We selected Quicksolver for the extensive ISO, NCCI and state bureau content that Instec provides with the system and then continually updates with each bureau change.
Naperville, IL (PRWEB) March 24, 2015
The transformation and modernization of legacy insurance systems continues to be a top priority for insurers of all sizes, and this was certainly true for specialty insurer Pennsylvania and Indiana Lumbermens Mutual Insurance Companies (PLM-ILM) who have been recognized for their innovative replacement of legacy systems using Instec’s Quicksolver policy administration system as the nucleus of the solution. Joe McGurrin, PLM-ILM’s chief information officer received the prestigious Celent Model Insurer award at Celent’s Innovation and Insight Day at New York’s Carnegie Hall on Monday, March 23rd, 2015.
“We’re honored to be selected for this award from among a cadre of well-respected insurance companies. It’s really a tribute to the entire project team from both PLM-ILM and our vendor partner, Instec. We were very selective about the technologies we chose for this project and couldn’t be happier with the results,” said McGurrin.
PLM-ILM’s journey began with an urgent need to replace a sorely-outdated COBOL-based policy administration system, a manual property rating process, and a DOS-based quoting system. Instec’s Quicksolver was selected as the core of the new system, reflecting PLM-ILM’s desire to build a solution around a powerful hub with configurable, bureau-based rating and quoting. A new billing system was integrated with Quicksolver as a subsequent project and a new claims system will be added next.
“We selected Quicksolver first and foremost for its rating and forms capabilities and the extensive ISO, NCCI and state bureau content that Instec provides with the system and then continually updates with each bureau change across all 50 states. We were also attracted to Instec’s short implementation cycle. The whole project took nine months, which is virtually unheard of for a legacy transformation project like this,” said McGurrin.
The new technology has paid multiple dividends for both companies. Eliminating the manual re-keying of data boosted productivity by 25-30%, reduced quote-to-issue time by 7-10 days, and cut data quality errors. The integrated system also lowered printing and mailing costs by more than $100,000 through the elimination of manual forms assembly. In addition, the system’s always-current rating and forms enabled PLM-ILM to do away with weekly compliance review meetings.
PLM-ILM’s story was selected for the Celent award from a pool of strong candidates by Celent insurance analysts who reviewed the companies’ policy administration, quoting and rating initiative, and found it to be overwhelmingly compelling and innovative. PLM-ILM was a winner in the Legacy and Ecosystem Transformation category, one of five categories deemed by Celent to be of growing importance in the financial services sector. As a Celent Model Insurer, a case study of PLM-ILM’s initiative will be featured in an upcoming Celent report.
About Pennsylvania and Indiana Lumbermens Mutual Insurance Companies
Pennsylvania and Indiana Lumbermens Mutual Insurance Companies is an affiliated, premier property and casualty insurance provider serving the lumber, woodworking, and building material industries. Both companies have deep roots in the industries they serve, with more than 200 years of combined experience. The affiliation of the two companies in the fall of 2013 has given PLM/ILM the opportunity to expand its reach geographically and to increase its expertise to better serve its customers.
Instec delivers best-of-breed rating and policy administration solutions to P&C commercial insurers, MGAs, MGUs, and the solution providers that serve them. Since 1982, Instec’s solutions have empowered insurers and general agents to get and keep their competitive edge, efficiently create highly specialized insurance products, go to market quickly, and scale with a minimal IT footprint. To learn more, visit http://www.instec-corp.com.