Sompo Japan Insurance Co. of America Accelerates Policy Processing with LexisNexis Policy Decisions Commercial
April 28, 2010 — New York, NY - LexisNexis® Risk Solutions today announced that Sompo Japan Insurance Co. of America (SJA) has upgraded its policy administration system with LexisNexis® Policy Decisions Commercial. Policy Decisions Commercial is helping SJA pursue small business accounts more effectively, enhance the efficiency of its workforce and take advantage of new technologies.
LexisNexis Policy Decisions Commercial is a proven, Web-based policy administration system that enables commercial lines carriers to lower expenses, improve customer service and increase revenue. Policy Decisions Commercial provides its users with a fully automated and extensible application that reduces policy maintenance time while improving agent experience and speed to market. In addition, the system integrates with a company’s backend data storage.
A LexisNexis Insurance Software Solutions (formerly Insurity) customer for more than a decade, SJA decided to upgrade to the latest version of the LexisNexis policy administration system, Policy Decisions Commercial. The company made the decision for several reasons:
• Policy Decisions Commercial is built on the .Net platform, SJA can more easily invest in other systems and integrate them with their policy administration.
• The solution’s design and navigation features simplify workflow, enabling employees to quickly access the forms or information they require
• Enhancements such as a quote proposal tool, underwriting tools to establish and automate processes, and the ability to access information such as motor vehicle registration numbers within Policy Decisions Commercial help SJA pursue smaller business more effectively.
”When we looked at which solution could best meet our needs in multiple states and lines of business, as well as which company had the right experience and systems, upgrading with Policy Decisions Commercial and continuing our relationship with LexisNexis Risk Solutions was an easy decision,” said SJA Executive Clark Jackson. “LexisNexis is a valued business partner; they invest a lot of time and attention to ensuring that we get the support we need. This was especially true when it came time to transition the systems. The conversion was seamless and caused virtually no disruption to our business.”
Policy Decisions Commercial was put into production at SJA after a conversion and training process. While SJA continues to explore capabilities and determine how to take advantage of additional products, such as LexisNexis® Insurance Portal, it has already gained efficiencies. Policy Decisions Commercial has enabled the company to benefit from workflow efficiencies while also making it easier to comply with regulations from states such as New York, which have stringent policy process requirements.
“We are proud to extend our partnership with SJA and continue to support their growth in commercial lines,” said David Pedersen, vice president and general manager, Insurance Software Solutions, LexisNexis. “We believe that Policy Decisions Commercial sets the standard for ease-of-use, automation and efficiency for meeting the policy administration needs of insurance carriers.”
Policy Decisions Commercial automates rating and issuance support for all major commercial lines of business and numerous proprietary lines. In addition, it features full policy lifecycle transaction support, full maintenance of ISO and customer-specific rates, forms and rule changes, while delivering enhanced underwriting decision-making with point-of-sale application data-capture, third-party data integration, scoring, and referral management. Finally, because of its service-oriented architecture, Policy Decisions Commercial supports integration with third-party data or systems.
About Sompo Japan Insurance
Sompo Japan Insurance Company of America (SJA) is the U.S. insurance operations of Sompo Japan Insurance, Inc. (SJI). SJI was established on July 1, 2002, by the merger of Yasuda Fire & Marine Insurance Co., Ltd and Nissan Fire and Marine Insurance Co., Ltd. SJI is one of the three largest P&C insurers in Japan. The company provides general management and information technol