Delphi Technology, Inc., the leading provider of business software solutions to the healthcare professional liability industry and emerging provider to the P&C industry, andAmerican Association of Insurance Services (AAIS), an advisory leader in the P&C industry offering policy forms, rating information and operational support, today announced their partnership to offer state-of-the-art product management capabilities to all Property and Casualty insurers.
This new venture offers unique options for P&C carriers to leverage their AAIS content using Delphi Accelerator, giving them the ability to quickly and easily accept automatic updates, adopt new revisions, and be first to market with new products. Delphi Accelerator facilitates both the initial implementation of AAIS-based insurance products and simplifies the ongoing maintenance of those products to provide considerable time and cost savings for insurers.
"With this new alliance, Delphi Technology is positioned to offer carriers a new way to access and manage AAIS content using Delphi Accelerator," said John Flavin, SVP and Chief Business Development Officer of Delphi Technology. "Delphi's integration with AAIS will enable insurers to significantly reduce their product configuration and maintenance, when implementing AAIS's rating products and services, resulting in new products and product changes being brought to market more quickly."
"AAIS customers and policy administration software vendors now have access to the most efficient way to get AAIS program content in a format that makes it easy to implement, customize and understand program differences as changes occur," said Joan Zerkovich, SVP Operations at AAIS. "This relationship, and the capabilities it brings, further delivers on our promise of value, efficiency and exceptional service to help our members in the next generation of insurance delivery."
The P&C industry in the United States is a trillion-dollar market providing primarily auto, home, and commercial insurance and is supported by 30 policy and technology companies. According to the Insurance Information Institute, insurance carriers (of which there are approximately 2,544 P&C carriers) and related activities contributed $450.3B, or 2.6 percent, of U.S. gross domestic product in 2014. As an indicator of a growing segment, 17 P&C Insurers, 13 of which are AAIS members, made the newly-announced 2016 Fortune 500 list, according to Fortune Magazine.
About Delphi Technology
Delphi Technology provides a comprehensive range of proven software solutions including underwriting, policy management, claims management, financial management, business intelligence, and predictive analytics to the property and casualty insurance industry. Leveraging a highly flexible technology platform, Delphi enables companies to streamline their operations, optimize their business processes, and respond to changing business needs resulting in reduced costs, increased operational efficiency, and improved business intelligence. For more information, visit www.Delphi-Tech.com.
About AAIS
Established in 1931, AAIS continues to serve the Property & Casualty insurance industry as the only national not-for-profit advisory organization governed by its member companies. AAIS offers innovative products including standardized policy forms and rating information for 34 lines of business, industry leadership in research and data development, and unrivaled customer service, value, and efficiency. Over 700 insurers, including some of the largest national carriers, rely on AAIS. To learn more, visit www.aaisonline.com.
