The Insurance industry is one with a high degree of regulation and compliance requirements. This restricts the number of vendors who can provide end-to-end cloud-based property and casualty insurance solutions to the market. According to Anil Annadata, CEO of CodeObjects, “There is a need for a software solution that can provide a foundation on which to configure complex enterprise solutions. The solution must provide the capability to configure tailor-made implementations. Each insurance carrier in the market has their “secret sauce” that takes their products and services to the next level. The right solution will enable and enhance a carrier’s ability to deliver on their promise in a timely fashion.” This is where the Milpitas-based company comes to the forefront.
CodeObjects tackles major challenge of agility that the insurance companies face of not being able to launch new products. It mitigates this issue by helping small to mid-sized insurance market clients launch new products, providing them with speed-to-market facilities embedded in their systems. These systems help the clients expand their market into different zip codes, expand their distribution channels; either through independent agents or directly to consumers, and provide secure channels to monitor the data and their progress. CodeObjects offers complete transparency and a 360 degree view of the customer progress while finding new ways to increase the workflow efficiency. This efficiency is replicated through easy data entry and accessibility as well as rules-based governance over all of the insurance information.
The company provides a suite that offers end-to-end solutions for their clients catering to four big components of an insurance company; policy management, billing, claims administration, and rating. CodeObjects takes care of the planning and creation of a policy/quote, the variations in billing plans from states to counties, the ability to process a claim based on severity along with quick configuration or creation of a new insurance product or product enhancement.
CodeObjects offers complete transparency and a 360 degree view of the customer progress while finding new ways to increase the workflow efficiency
“CodeObjects is one of the few vendors that provides one-stop solutions for insurance companies with all core solutions built on the same framework and seamlessly integrated to each other. This results in effective and complete reporting and the elimination of duplicate data entry and expensive integration requirements”, Annadata explains. Another aspect that the company works on is providing applications that entice the independent agents who sell the client products. CodeObjects provides these agents an optimum ease-of-use system that can be configured by agency to streamline the quoting and information gathering process. CodeObjects understands that the key to a carrier’s success is the performance of their independent agents. Therefore, they have invested significantly in enriching the user experience of the agent facing applications.
CodeObjects aims at providing its business users with the power to create and modify products instead of directing large investments towards implementation and evaluation. In case of an existing customer, our teams work hand in hand with the customer to analyze critical priorities. The CodeObjects professional services teams are made up of people with deep domain expertise so that they can converse with key executives of the client company. Having insurance experts on staff strengthens the client’s trust. This helps CodeObjects to deliver value added updates to their solution quickly. With this approach, new products and value added solutions are deployed in weeks rather then months.
The company has successfully improved a Florida-based company’s speed-to-market, coping well with the fast growth pace of its client and cut their operating expenses by half. Efficiency and Resilience are two pillars of CodeObjects’ business model. They make certain that their team understand the importance of reliable, accurate, and accessible information. Thus the company uses Amazon Web Services (AWS) to provide an infrastructure platform that is available at all times with the capability to handle large volumes when needed. CodeObjects believes that a key to their success has been their experience in deploying highly-secure cloud solution on leading edge cloud platforms like Amazon. They understand the criticality of security and have achieved SOC certification which mitigates the concerns of most executives in the insurance industry.
In the future, the company plans to provide more power to its clientele by providing their services on mobile devices. This will not only enhance the workflow of CodeObjects’ clients, it will also help the client’s service for their consumers. Expanding the CFOs reach with advanced financial analytics will also be a feature that CodeObjects aims to include in near term releases. This feature will enable the clients to assess the success of their products and service and make proactive informed decisions to expand, contract, or venture into new markets.