CodeObjects Announces General Availability of CodeObjects Policy Enterprise

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CodeObjects Policy Enterprise helps property and casualty (P&C) insurers improve underwriting accuracy and efficiency, increase premium revenues, and respond rapidly to business opportunities

Milpitas, CA, April 28, 2009 — The current economic downturn, combined with an increasingly complex and constantly changing business and regulatory environment, has left the insurance businesses more vulnerable than ever to business failures. Meanwhile, challenges around siloed communication channels, disparate systems, and inflexible legacy technologies have resulted in disjointed business processes fraught with operational redundancies and errors, missed business opportunities, and decreased customer and producer loyalty. “Insurers that fail to address their aging policy administration systems will not be able to rapidly adapt to business changes or build and deliver products and services quickly, accurately, and cost-effectively,” stated Kimberly Harris-Ferrante, Vice President and distinguished analyst in Gartner Research. CodeObjects today announced the general availability of CodeObjects Policy Enterprise, a next-generation, fully featured, channel-optimized policy administration solution designed to help policy and casualty (P&C) businesses drive long-term, profitable growth.

“CodeObjects Policy Enterprise is a result of extensive collaboration with some of the largest insurance companies in the world and represents an incredible step forward from current P&C solutions in the marketplace,” said Anil Annadata, Chief Executive Officer, CodeObjects. Acting as a complete system-of-record throughout the entire underwriting and policy administration process, CodeObjects Policy Enterprise enables insurance businesses to operate their organizations more efficiently through consistent business processes and shortened cycle times. Featuring automated underwriting rules, channel-optimized user interfaces, and pre-defined workflows, CodeObjects Policy Enterprise improves productivity and enhances risk selection while delivering superior customer experiences.

“In the last few years, insurance companies have been facing more pressure than ever to improve their profitability due to global financial crisis, relentless pressure for regulatory compliance, and increasing litigation costs. At the same time, customer satisfaction and producer loyalty continue to erode as insurers are hampered by monolithic and redundant back-end systems as well as inefficient underwriting processes. That’s why P&C carriers are investing in modern systems that improve their ability to adapt to changing market dynamics and meet evolving customer needs,” said Jeff Goldberg, Senior Analyst, Insurance, Celent. “The CodeObjects software is a new entry to the policy administration market that provides a highly flexible and extensible technology platform for insurers. It represents the current trend away from systems requiring heavy vendor customization to modern, ultra-configurable solutions that provide an easier integration of business processes across multiple core components.”

At the core of CodeObjects Policy Enterprise is its next-generation enterprise platform that enables rapid development of service-oriented enterprise applications using open standards and non-proprietary technologies. CodeObjects Policy Enterprise is SOA-based which allows insurance business processes to be invoked as services, including those locked in legacy systems. SOA enables agility in responding to market conditions and competitive offerings, interoperability between application components on different platforms, integration of information across all internal and external systems, thereby future-proofing companies’ investment in technology and applications.

“CodeObjects is a key enabler of our change strategy,” said Eric Gleason, CIO, First American Home Buyers Protection. “Their model-driven product development approach and highly scalable, extensible, open standards-based platform have helped us transform our entire business and given us greater ability to adapt to future changes.”

With CodeObjects Policy Enterprise, P&C carriers will be able to improve their bottom line through:

• Improved accuracy and efficiency of underwriting and processing staff

• Increased “ease of doing business” for all distribution channels

• Superior risk selection and true “insure to value”

• Enhanced financial visibility

• Better customer retention

• Lower training costs due to intuitive and easy-to-learn user interface

• Shortened cycle times in policy issuance

• Accelerated speed to market with product introductions and product changes

• Seamless migration to future technology

• Reduced implementation and maintenance expenses

“Improving financial performance and rapidly adapting to changing business environments has become a top challenge for insurance companies worldwide. They must transform their approach and adopt solutions that can help them enhance the accuracy and efficiency of sales, underwriting, and processing staff while providing them with the flexibility and agility they need to stay competitive,” commented Annadata. “With our 100 years of combined experience in building and implementing enterprise-class solutions, CodeObjects is uniquely positioned to help P&C carriers achieve that transformation. By extending our leadership in addressing the complex challenges that insurance businesses face, we will help them improve profitability, deliver superior customer service, and capitalize on new opportunities.”

About CodeObjects

CodeObjects is a leading provider of adaptable insurance software applications. Founded in 2006, CodeObjects is dedicated to helping insurance companies drive business efficiency, adapt to market change, and increase profitability and growth through its next-generation, best-practice enterprise software applications. Its innovative, adaptive, and open architecture future-proofs enterprises’ investments in technology and infrastructure, thereby helping them grow their businesses and transform into agile and customer-centric organizations. For more information, please visit http://www.codeobjects.com.

Other press releases from CodeObjects

• AAA Auto Club Group Signs Agreement With CodeObjects for Their Policy Administration and Billing Software - November 10th, 2009

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