Naperville, IL – September 11, 2014– Instec (https://www.instec-corp.com), the leading provider of program business and specialty lines policy administration applications, today announced its partnership with SNL iPartners (SNLiPartners.com), a division of SNL Financial. As a result of this strategic alliance, policy data from Quicksolver™, Instec's policy administration system will power SNL iPartners' solution, providing mission critical business intelligence (BI) and analytics to Instec client companies.
Today's market demands insurers be able to quickly spot new opportunities, spin up a corresponding product to meet that market's need, and launch without delays. Success hinges on the ability to constantly measure and evaluate how and where they might be even more profitable. Of equal importance is to just as quickly be able to exit markets in which insurers have determined they can't be successful. Instec recognized this importance, and sought to empower their clients with the actionable insight necessary to make those determinations easily, and in real time—resulting in the SNL iPartners partnership.
"The game is changing in the insurance industry. Analytics is the key battleground for insurers who need to identify new market opportunities quickly, create a customized offering to address the needs of that particular market, and then—on an ongoing basis—evaluate how the opportunity is playing out, in terms of profitability and expansion," said Ray Simon, President and CEO of Instec, "SNL iPartners was a logical choice. From a partnership perspective SNL iPartners' rich data model, pre-configured dashboards, and ad hoc reporting capabilities are a natural fit for insurers and growth oriented general agents that need to efficiently achieve their competitive best."
Unlike most policy administration systems that simply facilitate quote, binding, and policy issuance tasks, Quicksolver retains business critical policy data in an easy-to-access and leverage format. This accessible data structure means that the policy data there in can be easily served up to users in an intuitive, operational reporting format, through the use of any number of tools they may have at the ready.
Integrating SNL iPartners' on-demand analytics with Quicksolver policy data meets the following critical needs for carriers, MGAs, and MGUs looking to ensure their current offerings stay competitive as they carve out new market opportunities:
"Establishing this partnership with Instec is beneficial to our respective companies as well as our mutual clients," said Robert Lasher, Senior Director of SNL iPartners. "In addition to our offerings being a good complement providing a rich set of capabilities, there is a lot of synergy between our organizations. Quicksolver captures a tremendous amount of data – a high value asset that insurers can leverage with our business intelligence solution in order to make informed 'next step' determinations."
Instec delivers best-of-breed policy administration solutions to P&C commercial insurers, MGAs, and MGUs. Quicksolver, its flagship product, is a highly configurable .NET core solution, built on the backbone of rich insurance content. Since 1982, Quicksolver has empowered insurers and general agents to create highly specialized insurance products, go to market quickly, and scale with a minimal IT footprint.