Recent Press Release
05-21-2007
CLEAR TECHNOLOGY INTRODUCES CLEAR LIFETM TO ENABLE INCREASED AUTOMATION AND 100% PROCESS CONSISTENCY
Clear Life fills the automation gap between the employee and life insurance processing systems
ORLANDO, FLORIDA — May 21, 2007— From the ACORD LOMA Insurance Systems Forum, Clear Technology, Inc., a global software provider to the insurance industry, introduced Clear Life™. Designed to complement an insurer’s existing life insurance processing systems, Clear Life automates process best practices and enforces procedural guidelines to enable 100% process consistency, reduced cycle time, and improved operational efficiency.
Life insurance processes supported in the initial release of Clear Life include claims and policy administration services for all lines of life insurance business. Available for immediate delivery, Clear Life is offered via a hosted ASP-delivery model or through traditional software licensing.
Rather than replacing or consolidating an insurer’s core processing systems, Clear Life coexists with the current technology to extend the life of the legacy environment or to maximize the benefits of an insurer’s modern technology. Clear Life adds value to the existing environment and process by automating the actions that are often still performed manually and outside of the core processing systems. The Clear solution integrates with the existing environment (whether a single system or multiple), facilitating a streamlined and automated end-to-end process that requires no changes to the existing processing systems, while ensuring that all data is managed and stored in the insurer’s system (or systems) of record.
Developed using Clear’s time-tested ClearPathTM methodology and Tranzax® process modeling and software development platform, Clear Life component options include:
· Claims processing component
– an end-to-end system which ensures the claim
gets off on the right foot by guiding the user
through the setup, capture of all required claim
detail, and navigation through the process and
policy system.
·
Policy administration component
– a front-end system which automates all touch
points to the back office life administration
system to orchestrate changes to existing
policies and facilitating smooth processing
from application stage to-in force for new
policies.
·
Libraries of best practice templates
– Both the claims and policy component offer a
library of process templates based on industry
best practices. These templates can then be
further configured and refined to adjust the
process workflow and guidelines to meet each
client’s specific needs.
The solution is currently operating in a production environment supporting the Term Life, Whole Life and Annuities lines of business.
Brian S. Cohen, Clear’s president and chief executive officer, said, “We are pleased to announce this latest addition to our growing suite of software product offerings. Clear Life is a direct result of our experience developing custom solutions for companies in the life insurance segment.”
Cohen continued, “By using our proven methodology and platform, combined with the intellectual capital we’ve acquired over the years, we are able to deliver software products, like Clear Life, to the broader insurance market. As we expand our portfolio of packaged solutions, we will continue to offer our custom solutions to those insurers who need a greater level of customization due to process complexity or unique business requirements.”
Clear Life functionality highlights include:
· Automatically retrieves,
collates and validates information from policy
administration systems, claims systems, document
management systems or third party systems needed to
process a customer request;
·
Guides
employees through complex claim processes, or policy
administration requests to ensure regulatory
requirements are met and in-house best practices are
followed;
·
Monitors
status of pending cases to identify actions that
need to be taken or documents that still need to be
collected and validated;
·
Automatically alerts employees
when a pending action has been completed to
facilitate further processing of the request; and
·
Comprehensive
audit capability provides full transparency into all
aspects of the specific transaction.
About Clear Technology, Inc.
Clear Technology, a global software provider to the insurance industry, offers software products that automate the activities and decision-making of top-performing employees in claims, policy administration, and underwriting. The company's people-driven "clear the desk" approach to software development transcends traditional solutions, leading to dramatic reductions in operating costs and significant improvements in productivity for clients.
Clear's suite of insurance solutions is delivering outstanding results for leading insurance companies around the world.
Clear Technology is based in Westminster, Colo., with sales offices throughout the United States and Europe. For more information about Clear and its suite of innovative insurance software products, visit http://www.clear-technology.com.
For more information, contact:
AJ Workman
Clear Technology, Inc.
(303) 583-4100
aj.workman@clear-technology.com
