Church Mutual is launching Instec’s policy system for its workers compensation insurance, the first step in a rollout of the new system for its Broker Specialty Markets business, enabling faster response to new opportunities and greater self-sufficiency.
Naperville, IL – July 7, 2016 – Church Mutual Insurance Company (CMIC), the nation's largest insurer of religious organizations, is launching Instec’s policy system for its Broker Specialty Markets (BSM). The launch caps a thorough evaluation, development and testing project that the company expects will lead to faster rating, improved electronic archiving, and greater control over system configuration.
Church Mutual has been insuring religious institutions since its founding in 1897, and has since broadened its reach to include schools, camps, and senior living facilities. The company’s legacy systems simply could not move fast enough to make the rates, rules and forms changes required for these specialty markets.
“We began our search for a new system through meetings with vendors to determine whether they could satisfy our specific requirements for these markets,” said Ed Hancock, Chief Underwriting Officer at Church Mutual. “Instec met those requirements and has been a great partner leading up to the launch. Based on Instec’s broad capabilities, we can see exciting possibilities for the future.”
After an extensive evaluation of Instec’s policy software for all transactions across all lines of business, CMIC entered into an agreement with Instec to begin implementation. The company settled on workers compensation as a starting point, since this was product line closest to current bureau content.
The requirements definition phase uncovered a range of needs, some of which would bring new capabilities to the company. The system would need to capture broker commissions, for example, and associate them with the corresponding policies. System capacity was important, too. The system would need to support at least 25 concurrent users of the rating engine. Lastly, the system would need to be integrated with more than nine legacy systems, including billing, general ledger, and e-file.
With the requirements for workers compensation defined, CMIC began a proof of concept. Instec was ready with a 50-state, cloud-based workers compensation system just three weeks after the agreement had been signed. CMIC’s goal was to validate whether the system could be successfully customized and integrated using limited staff, funding and time, and Instec did not disappoint.
“From the beginning, Instec’s team had a great grasp of our strategy and business goals,” said Rich Poirier, president and CEO, Church Mutual. “What we are launching reflects that thorough understanding.”
Configuration of the system was completed by the end of 2015, and CMIC moved on to thorough testing during the first quarter of 2016, running the new Instec system to validate rates, forms and workflow. With positive results from testing, integration with legacy systems was begun in the second quarter.
As implementation nears completion, CMIC is looking forward to cutting the time to rate large, multi-location polices from days to minutes, capturing full electronic copies of policy documents, and continuing to make configuration changes independently through CMIC’s product team. In the future, CMIC will expand its user group for the system, and deploy to other lines of business.
“We’re proud to have Church Mutual as a new user of Instec’s policy system,” said Kevin Mason, executive vice president at Instec. “They’re yet another example of an established industry player using our insurance platform as a springboard to adapt to the changes in our market. We look forward to seeing Church Mutual thrive in the new Darwinian Economy.”
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, efficiently create highly specialized insurance products, go to market quickly, and scale with a minimal IT footprint. To learn more, visit www.instec-corp.com.
About Church Mutual
Church Mutual Insurance Company, founded in 1897, offers specialized insurance for religious organizations of all denominations, as well as schools, camps, denominational offices and senior living facilities. Church Mutual markets most lines of commercial property and liability insurance, including multi-peril, workers' compensation and commercial auto insurance. Church Mutual holds the following honors:
Learn more at www.churchmutual.com.
Marketing Communication Consultant