Through its implementation of Authority Suite®, Cincinnati Specialty Underwriters has been able to launch four lines of business in 37 states in 27 months
Toronto, Ontario (Vocus) January 29, 2010
Camilion Solutions™, a leading provider of insurance product development solutions and modern P&C policy administration systems that create enterprise product agility, today announced that its client The Cincinnati Specialty Underwriters Insurance Company (CSU) has been recognized by Celent, a research and consulting firm, as a “Model Insurer” for its effective use of technology. The Celent 2010 Model Insurer Award recognizes Cincinnati Specialty Underwriters in the area of Service for successfully leveraging a previous implementation in order to enter a new market quickly.
“Through its implementation of Authority Suite®, Cincinnati Specialty Underwriters has been able to launch four lines of business in 37 states in 27 months,” remarks Mike Fitzgerald, Senior Analyst, Celent. “By implementing flexible, modern technology that supports insurance product configurability and speed to market, CSU has been able to meet and achieve its strategic business objectives.”
Since CSU first launched as an excess and surplus lines company in January 2008, Camilion’s Authority Suite, a modern rules and tools-based policy administration system (PAS), has played a key role in the company’s strategy to expand its product portfolio and geographic reach. Authority Suite enables CSU to rapidly develop and deploy new products. By re-using the product data, rules and requirements gathered for previous states from the solutions central repository, CSU has gained the agility to launch new states within weeks and new lines each quarter.
CSU has realized many other benefits and service enhancements with Authority Suite including immediate delivery of quotes and policies. CSU’s underwriting approval cycle has also been accelerated, supported by effective workflow and collaboration. Underwriting costs have been kept low, and a high overall throughput has been achieved through integration with existing systems such as back-end accounting, document management, a data warehouse and claims.
“Authority Suite gives us the product development speed and agility we need to pursue new opportunities, while making it easier to do business with us,” says Don J. Doyle, Jr., CSU Senior Vice President. “Camilion’s flexible policy administration system (PAS) delivers electronic copies of policies to producers within minutes of underwriting approval and policy issue. Camilion will continue to be a key component of our future growth plans.”
“We congratulate Cincinnati Specialty Underwriters for their well-deserved recognition as a Model Insurer,” says Susan Hutt, Senior Vice President, R&D and Services, Camilion Solutions. “Camilion is pleased to be a long-term partner in CSU’s success. The experience that the two companies have gained through working together on multiple lines of business has created a very collaborative approach. This comfort level and mutual trust, coupled with great technology, reduces implementation time for new projects as CSU continues to rapidly expand its product offerings and enter new states.”
Leveraging a Service-Oriented Architecture and built on a modern tools and rules-based technology platform, Authority Suite supports the entire policy lifecycle. Authority Suite, which features a consolidated underwriting workstation and straight through processing, is powered by Camilion’s ProductAuthority®, the world’s only “true” product development and management solution. ProductAuthority creates agility by externalizing all product data and rules from multiple, hard-coded operational systems into a central product repository where complex products can be easily configured and modified.
About Celent
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].
About Camilion Solutions Inc.
Camilion Solutions, Inc. is a leading provider of world-class insurance product development solutions and modern P&C policy administration systems that create product agility. With some of the world’s largest insurers as customers, Camilion uses its deep knowledge of the insurance industry to enable mid-to-large size insurers to concurrently develop or modify quality products, get these products to market faster, automate underwriting, enable straight-through processing, and deploy a modern technology platform – all while mitigating risk and reducing costs. Founded in 2001, Camilion is a privately owned corporation with offices in Toronto and New York.
Contact:
Gwen Lannaman, Camilion Solutions
O: 905-482-3452 / M: 416-992-9557
ProductAuthority®, Authority Suite® and related names are trademarks of Camilion Solutions, Inc. All other products and services mentioned are trademarks of their respective companies.
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