NAPERVILLE, Ill., July 28, 2020 /PRNewswire-PRWeb/ -- Instec, the market leader in software for insurance programs and complex commercial insurance, announced today that Risk Placement Services (RPS) has implemented the Instec Policy system for its new public-entity program.
In April 2020, RPS announced a new public entity program in partnership with Munich Re Specialty Insurance (MRSI), the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America.
The program addresses the unique risks faced by municipalities and special districts with a first-dollar, low-deductible insurance product. The packaged program includes general, auto, law enforcement, public officials, and employment practices liability, and can be supplemented with active-shooter, special events, cyber, and worker's compensation coverages.
The new RPS program is the company's second strategic expansion on Instec. It follows the successful implementation of Instec Policy by RPS affiliate RPS Bollinger for its Golf Courses & Clubs program.
The RPS public entity project began in December 2019. Little did the team know that two weeks before scheduled completion, everyone would be ordered to work from home as the country responded to the coronavirus pandemic. Despite this, the project was completed ahead of schedule, in less than 90 days, and the system went live in late March.
The launch of the new program couldn't have been more timely. Public entities were already facing a host of risks, from cyber threats to active shooters to natural catastrophes. Then the coronavirus pandemic hit, and on its heels the eruption of anti-brutality protests, placing law enforcement and public officials under the microscope.
"Public entities face greater exposures today than ever before," said Bob Lombard, area president of RPS-PNP, national program administrator for the public entity program. "Instec's rapid implementation process allowed us to bring our new program to market just when it was needed most."
With the successful launch of two new programs, RPS is looking ahead at opportunities to bring more programs onto the Instec system.
About Risk Placement Services
Risk Placement Services (RPS), is a Managing General Agent/Underwriting Manager and nationally focused wholesale insurance broker, ranked as the largest MGA in the country for several years. Headquartered in Rolling Meadows, Illinois, the organization has more than 80 branch office and satellite locations. The company is comprised of four divisions, National Brokerage, MGA/Binding, Programs, and Standard Lines. RPS also focuses on environmental, healthcare, transportation, and executive lines. For each program and product, RPS works only with top-rated admitted and non-admitted carriers. For more information, please visit http://www.rpsins.com.
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 http://www.instec-corp.com.
SOURCE Instec
Share this article