Hartland, WI (PRWEB) February 05, 2012
AQS, a leading provider of insurance solutions and services to the property and casualty insurance industry, congratulates Canal Insurance Company on being named a Model Carrier by Celent for its innovative use of technology in the area of Product Design, Definition, and Development.
In January 2011, Canal had the opportunity to engage in an exceptional business opportunity. Canal’s challenge in closing the deal, though, was that they had to start quoting renewals within six weeks. Using Canal’s traditional product development technology and processes would not allow Canal to meet this requirement, and the opportunity would be lost.
After investigating alternatives, Canal engaged with AQS and ISO Rating Service (ISO’s automated rate-management system) to provide the answer. The core solutions deployed included ISO Rating Service, AQS Designer Access, and AQS Quote Access. Those solutions were integrated with Canal’s iQuotes portal and back end systems. The three teams worked together collaboratively to integrate the solutions, implement commercial auto and general liability products in 46 states, and issue the first quote - all in less than six weeks. Canal estimates that the effort decreased product implementation time by 75% and product implementation costs by 85%. Most important, the new opportunity met all business expectations. Canal increased their premium written by 10% within eight months.
“It’s not that often that the business and project expectations are both exceeded so significantly,” said Adrian Brown, CIO, Canal, “but this effort has been the exception. The new book of business was a complete success, the AQS application met all our needs, the ISO Rating Service performed as advertised, and the AQS and ISO teams worked together seamlessly to provide the support we needed for us to be successful.”
AQS and ISO have a long history of working together supporting their clients’ needs. “More than 20 companies use the AQS application in conjunction with ISO Rating Service,” said ISO Rating Service practice leader and Assistant Vice President Mark Sheehan. “Canal’s success is indicative of the type of benefits clients have realized from these solutions and services.”
Adrian Brown summed up his thoughts: “I can’t say enough about the teams that made this happen. I’m especially proud of the Canal Insurance team that quickly mastered the AQS tools and were able to become productive so rapidly. AQS provided us with the jump start, training, and just the right amount of mentoring to ensure our success. This is a model of what a partnership should be.”
AQS is an industry leader in providing insurance solutions and expertise to the Property and Casualty insurance industry that help companies achieve sustainable, profitable growth. AQS solutions, which support all transactions, for all lines of business, in all 50 states, deliver scalability and interoperability with other solutions, seamlessly integrate with ISO insurance content, and automate the entire policy lifecycle. In particular, AQS is known for its experience and success at implementing and supporting complex insurance products for processing commercial and specialty lines of business. Along with its leading solutions, AQS provides extensive integration, consulting, and support services to its clients. For more information, please visit http://www.aqssolutions.com.
Canal Insurance Company is recognized in the industry as a stable, responsive and financially strong insurer of commercial trucking operations offering auto loan/lease gap coverage at no additional premium, continuous pay plans, combined deductible for physical damage and cargo, hired and non-owned auto coverage, increased towing limits, and a recently-updated cargo form offering broader coverage. A third generation owned and operated company, Canal has specialized in trucking insurance since its inception, and underwrites in forty-six states. Rated A by A.M. Best, Canal is represented by a network of independent general agents across the United States. For more information, please visit http://www.canalinsurance.com.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial, underwriting, and claims information; policy language; information about specific locations; fraud-identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics. For more information, visit http://www.iso.com and http://www.verisk.com.