BRACKNELL, England, March 11 /PRNewswire-FirstCall/ -- ILOG(R) (Nasdaq: ILOG; Euronext: ILO, ISIN: FR0004042364) today announced that Hiscox, a UK-based leading global insurer, is using ILOG JRules(R), a key offering in ILOG's business rule management system (BRMS) product line, to better support part of the company's growth objectives. ILOG JRules is used as part of its service-oriented architecture (SOA) initiative for a wide range of insurance processes, one of which is new product development. In using ILOG BRMS, Hiscox will be able to easily test and create new insurance products, rates and risk classification tiers much faster.
BRACKNELL, England, March 11 /PRNewswire-FirstCall/ — ILOG(R) (Nasdaq: ILOG; Euronext: ILO, ISIN: FR0004042364) today announced that Hiscox, a UK-based leading global insurer, is using ILOG JRules(R), a key offering in ILOG's business rule management system (BRMS) product line, to better support part of the company's growth objectives. ILOG JRules is used as part of its service-oriented architecture (SOA) initiative for a wide range of insurance processes, one of which is new product development. In using ILOG BRMS, Hiscox will be able to easily test and create new insurance products, rates and risk classification tiers much faster.
A FTSE 250 company with offices in thirteen countries and customers around the world, Hiscox is a leader in specialist insurance and covers a wide range of personal and commercial customers that are considered either too complex or risky for more general insurers. Hiscox is Europe's foremost fine art insurer and the world's largest provider of kidnap and ransom insurance by premium income.
When looking to improve their systems, Hiscox had three main objectives. First, Hiscox wanted to be able to add new distribution channels as quickly as possible. Second, the company wanted to reduce the time and cost associated with both making changes to existing products and bringing new products to the market. Finally, Hiscox needed to increase the ability of underwriters and business analysts to make changes to rules directly without having to change complex system logic, allowing the company to improve its business response time.
ILOG's BRMS has been used to enhance a number of in-house IT systems, which were not sufficiently flexible to meet Hiscox's long-term business objectives. Prior to ILOG JRules implementation, it took Hiscox more than six months to launch new products. Soon, business rules will be exposed as decision services and reused across different channels so that regardless of where the transaction comes from, the applicable set of business rules are enforced for greater consistency, transparency and speed. As a result, the time-to-market for new products is expected to dramatically improve, enabling Hiscox to achieve speed-to-market gains of over 50 percent. As far as underwriters are concerned, they will have the ability to manage the rules and rates implemented for each scheme themselves and perform 'what if' scenarios to see the impact of a new rate or risk change on the overall process or book of business. Finally, the BRMS will enable the introduction of Web-based dynamic questioning of customers which means that specific needs can be identified and priced automatically.
"Our aim is to provide a personal service to our customers while also making the most of technology in order to keep costs down," said Alan Millard, Chief Operating Officer at Hiscox. "For us, managing costs is as important as managing risk if we are to remain competitive on premiums. ILOG will allow us to introduce efficiencies into our operations and the rules system provides the necessary flexibility to maintain our unique position."
ILOG has consistently built on its history of product innovation to make it one of the industry's leading providers of business rule management systems. Forrester Research has recognized ILOG as a business rules platform market leader, including the leader in business rules platforms for Java. Customers of ILOG's award-winning BRMS products include Metlife, Nedasco, Barclays Global Investors, Grupo Santander, Samsung Life, AXA Touring Insurance, Visa, Zurich and many other leading Global 2000 companies and governments worldwide. ILOG's business rule management system (BRMS) product line includes ILOG JRules, ILOG Rules for .NET(TM) and Rules (C++)(R)
ILOG delivers software and services that empower customers to make better decisions faster and manage change and complexity. Over 3,000 corporations and more than 465 leading software vendors rely on ILOG's market-leading business rule management system (BRMS), supply chain planning and scheduling applications, and optimization and visualization software components, to achieve dramatic returns on investment, create market-defining products and services, and sharpen their competitive edge. ILOG was founded in 1987 and employs more than 860 people worldwide. For more information, please visit http://www.ilog.com.
ILOG, ILOG JRules, ILOG Rules for .NET and ILOG Rules (C++) are registered trademarks of ILOG S.A. and ILOG, Inc. All other trademarks are the properties of their respective owners.