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Adaptik Releases PolicyWriter 4.0 (January 19, 2004)
FOR IMMEDIATE RELEASE
CONTACT:
Ms. Loretta McGranaghan
Adaptik Corporation
Phone: (800) 306-1062
Fax: (908) 317-5620
lmcgranaghan@adaptik.com
BETHLEHEM, PA (January 19, 2004)- The Adaptik Corporation is pleased to announce the general release of its PolicyWriter Release 4.0 which enhances this highly innovative software product in two important ways.
Rule Reapplication
Because real-time systems validate all information against product rules as data is entered, changing data items such as State or Writing Company can cause other data on the policy to become inconsistent with the rules. For example, the coverages offered, available limit values, and the required underwriting information may all vary by state. Most systems do not allow this type of change because they can not deal with the resulting inconsistencies. Instead, these systems require the users to start over and renter the data. With "Rule Reapplication" capability, PolicyWriter now allows users to make such changes and automatically adjusts the information to match the rules without the need to reenter data.
A special case of rule reapplication often becomes necessary when Policy Effective Date (or, depending on the state, Processing Date) is changed after the data has been entered. The changed date may correspond to a different set of rules requiring a whole new set of rules to be applied against existing policy data. This case often arises with new business quotes and applications but becomes particularly important at renewal time when the effective date is changed to the date of renewal.
The importance of rule reapplication has not yet been widely recognized. Conditioned by the traditional systems which treat each specific inconsistency by adding hard-coded logic, most people have not thought such a generalized ability possible. However, with the advent of adaptive systems, rule reapplication is now taking center stage as a fundamental building block for most high-order adaptive system behavior including the comprehensive support for out-of-sequence transactions. Applications that cannot reapply rules without resorting to hard coding are predestined to fail as adaptive systems.
Out-Of-Sequence Transactions
The need for an out-of-sequence transaction typically occurs when a policy change must be made after other transactions with later effective dates have already been processed on the policy. However, the need for out-of-sequence transactions arises in a number of other situations as well. For example, a policy change may become necessary while working on the renewal for the next term. Sometimes, a policy change may need to be made quickly, before finalizing another policy change that is in progress. Some out-of-sequence transactions affect multiple policy terms.
Out-of-sequence transactions are challenging because they need to address the contradictions that result from "time travel". For example, consider a policy change that increases the limit for a coverage. If an out-of-sequence change jumps before it and deletes the coverage in question, increasing the limit of a deleted coverage no longer makes sense.
Out-of-sequence transactions have long been included in short lists of must-have functions for a policy administration system. While most system vendors claim to support out-of-sequence transactions, it is difficult to find one that provides the full automation required without various restrictions. Furthermore, the programming that deals with the time travel contradictions is hard-coded and must often be reworked and retested as product rules change, primarily due to the absence of a generalized rule reapplication ability described above.
With this release, PolicyWriter is able to process out-of-sequence transactions automatically, without limitations, and without requiring programming changes.
PolicyWriter Release 4.0 reinforces Adaptik's ongoing commitment to R&D that enables us to provide our customers with the most advanced policy administration software.
About Adaptik Corporation
Located in Bethlehem, Pennsylvania, Adaptik Corporation provides highly flexible and cost effective software solutions to Property & Casualty insurers. Adaptik's flagship product is PolicyWriter, a uniquely adaptive browser-based system that goes far beyond traditional policy administration. PolicyWriter significantly speeds up the introduction and evolution of insurance products, allowing insurers to quickly take advantage of business opportunities. For additional information, please visit www.adaptik.com or call (800) 306-1062. Call Adaptik to experience our dramatic speed and versatility. We can tailor PolicyWriter to match your exact needs before others can gather your business requirements.
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