Instec Introduces Cirrus – Rating in the Cloud for Commercial Lines Insurance
Naperville, IL (PRWEB) October 07, 2014 -- Instec (http://www.instec-corp.com), the leading provider of best-of-breed policy administration solutions, today announced the introduction and immediate availability of its standalone rating in the cloud service, CirrusSM. Cirrus offers property/casualty commercial lines carriers, reinsurers, MGAs, MGUs, and the solution providers that serve them ready-to-use, fully populated, maintained, and configurable bureau-based rating capabilities for all lines, in all states, as an independent solution, decoupled from policy administration functionality.
Cirrus combines advisory prospective loss costs from ISO, a Verisk Analytics (Nasdaq:VRSK) business; NCCI; and state-based bureaus with the ability for companies to custom configure rating to fit their unique filings. Designed specifically for companies that require immediate quote capabilities, Cirrus empowers businesses to begin revenue generating activity on Day 1, whether they choose to perform rating as a standalone function or wish to consume rating in their policy administration of choice.
With the introduction of Cirrus, Instec succeeds at componentizing core rating functionality to provide clients with access to configurable, content-rich, cloud-based rating as a separate and distinct service from full policy administration. This direction meets the need in the marketplace as companies of all sizes battle years-long full-policy administration implementation and subsequent update projects. Leveraging Cirrus as a standalone rating engine ensures that companies regain and retain the ability to quote new business, without impact to current IT projects.
“Cirrus provides insurers with an accelerated path forward to seize upon new business opportunities,” said Karen Furtado, partner, Strategy Meets Action. “What makes Cirrus so unique is the vast repository of bureau-based rates, rules, and forms that powers the cloud-based rating engine, covering all 50 states and 10 lines of business. For companies that might be in the middle of a larger policy administration system implementation or for those spinning up new, yet-to-be-proven products, Cirrus provides an accessible, scalable option to enter new markets and begin quoting new business immediately, without impact to current IT projects.”
Cirrus delivers the following capabilities to the property/casualty commercial lines space:
• cloud based rating, all states, all lines, for admitted or non-admitted business
• the ability to perform a host of transactions over the life of the policy, including endorsements, renewals, and policy re-writes
• highly adaptive communication to policy administration systems
• a single point of data entry, ensuring ease-of-business with clients
• included, always up-to-date — and historically accurate — advisory rates, loss costs, rules, and forms from ISO, NCCI, and state-based bureaus
• a self-service configuration layer, so that insurers can remain preeminently competitive by building products and programs and customizing coverages on the fly
• customizable forms engine that will feed policy administration systems
“The big value add for Seneca is the fact that ISO’s advisory prospective loss costs, rules, and forms content is maintained and updated effectively in our Instec system,” said John Rendina, vice president of Operations at Seneca Insurance Companies. “I don’t know how they do it so efficiently, but Instec is delivering every change ISO releases, along with their experts’ narratives and interpretations for our review and consideration — generally three to four months ahead of the effective date, which supports our ease of adoption. In addition, they provide us with historically accurate rates so we can match favorable filing actions as we expand and grow. This is an operational advantage that has made us more responsive in our product and service offerings to our customers.”
“Bringing Cirrus to market is as important to the industry as it is to Instec,” said Ray Simon, president and CEO, Instec. “Never before have insurers and the vendor community had the ability to instantly access the most up-to-date advisory content, via a Cloud based rating engine that can slip into any policy administration system out there, without a hitch. For companies in highly competitive markets, or for those bogged down in the midst of an enterprise-wide system implementation that may have (even temporarily) lost the ability to quote new business, Cirrus gives an accessible, cost effective path forward, enabling those organizations to strike while the iron is hot, and begin revenue generating activity immediately.”
To learn more about Instec’s rating in the Cloud service, visit http://www.instec-corp.com/Cirrus.
About Instec
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, by efficiently creating highly specialized insurance products, go to market quickly, and scale with a minimal IT footprint. To learn more, visit http://www.instec-corp.com.
###
Samara Hamilton, Instec, http://www.instec-corp.com, +1 (630) 799-6455, [email protected]
Share this article