Pitney Bowes' Group 1 Software Introduces Underwriting Automation Solution for Property and Casualty Insurers
LANHAM, Md., February 14, 2007 - Group 1 Software, Inc., a Pitney Bowes Company (NYSE:PBI), today introduced its Underwriting Automation solution for property and casualty insurance carriers, delivering a bundled software offering that enables carriers to streamline and automate manual underwriting processes for faster, more accurate quotes and improved operational efficiency.
Unlike other underwriting systems, Group 1 Software’s Underwriting Automation solution uses advanced, real-time address cleansing and geocoding technologies to provide more precise address information based on the customer’s actual street addresses, rather than their ZIP code location. In addition, the solution’s web-enabled document design, composition and delivery capabilities allow agents to access, view, and print documents on demand, without waiting for documents to be mailed.
“Minimizing risk and improving quote-to-bind ratios have been key for the insurance customers we have worked with,” said Kurt Jackson, vice president of Group 1 Software’s Insurance Practice. “Our solution allows them to do just that by providing more accurate customer data for better and faster pricing decisions, as well as on-demand policy generation capabilities that enable agents to close business on the spot.”
For new policy applications, Group 1 Software’s Underwriting Automation solution leverages industry-leading address cleansing and geocoding technologies to provide real-time standardization and validation of customer name and address information, and automated territory assignment for faster, more efficient, and more accurate underwriting analysis. Once an application is completed, Group 1 Software’s document creation and management technologies can generate automated policy and billing documents – either printed or electronic – and store those documents for online access by agents and customer service personnel, or for electronic bill payment and presentment services.
“In today’s competitive environment, insurance carriers face tremendous pressure to move faster and more efficiently in their underwriting operations to capture new revenue, and improve profitability and operational efficiency,” said Bill Sinn, director of Solutions Marketing, Insurance Practice for Group 1 Software. “Automating the underwriting process is a critical step toward achieving these goals, as well as for improving customer satisfaction and loyalty through more responsive service and account management options.”
About Group 1 Software
Group 1 Software (www.g1.com) turns data into results, providing innovative software solutions that enable our clients to better understand and connect with their millions of customers, prospects, and partners. Group 1 Software helps over 3,000 organizations maximize the value of customer data to improve profitability, increase effectiveness, and strengthen customer relationships, through consolidating, cleansing and enriching corporate data, and generating personalized business documents for multi-channel delivery, customer care and efficient business processing. Our comprehensive Customer Communications Management (CCM) solutions span from database to delivery, adding value to every aspect of communication and allowing clients to integrate intelligence throughout their mailstream. As part of Pitney Bowes (NYSE:PBI), a $5.6 billion company, Group 1 Software’s solutions are utilized by leaders in the insurance, financial services/banking, GIS/mapping, government, mail services, retail, telecommunications, utility, and other industries, including Entergy, ING, L.L. Bean, MapQuest, Microsoft, Safeco Insurance, Wal-Mart and Wells Fargo.
Group 1, Group 1 Software, and the Group 1 logo are trademarks or registered trademarks of Group 1 Software, Inc. Pitney Bowes and the Pitney Bowes Process Bar Design are trademarks or registered trademarks of Pitney Bowes, Inc. All other brand names and trademarks are the property of their respective owners.