NAPERVILLE, Ill., August 29, 2019 /PRNewswire-PRWeb/ -- Instec, the market leader in insurance software for commercial program and specialty writers, announced today that NSM Insurance Group (NSM) has implemented the Instec Policy system for their Care Providers Services (CPS) social services program.
NSM, a managing general agent (MGA), develops and delivers insurance programs for 19 different niche markets, including pet health and classic cars. CPS began as a regional program over 15 years ago and has since expanded to become one of NSM's largest programs, covering all 50 states. The program includes seven lines of business and is currently placed at thousands of accounts.
As a strategically important program, CPS was a natural starting point when it came to an upgrade to NSM's policy management system. The company recognized it would need a new platform to support its growth and turned to Instec, a vendor with whom they had success working on a prior program.
"Although many carriers provide their MGA partners with quotes, rates, and issuance systems, our philosophy has been to maintain an enterprise platform in-house", said Michael Anselmo, Chief Information Officer at NSM. "By owning the data, along with the distribution, we can provide our carrier partners with added value in the form of data analytics and business insights."
NSM's enterprise platforms are based on a best-of-class, plug-n-play component architecture. The implementation of Instec's platform involved a robust set of integrations with other systems and third-party data, providing NSM with underwriting and operational efficiencies.
"Our CPS program has a heavy dose of ISO rates, rules, and forms, and Instec's managed library of ISO content significantly shortened our implementation time," said Anselmo. The project covered all seven lines of business and over 300 custom forms. Requirements definition began at the end of March, and NSM was quoting at the beginning of June and issuing policies on July 1.
As the company looks ahead, it sees more opportunities to apply Instec's speed-to-market support and affordable start-up cost. "From our past experience with Instec, we have the confidence their platform can carry us well into the future and support our ambitious growth plans for all of our admitted programs", said Marc Castellucci, NSM Chief Operating Officer.
About NSM Insurance Group
For more than 29 years, NSM Insurance Group has been a leader in the development, implementation, marketing, and underwriting of industry-specific insurance programs. The company's US-based insurance programs include coastal condominium; collector cars; specialty transportation; sports and fitness; social services and behavioral health; pet insurance; professional liability for architects and engineers; staffing; workers' compensation; and E&S binding authority. NSM Insurance Group is a subsidiary of White Mountains Insurance Group, Ltd. (NYSE: WTM) and is aggressively seeking to acquire additional program managers and niche insurance businesses.
For more information contact Bill McKernan at (610) 808-9561.
About Instec
Instec's unique approach to systems for the insurance industry enables P&C carriers, MGAs and MGUs to launch programs and specialty offerings from start to first quote in as little as four weeks. With built-in bureau content and reusable business rules, Instec systems provide a platform for innovation with reduced risk. In addition, cloud-based deployment and subscription-based pricing enable insurers to test new programs at a low cost of entry and scale up affordably as the business grows. To learn more, visit instec-corp.com.
SOURCE Instec
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