: Martin.Houston[.]mphasis.com.