Polaris Software Lab, a global financial technology company, recently announced that it has launched a cloud-ready platform for the global insurance sector. Based on core SOA and XML standards, the Polaris Intellect (News - Alert) SEEC solution for insurance optimizes core application capabilities for insurance stakeholders.

According to Arun Jain, Polaris Chairman & CEO, the insurance market needs an easy-to-implement and highly efficient solution in order to use the cloud efficiently. Polaris wanted to meet this need, and decided to develop an SOA-compliant, cloud-ready offering that was built upon its PCM architecture.

This innovative platform will now allow organizations to enhance the useful lifespan of existing IT investments as well as new investments. The Polaris Intellect SEEC solution runs on the company’s Polaris Continuous Migration (PCM) architecture, which relies on Polaris’ Insurance CBX SOA-based solution that connects to a wide range of on-premise legacy and middleware systems.

Jain also said that Polaris wanted to provide seamless integration and straight-through processing (STP) for key business processes for a variety of insurance stakeholders, underwriters, claims handlers, agents and call center representatives.

In a release, Jain said, “The launch of a cloud platform for the insurance sector would add one more chapter in our insurance journey.”

As of now, seven of the top 10 global insurance companies are already using Polaris solutions for claims processing, improvement in sales productivity, new business improvement, business intelligence and analytics.

Polaris’ cloud-based approach will now offer these benefits to stakeholders. Agents will be able to accelerate productivity with real-time quotes, sales illustrations and STP for policy issuance. Service Representatives will now be able to deliver faster response for policy services, billing inquiries and claims handling, and coordinate activities and work-in-progress. Customers will be able to get safe, secure and reliable 24x7 web self-service for a range of customer activities such as access to policy and account information, bill payment, quick quotes, fund transfers, policy changes and other transactions.

Allianz Australia, one of the early adopters of Polaris’ cloud-based solution, is already seeing notable ROI.

Steve Coles, Chief Information Officer, Allianz Australia, said, “We have achieved significant benefits through the implementation of claims and sales solutions using Polaris’ technology including instances of productivity improvements of over 50%. PCM tools offer a solid framework to any organization that wants to reap the benefits of a business driven and architecturally driven approach to IT.”