Instec’s program insurance experience and history of rapid implementations far outweighed the fact that homeowners is a new line of business for Instec.
Naperville, IL (PRWEB) August 11, 2016
Insureon, the nation’s leading online insurance agency for the small commercial market, selected Instec from among ten vendor candidates to power the expansion of its web-based quote-to-bind platform into personal lines. The launch of Insureon’s coastal homeowner coverage on the Instec policy system also marks the first move into personal lines for Instec, a company that has been making a name for itself among commercial program and specialty writers.
Insureon was formed in 2011 by TechInsurance Group, expanding coverage offerings to small businesses in dozens of industries. In total, the company has provided policies to more than 200,000 businesses, through agents who specialize in the industries they serve.
Insureon’s recent decision to bring its innovative model to other types of difficult-to-insure risks as a general agent meant that the company would need to bring rating, forms, and policy management in-house. The homeowners product for coastal homes is the company’s first offering under this new business model, and Insureon set an aggressive target launch date of 60 days from the installation of a new policy system.
“Our primary need was for a system that would enable our customers to quote new policies as quickly as possible,” said Ralph Blust, President of Insurance Noodle (a subsidiary of Insureon). “Launching a new product always carries with it some risk and uncertainty, so we also needed a cost structure that would let us start small and scale up as the business proves itself. Instec was the only vendor that satisfied both criteria.”
Ten vendors competed to supply Insureon with its new policy software, and the selection process was thorough. Reference accounts were consulted to determine each vendor’s track record and ability to deliver. In the end, Instec’s program insurance experience and history of rapid implementations far outweighed the fact that homeowners is a new line of business for Instec.
“Insureon’s selection of Instec is yet another example of the emphasis on time-to-value that we’ve been seeing in the market," said Kevin Mason, Executive Vice President of Instec. “It’s a validation of our FastTrack approach to implementation that aims to get every one of our clients quoting in as little as 60 days.”
The Instec Policy system covers Insureon’s entire policy lifecycle, from rating to policy documents to endorsements and renewals. The system has been integrated with the company’s front-end portal and back-end systems using Instec’s XML- and web services-based data integration. Implementation was completed in just over 60 days from the date of signing, and the company expects to add additional hard-to-place commercial programs in the future.
“We’re thrilled to be working with the market leader in online insurance for small business,” said Mason. “Our program focus fits well with Insureon’s strategy, and their new homeowners product provides an entry point for us into personal lines. It’s a true win-win.”
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.
Insureon has provided coverage for more than 200,000 small businesses. It both serves retail clients directly and supports leading top-five banks, brokerages, and insurance companies in delivering their small commercial business, placing more than $200 million in premium annually. Details about its innovative online application, technology, and business model are available at http://www.insureon.com.