Introduction
Silvermoon and its partners provide insurance administration solutions using LUNOS components. LUNOS components are used to assemble ready-to-run systems which are then customized to insurers' exact requirements.
LUNOS-based insurance solutions are internet-ready, SOA-based, Cloud Computing enabled and in line with global insurance standards.
Silvermoon Enterprise Solution
The Silvermoon Enterprise Solution provides end-to-end, enterprise solutions for core insurance administration, for any size of company, running any line of business.
This is a comprehensive product-driven insurance administration system that runs all lines of business on a single platform, using shared components. The system manages Life, Health, Property & Casualty, Re-insurance, etc.
The customer ends up with an integrated set of solutions that covers the entire core insurance space across Policy Administration, Channel and Commission Management, Claims and Billing & Collection.
Silvermoon Specific Solutions
Silvermoon and its partners can provide individual, tailor-made solutions for Policy Administration, Billing & Collection, Channel & Commission and Claims Administration using LUNOS components.
Here are some details of those solutions:
- Policy Administration
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A product-driven solution that manages the entire lifecycle from quote to cash.
It handles:
- Life, Property & Casualty, Pensions, Investments, Health and Group Business
- Individual and Commercial lines
- Re-Insurance
- Billing & Collection
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Silvermoon's LUNOS-powered solutions all provide a single view of the customer. So the Billing and Collection Solution benefits by having a single view of all account and policy-level information and controls. It also allows for customer-defined billing periods and single account billing for customers with multiple policies. LUNOS-based solutions boast unprecedented financial control with all reporting being done from source data and every cent traceable.
Key functions are:
- Creation of customer liabilities
- Collecting of premiums from customers
- Trial balance and posting to General Ledger
- Channel and Commission Management
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The Channel and Commission Management solution handles:
- Commission calculation and allocation
- Incentives processing
- Intermediary contract management
- Claims Administration
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The Claims Administration solution handles:
- First Notice of Loss
- Claim settlement
- Financial administration
- Re-Insurance
What our solutions provide:
Fresh, Internet Ready Core Administration Platforms
Customers need to connect with their customers and provide services online with tailored insurance products in an increasingly competitive and connected world. Legacy platforms not designed for the internet era are simply incapable of supporting this need. Core systems replacement is becoming a necessity for the majority of insurance companies. Silvermoon's internet-ready solutions have far more capability than packaged legacy applications currently being implemented.
Administration Simplification
Introduction of Product Modeling and "Product Automation" paves the way for downstream automation way beyond what process automation and optimization through BPM can possibly achieve. By automating at the core we remove the necessity for stringing together vast amounts of manual and semi-automated process islands.
Speed to Market
Modeling Products and plugging them into the system without disturbing or adding core system code provides the ability for companies to get new or changed products to market rapidly with very little trouble or cost. More about that in ROI and benefits below.
IT Simplification and Cost Reduction
Following the IAA design models, we achieve the smallest possible logical component set by design. The separation of concerns and removal of functional and data duplication inherent in this design provides for far simpler IT platform that can do far more functionally than existing systems. This offers significantly more opportunity for simplification and cost reduction than a narrow focus on BPM and SOA legacy wrapping.
Standards
These solutions are founded on the most extensive business intelligence ever assembled in the financial services industry, refined over two decades. They are based on internationally accepted standards and an architecture accepted by insurers across the globe which is backed by the largest I.T. company in the world, IBM. The architecture is IBM's Insurance Application Architecture (IAA).
The use of IAA ensures that Silvermoon's solution meets insurance industry best practice standards. IAA embodies the planning, thinking, execution and experience of all companies that participated in the design over the past 20 years.
IBM manages this body of knowledge and recently donated significant portions of the IAA models to insurance industry standards organization, ACORD. Silvermoon is a member of ACORD and Silvermoon staffers serve on three of its standards committees.
Reduced Risk
We believe that the key to providing a successful solution and reducing overall risk on the project is the use of a comprehensive, mature and proven architecture. Such an architecture is, in our opinion, critical to providing the business flexibility required in the modern Insurance Companies of today.
Component-based
Silvermoon's LUNOS-powered solution is available in component form and is customizable to meet a customer's exact business requirements. Acquiring these components will effectively take care of a sizeable first phase of any project by providing the foundations for current requirements and future capabilities. Components are re-usable in multiple solution domains.
Tested acceleration
Because these components are field tested and proven, they significantly accelerate the delivery, and reduce the overall risk, of new and renewal insurance projects.
Silvermoon's solution offers more flexibility than would a package. The pre-built components take any insurance company well into the future on a single platform. The use of IAA and open technology standards (J2EE in this case), makes it easier for companies to take ownership of those extensions they customize.
Return on Investment
Silvermoon solutions built with the LUNOS Enterprise Suite will provide significant ROI through:
- Increased revenue opportunities through faster time to market for new products and product changes - weeks instead of months and years.
- Reduced IT expenses by lowering the total cost of ownership due to rationalization of application portfolios, reduction in maintenance overhead per application. Also, LUNOS-powered systems cost less to run because they have a much smaller code footprint than legacy systems and a maximum level of code re-use.
- Reduced operational expenses through product automation from "Quote to Cash".
- Reduced risk exposure through consistent rate and rule application.
- Increased market opportunities through product and channel flexibility.
- Single view of the customer available to insurance admin operations - quotes, admin, claims, etc.
- Efficient and consistent control by having a single administration platform. Any line of business may be run on the same system.
- Efficient information sharing across process and line of business silos.
Further Benefits - quick look
Silvermoon's LUNOS-powered solutions are proven to provide:
- Creation of any type of insurance product imaginable.
- Quick launch of niche products at low cost.
- Systematic definition of products across product groups and business silos.
- Products fully automated in the operations processes, so straight-through processing and new technologies may be leveraged
- Information under control of one system
- Extensive product-driven financial control mechanisms
- More accurate financials - delivery of previously unprecedented levels of business control and regulatory compliance
- Total traceability of each transaction with lineage - every cent traceable
- Reports generated from the source data
- Adherence to industry standards and best practices - IBM's Insurance Application Architecture (IAA) and ACORD - risk reduction
- Platform and database independent
- Ready for deployment on the Cloud.
- Security integrated into the solution to facilitate easy deployment without loss of control.
