Applications Services Provider

Specialized Services for the Insurance Industry

The effectiveness of IT systems is not measured merely in bits, bytes, MIPS and other technological terms. It is more meaningful for businesses to measure their IT functions in terms of customer satisfaction, lower operational cost and increased organizational efficiency.

Parallel has recently restructured itself to become a MIS and IT outsourcing powerhouse. In order to focus on specialized insurance industry services, our company has introduced ParaInsure^™, a Value Added Application Services Provider (ASP), offering a range of proven programs widely used by the insurance industry that can perform key operations of an insurance business. By using our services, companies can focus their resources on core capabilities.

As a Value Added Applications Services Provider, ParaInsure^™ caters to the Insurance industry to provide complete systems for:

• Policy Claims
• Insurance Litigation

The past years have witnessed a rapid development of more powerful computers, however to own, maintain and use these systems can cost a company dearly in time and money. Unlike other service companies, Parallel Services has extended itself to provide more than a service. It now offers a range of proven programs widely used by the insurance industry worldwide that can perform key operations of an insurance business. Utilizing this service allows insurance companies to focus on expanding their principal business and leaving the non-critical functions to experts who specialize in the field.

Unlike other service companies, Parallel has extended itself to be a Value Added Applications Services Provider. In addition to ParaServ^™, a litigation cost control system, PSC now offers a range of proven programs widely used by the insurance industry worldwide that can perform key operations of an insurance business. Utilizing this service allows insurance companies to focus on expanding their principal business and leaving the non-critical functions to experts who specialize in the field.

Key features of our Applications Services Provider program are:

• Internet Access
  A secure, fast and reliable connection via the internet gives clients the ability to process a query and issue a policy/report within seconds
  
  
• Electronic Regulatory Reporting/Inquiry
  Reports and inquiries can be handled and electronically transmitted directly to regulatory agencies.
  
  
• Quote generation and invoicing
  We routinely process quotations and transmit billing for our clients
  
  
• Round the clock coverage
  Processing and support is provided based on 24 x 7 work week.
  
  
• Pay-as-you-Use
  Service will be delivered on a pay-as-you-use basis with no charge for the front-end software. Service charges will be transaction based

Policy/Claims Processing

Our commercial lines solution supports system processing, management information and regulatory needs of property and casualty insurers in one fully-integrated system. We also offer a personal insurance line: a real-time solution that supports the full policy administration process. Within the personal insurance line, a client can reduce overall system maintenance costs by maintaining the sub-systems themselves, thereby eliminating the need for programming support.

Our complete turnkey solutions for both commercial and personal lines, allows your company to diversify at an accelerated rate yet still achieve lower operating costs.

Some of the key features of our solutions include:

• Fifty state rating capability for all lines of business including a patented re-rate function developed to handle the unique requirements of Massachusetts private passenger auto
• Complete document issuance including printing, mailing and access to electronically stored policies and forms
• Quote generation, Agency and direct bill and total claims processing
• All functionality accessible through the Internet
• State-of-the-art data warehouse product to handle both company and regulatory reporting requirements.
• Download capability to all major agency management systems.

Insurance Litigation

As part or our line of insurance package systems, Parallel offers a complete Insurance litigation system to help insurance companies reduce and control the cost of litigation. By using an automated review and billing system, companies eliminate arduous review processes and have the additional capability running immediate cost analyses during settlement disputes. Please link to our Executive Summary.

Parallel offers a variety of service packages that can be modified to fit your corporate or personal business processing requirements in line with your company budget. At Parallel we strive for excellence to provide businesses with effective, efficient information technology solutions.

For more information on our ASP offering, please Contact us.