Naperville, IL – June 26, 2019 – Instec, the market leader in insurance software for commercial program and specialty insurers, held its second annual Client Forum in Chicago last week. The event featured four keynote speakers covering program business, regulatory issues, technology priorities, and capital markets.
Industry veteran Greg Thompson, founder of Thomco (now a Markel company), opened with a look back and ahead at opportunities in the program market. He explained why programs outperform the broader market, with quote to bind ratios nearly three times higher and retention rates of over 80 percent.
Paul Martin, Founder and President of Martin & Company, described lessons learned from assisting clients with 7,500 state filings each year. He explained the trade-offs involved in making four essential decisions required to launch a successful new program.
Karlyn Carnahan, Head of P&C Insurance, Americas at Celent, explained why the customer experience has gained so much attention. She offered a framework for policyholder and agent experiences and described eight technologies that enable differentiated customer experiences.
Charlie Kline, Managing Director at Century Equity Partners, cited $700 billion in equity waiting to be invested in insurance-related businesses. His company is particularly bullish on MGAs because of their closeness to the customer and their focus on specific niche markets.
“Our second annual Client Forum was an unqualified success,” said Kevin Mason, Executive Vice President at Instec. “Our customers gained a wealth of insights that will help them refine their strategies and navigate our changing market.”
Instec’s unique approach to systems for the insurance industry enables P&C carriers, MGAs and MGUs to launch program and specialty offerings from cold start to first quote in as little as four weeks with near-zero technology risk. Instec's built-in bureau content and reusable code – a library of over 30,000 forms and 300,000 rates and rules – empowers carriers to get to market quickly and efficiently. Instec's cloud-based deployment and subscription-based pricing model also enables carriers to test new programs at a low cost of entry and scale up quickly and affordably as the business grows. To learn more, visit http://www.instec-corp.com.
Vice President of Marketing