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A Policy Administration System Worthy of a Spartan
Kevin Costello, president and chief operating officer of recent insurance startup Sparta Insurance Co., made technology a high priority. It was a focus that takes advantage of the natural benefit of starting an insurer from scratch because, unlike an existing carrier, a startup is not held back by legacy systems.
Sparta invested in a policy administration system from vendor Insurity called the Insurity Policy Decisions. Its distinguishing features, as relayed by the Sparta folks, include: - The system employs the latest in technology based on the Microsoft's .Net framework, which can easily integrate and interface with other systems. It's also key for speed in processing and storing and manipulating data by and for user constituencies like customers, regulatory bodies and the company itself. Sparta claims this sets them apart with enhancements in product delivery, customer service, compliance and performance management.
- Its automated rate, rule and form capabilities keep the system in compliance with ISO, NCCI and the independent ratings bureaus. - The Insurity system boasts teal-time policy processing for the lifecycle of policy administration, for everything from new business, endorsements, cancellations and reinstatements to renewals. Along with multiple transaction processing, these qualities provide tremendous flexibility and transparency for all involved. - Customers have called the browser-based application user-friendly, intuitive, easy to navigate and forgiving, according to Sparta. The insurer is already seeing the benefit of processing more business, more efficiently, at a higher degree of accuracy when compared with prior systems. March 1, 2008 Copyright 2008© LRP Publications |
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