As seen in the July/August 2010 issue of Insurance Networking News.
INN:
How is the continuing turbulent economy affecting insurer decisions to keep their PAS, replace parts of it, or implement an entirely new system?
TW:
Insurance companies are being more thorough in their evaluation of software vendors in the current economic climate. Insurance companies are still in the market for upgrading their existing legacy technology systems but are aware that the financial impact of a software implementation can be high if they don’t select the right solution and understand what the implementation process will entail. Insurance carriers have high costs related to maintaining their legacy systems and those same systems can limit their growth. With that in mind, carriers are actively looking to improve their technology by evaluating systems while paying closer attention to the financial impact they may have on their organization.
INN:
What types of new features are available in the policy admin systems today that have a positive downstream affect on the distribution network and can provide substantial ROI?
TW:
Modern policy administration systems offer new and flexible tools to support product development and distribution. Open architectures that support web based distribution for insurance products allow carriers to deliver products via agent portals or direct to consumers, drastically improving speed to market and premium growth. Being able to integrate with comparative raters and lead generation sources allows agents to access new customers and process business in real time. Solutions having the ability to integrate with data providers allows agents to evaluate risks more accurately which improves underwriting accuracy and efficiency. This ultimately leads toward having a positive impact on the insurance carriers ROI.
About Insuresoft, Inc.:
Insuresoft is a Microsoft Gold-Certified independent software vendor delivering insurance software to the property and casualty insurance industry. Insuresoft offers a suite of products and services that are configured to meet the unique needs of insurance companies and managing general agents in North America. Insuresoft is a privately-held company headquartered in University Park, Illinois, and has offices in Alabama and Minnesota.
Contact: Mike Hernandez
Phone: (866) 299-1314 ext. 35035
Fax: (708) 534-0163
mhernandez@insuresoft.com ©2010 Insuresoft, All Rights Reserved.
Monday, August 30, 2010
Insuresoft's Diamond System Provides Property and Casualty Carriers with a Single Platform for Personal and Commercial Lines of Business
As seen in the July/August 2010 issue of Insurance Networking News.
Insuresoft's Diamond System Provides Property and Casualty Carriers with a Single Platform for Personal and Commercial Lines of Business
Insuresoft, a leading provider of insurance software, announced in June the expansion of their award winning policy administration system, The Diamond System, for property and casualty commercial lines of business. Louie Bode, Director at Insuresoft, has provided his insight and rationale on this recent expansion.
I recently spoke at the 10th annual Insuresoft User Group Meeting in Grapevine, Texas. Surrounded by our customers, I talked about the trends in the commercial lines world, the challenges the economy has placed on carriers and Insuresoft’s approach toward developing a commercial lines policy administration system. Some of the highlights of my discussion focused on our development approach for releasing The Diamond System for commercial lines:
1.) We wanted to keep it simple.
We heard time and time again that carriers desired to simplify their policy, billing and claims systems to the point where they reside on one single platform. The sheer updating and maintenance on multiple systems takes immense amounts of resources and ultimately opens up the possibility of errors when data entered does not sync with each of the systems.
2.) We focused on creating programs that would enhance our customer’s current markets.
With commercial lines accounting for a large share of all premiums written in the United States, Insuresoft targeted this lucrative market for our customers who currently write or who are considering writing commercial lines of business. With proven technology as the primary driver, expansion decisions by our customers become easier to do.
3.) We wanted to create an easy to use environment.
Insuresoft has been working on creating a fluid environment of commercial processing from the back end to the point of sale agency web portal. The following are some of the commercial lines Insuresoft has been developing:
BOP
Crime
Commercial Auto
Umbrella
Inland Marine
Workers Compensation
Garage
General Liability
Commercial Property
Commercial Package
4.) We wanted to build on Insuresoft’s proven technology track record for the property and casualty Insurance industry.
For 14 years, Insuresoft has been focused primarily on implementing personal lines policy administration for its customers. During that time, Insuresoft delivered an astonishing 93% customer satisfaction rating. Insuresoft’s Diamond System has also been the recipient of numerous awards and accolades including a recent Technology Decision RAVE award based on achieving the highest Average Customer Experience Rankings (ACE) from NOVARICA in the policy administration category.
5.) We wanted to include a little of our culture in the product.
Our products are only as good as the people behind them. At Insuresoft, our customers know us on a first name basis. Our technology enables us to compete with much larger companies while our approach to our customers gives us the personal touch missing from many companies today. With these goals accomplished, Insuresoft proudly released The Diamond System for commercial lines. The Diamond System now provides carriers with a single platform for policy processing, claims, billing and reporting thereby eliminating the need to process policies on multiple systems. The Diamond System from Insuresoft now makes personal and commercial lines policy administration easy.
About the author:
Louie Bode has over 21 years of experience in Product Development for the P&C industry and currently serves in the position of Director at Insuresoft. Prior to joining Insuresoft, Mr. Bode served as the President of e-MGA and currently remains on its board. In 2008 e-MGA acquired his former company Insure Information Technology, Inc dba¬ e-Bode Systems. In 1999, he left his position as a VP of Product Development of an insurance company in the Southeast and started the technology Company. As founder and President he was vital in creating a visionary direction that set out to automate insurance operations over the internet. Louie is a graduate of Florida State University.
About Insuresoft, Inc.:
Insuresoft is a Microsoft Gold-Certified independent software vendor delivering insurance software to the property and casualty insurance industry. Insuresoft offers a suite of products and services that are configured to meet the unique needs of insurance companies and managing general agents in North America. Insuresoft is a privately-held company headquartered in University Park, Illinois, and has offices in Alabama and Minnesota.
Contact: Mike Hernandez
Phone: (866) 299-1314 ext. 35035
Fax: (708) 534-0163
mhernandez@insuresoft.com
Insuresoft's Diamond System Provides Property and Casualty Carriers with a Single Platform for Personal and Commercial Lines of Business
Insuresoft, a leading provider of insurance software, announced in June the expansion of their award winning policy administration system, The Diamond System, for property and casualty commercial lines of business. Louie Bode, Director at Insuresoft, has provided his insight and rationale on this recent expansion.
I recently spoke at the 10th annual Insuresoft User Group Meeting in Grapevine, Texas. Surrounded by our customers, I talked about the trends in the commercial lines world, the challenges the economy has placed on carriers and Insuresoft’s approach toward developing a commercial lines policy administration system. Some of the highlights of my discussion focused on our development approach for releasing The Diamond System for commercial lines:
1.) We wanted to keep it simple.
We heard time and time again that carriers desired to simplify their policy, billing and claims systems to the point where they reside on one single platform. The sheer updating and maintenance on multiple systems takes immense amounts of resources and ultimately opens up the possibility of errors when data entered does not sync with each of the systems.
2.) We focused on creating programs that would enhance our customer’s current markets.
With commercial lines accounting for a large share of all premiums written in the United States, Insuresoft targeted this lucrative market for our customers who currently write or who are considering writing commercial lines of business. With proven technology as the primary driver, expansion decisions by our customers become easier to do.
3.) We wanted to create an easy to use environment.
Insuresoft has been working on creating a fluid environment of commercial processing from the back end to the point of sale agency web portal. The following are some of the commercial lines Insuresoft has been developing:
BOP
Crime
Commercial Auto
Umbrella
Inland Marine
Workers Compensation
Garage
General Liability
Commercial Property
Commercial Package
4.) We wanted to build on Insuresoft’s proven technology track record for the property and casualty Insurance industry.
For 14 years, Insuresoft has been focused primarily on implementing personal lines policy administration for its customers. During that time, Insuresoft delivered an astonishing 93% customer satisfaction rating. Insuresoft’s Diamond System has also been the recipient of numerous awards and accolades including a recent Technology Decision RAVE award based on achieving the highest Average Customer Experience Rankings (ACE) from NOVARICA in the policy administration category.
5.) We wanted to include a little of our culture in the product.
Our products are only as good as the people behind them. At Insuresoft, our customers know us on a first name basis. Our technology enables us to compete with much larger companies while our approach to our customers gives us the personal touch missing from many companies today. With these goals accomplished, Insuresoft proudly released The Diamond System for commercial lines. The Diamond System now provides carriers with a single platform for policy processing, claims, billing and reporting thereby eliminating the need to process policies on multiple systems. The Diamond System from Insuresoft now makes personal and commercial lines policy administration easy.
About the author:
Louie Bode has over 21 years of experience in Product Development for the P&C industry and currently serves in the position of Director at Insuresoft. Prior to joining Insuresoft, Mr. Bode served as the President of e-MGA and currently remains on its board. In 2008 e-MGA acquired his former company Insure Information Technology, Inc dba¬ e-Bode Systems. In 1999, he left his position as a VP of Product Development of an insurance company in the Southeast and started the technology Company. As founder and President he was vital in creating a visionary direction that set out to automate insurance operations over the internet. Louie is a graduate of Florida State University.
About Insuresoft, Inc.:
Insuresoft is a Microsoft Gold-Certified independent software vendor delivering insurance software to the property and casualty insurance industry. Insuresoft offers a suite of products and services that are configured to meet the unique needs of insurance companies and managing general agents in North America. Insuresoft is a privately-held company headquartered in University Park, Illinois, and has offices in Alabama and Minnesota.
Contact: Mike Hernandez
Phone: (866) 299-1314 ext. 35035
Fax: (708) 534-0163
mhernandez@insuresoft.com
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