The framework takes advantage of the IBM Insurance Application Architecture and ACORD XML standards, to help carriers and brokers realize gains in the efficiency and effectiveness of their new business and claims processes, Pegasystems said.
With data models, workflows and product configuration services, the Insurance Industry Framework adds insurance-specific best practices on top of Pegasystems’ SmartBPM Suite, to form a foundation for re-use of processes and rules across the insurance enterprise.
Pegasystems said ten of the top 20 US insurance carriers are already customers of its BPM and rules software.
Meanwhile the company is in the midst of some sales restructuring, which saw it post a loss for its first quarter as it moves from new term licenses to recognizing revenue ratably over the term of the license.
For its first quarter that meant that total sales rose 12% to $27.1m, but software license sales dropped by $4m while service-related revenue grew by $1.4m. The Cambridge, Massachusetts-based vendor also dipped into the red by $1.3m as a result of recent investments in sales and service operations and stock option expenses.
