Why TIBCO for Insurance
Insurers are facing unprecedented competitive pressure as consumers become increasingly price-sensitive and prone to switching carriers. In this environment, insurers need to offer innovative products and services in order to attract new customers and retain existing ones while growing profitability through improvements in business processes and productivity.
TIBCO's Event-Enabled Platform Harnesses Insurance Big Data
TIBCO's 21st century infrastructure technology delivers improved business performance by creating and leveraging an event-enabled platform and routing real-time actionable intelligence to increase revenue, improve operational efficiencies and anticipate fraud, revenue leaks and other risks.
Our integration technologies connect your diverse applications and partner systems to allow the real-time flow of information across your business and extended ecosystem. TIBCO's real-time, event-processing technologies detect meaningful patterns among the vast volumes of events occurring across your value chain and automate actionable responses to the point of policy management, claims, service, or distributions channels. With TIBCO's flexible services architecture, you can add new applications and partners in shorter time frames and bring differentiated products to market quickly. The results? Significantly enhanced business agility, profitability and customer satisfaction.
TIBCO Event-Enabled Solutions for Insurance
- Customer Engagement and Revenue Growth
- Integrate your customer interaction channels to enable a single, universal view of the customer and provide consistent experiences backed by standard processes.
- Personalize customer service and offers, presenting differentiated products to the right customers at the right place and time to increase customer lifetime value.
- Bind producers, carriers and customers into richer, more interactive business relationships by leveraging enterprise social and collaborative tools and technologies.
- Process-Driven Modernization and Operational Effectiveness
- Add an independent process layer that models, automates, and executes claims, underwriting, renewals, and other processes with greater accuracy, speed, and visibility at every step.
- Handle messages and integration between your systems and with your partner's systems, enabling the free flow of data; apply event-driven analytics to extract decision-making insights from your big data.
- Policy Management and Underwriting
- TIBCO event-enabled platform provides you with automated risk score updates upon any changes in policy parameters to accelerate renewals, reduce errors, and ensure profitable premium calculations.
- Enable straight-through underwriting to accelerate quote and policy enforcement processes, providing greater satisfaction among distribution channels and customers.
- Risk Mitigation, Compliance, Industry Standards
- Obtain deep insight into financial risks via aggregated view of your investment portfolio/s to ensure capital adequacy and compliance to Basel-II or Solvency-II.
- TIBCO is committed to standards – and we are very committed to supporting the ACORD standards in Insurance. ACORD standards work well within the TIBCO architecture. TIBCO's market leading ESB and SOA platform and ACORD's standards for canonical representation of insurance data fits perfectly within our integration strategy for insurance carriers.
Track Record in Insurance
TIBCO has provided infrastructure and middleware technologies to insurance providers and other financial services businesses for decades. From digitizing Wall Street to helping insurers deliver differentiated yet consistent customer service, TIBCO has an unmatched track record for innovation in the industry. Our technologies have delivered tangible ROI for insurers including significant cost savings and measurable efficiency gains across multiple business processes. For instance, a top U.S.-based insurer improved its quote-to-policy conversion ratio from five to seven percent during the first month of deploying TIBCO solutions.
TIBCO's vendor neutral technologies and ability to dissolve silos and bring all generations of IT assets on to a common layer allow insurers to get more out of their existing infrastructure without resorting to a 'rip–and-replace' approach.
Unum automates business processes and delivers a differentiated, streamlined insurance-buying experience.
Nordea Life reduced operating costs, improved sales, and provided a tool for predicting customer case volumes to better compete.
Allianz Ireland experienced an 80% increase in efficiency in claims processing and secured an ROI in 6 months.