Press Release Summary:
Versata 6 Business Rules Management Solution provides platform that enables insurance and brokerage carriers to drive strategic initiatives directly from point-of-sale through to back office. Business logic is captured independently of code, enabling businesses to have visibility into how solution will function, minimizing risk of wrong functionality. Program supports Distribution Channel Management, Policy Administration, Point of Sale, Producer Portal, and Data Analytics modules.
Original Press Release:
Versata Integrated Insurance & Brokerage Suites Cut Costs, Process Changes 5 Times Faster With Out-of-Box Functions
Agile Industry-Specific Business Rules Platform Delivers Low Deployment Costs
AUSTIN, Texas, Oct. 31 /-- Versata announced today the integration and expansion of its industry-leading application suites for Insurance and Brokerage companies -- boosting speed of changes up to five times, creating out-of-the-box, industry-specific functionality, and cutting deployment and operating costs by half.
With the introduction of the new suites, Versata brings to market the first set of integrated solutions for the insurance and brokerage industry, built on a best-in-class rules management platform that delivers the agility required by large, complex organizations. Versata's solutions for Distribution Channel Management, Policy Administration, Point of Sale, Producer Portal, and Data Analytics are now all supported with the industry-leading Versata 6 Business Rules Management Solution (BRMS), offering unprecedented flexibility, ease of maintenance, and ease of deployment.
"Versata technology enables a 50-percent reduction in total cost of ownership over existing systems," Chris Smith, Versata's vice president of operations, said. "Versata's Insurance and Brokerage suites combine an unparalleled breadth of functionality with unique features that remove common sources of business and IT operational costs, delivering a one-two punch that drives down both deployment and operational costs."
Versata BRMS Delivers Unmatched Competitive Advantage
Versata's end-to-end Insurance and Brokerage solutions provide carriers with a single platform that enables them to drive strategic initiatives directly from the point of sale through to the back office. Versata's rules- based technology gives a unique competitive advantage to its customers by adding incomparable flexibility to implement new strategies and make real-time adjustments to Insurance and Brokerage applications, with little or no coding. The rules-based BRMS provides:
o Agility -- Versata's focus on automation agility delivers value during deployment and maintenance. Business logic is captured independently of code, making business changes as simple as updating a set of rules.
o Decreased IT Costs -- Flexible, business rule-based automation virtually eliminates the need for IT to assist in the management of the business and instead allows them to focus on their core competency, the management of information and technology.
o Risk reduction -- Moving away from code enables the business to have better visibility into how a solution will function, reducing the risk of the wrong functionality being delivered, and eliminating the need for expensive, drawn out testing cycles.
"Versata's solutions are built with the functionality and flexibility to address needs of all carriers, especially large, complex organizations that want a single solution to meet all of their distribution requirements without the spiraling costs of multiple disparate systems and manual processes," Leela Kaza, general manager of the Insurance and Brokerage group at Versata, said. "For these companies, agility is critical to serving their customers and creating shareholder value, and agility is what BRMS brings to our complete set of solutions for Insurance and Brokerage."
The Most Comprehensive Solutions for Insurance and Brokerage
Versata's offering for Insurance and Brokerage, supported by Versata 6 Business Rules Management System, includes the following modules:
o Distribution Channel Management: DCM Version 3.0 is Versata's market- leading commission and channel management application, providing a comprehensive solution for meeting the distributor administration, credential management, and compensation needs of the most complex, highest volume insurance and brokerage companies in the world.
o Policy Administration: Versata Policy Administration(TM) is a complete, modern policy administration solution that is delivered to end users via a Web-based interface fully enabled for real-time processing. Versata Policy Administration(TM) leverages the full power of the Versata BRMS to sharply reduce deployment and administration costs while providing vastly improved time to market for new products.
o Point of Sale: Versata Point of Sale(TM) provides producers with a Web- based business portal to bind and issue any product, across all channels, from the simplest disability income policy to the most complex health or group insurance policy. The solution includes Versata's industry proven Rating, Configuration, and Needs Analysis engines, which combine to ensure all necessary information is gathered and validated against business rules in order to allow a policy to go from submission to issuance in real time.
o Producer Portal: Versata Producer Portal(TM) provides a field force with an on-line window into the home office, allowing common inquiries to be self-serviced. The Versata Producer Portal(TM) solution provides real time views into a producer's performance, enables the electronic distribution of field correspondence including compensation statements, credential expiration notices, and other correspondence, facilitates resolving questions and disputes of compensation, as well as address changes, contract and licensing questions, all without direct home office involvement. The Versata Producer Portal(TM) offers unique functionality that allows the portal to be integrated into existing corporate portals, without the high cost of typical application to portal integrations.
o Data Analytics: Versata Data Analytics allows companies to analyze early selling habits, personal characteristics, and certifications of successful producers, then identify patterns that can be applied to producers earlier in their careers. This positively affects both the long-term producer retention rate and the average revenue per producer.
Lowest Total Cost of Ownership
To further reduce the total cost of ownership, Versata is optionally offering the entire suite of products on a low-cost, open source platform with zero third-party software costs and low-cost commodity hardware hosted and supported entirely by Versata. This offering ensures that customers receive the cost benefits of open source software without the inherent financial risks. Versata -- a large and stable software vendor -- supports the entire system, from the hardware to the database to the applications, either at the customer site or at Versata. This fully hosted option offers one-stop shopping, while it adds an entirely new dimension of scalability, performance, and reliability to core insurance applications.
Versata Enterprises, Inc., and its family of companies, is the leading provider of enterprise software solutions that deliver business results, performance, and scalability while dramatically reducing IT spending. Versata's patented solutions decrease IT expenditure by accelerating value delivery to business customers, leveraging open source technology and reducing hardware and associated maintenance. Versata partners with corporate IT departments to enhance and simplify critical operations in the automotive, financial services, consumer/public, government, and manufacturing industries. For more information, visit versata.com/.
CONTACT: Krista Glotzbach of Versata Public Relations, +1-415-271-7638,
Web site: versata.com/