As more insurers gravitate toward programs as a means to differentiate and grow, Instec has added support for Property and Inland Marine to Coverage Builder, a standard feature of its Quicksolver policy administration system. The feature enables a business user to build custom coverages and accelerate the product launch cycle.
Naperville, IL – December 9, 2015 – Instec, the leading provider of policy administration systems to the program and specialty markets, announced today that it has added Property and Inland Marine to Coverage Builder, a standard feature of the company’s Quicksolver system. Business analysts will now be able to configure custom coverages for these two lines of business, in addition to General Liability, allowing insurers to launch new customized products more quickly.
Coverage Builder enables a business user to build custom coverages based on standard patterns, without the need for programming skills. The feature has been in production at a number of sites, and used to build coverages for General Liability. By eliminating the need for programmers, Instec is placing greater control over the creation of new insurance products into the hands of those closest to the customer. This is just the latest move in a broader Instec strategy to shift the configuration of its system from Instec-driven custom development to a more customer-driven process.
“We’re glad to see that customers recognize the value we’re delivering with Coverage Builder,” said Kevin Mason, Executive Vice President of Solutions at Instec. “In today’s highly competitive environment, they are feeling pressure, more than ever, to get new products to market quickly, and Instec now gives them much greater control over their development efforts and launch timelines.”
Coverage Builder is just one of a growing set of self-configuration capabilities that Instec bundles with Quicksolver to shorten the implementation cycle. These features complement Instec’s rich library of bureau content, which is actively managed by the company, and updated for its clients 90 to 120 days ahead of effective dates. Taken together, these out-of-the-box features have enabled Instec clients to begin quoting in as little as eight weeks from the beginning of the implementation.
“In the Darwinian economy, speed and cost are critical to insurers as they attack markets with new products and defend existing ones with product refreshes. Coverage Builder allows an experienced insurance analyst to build out coverages quickly so their products remain competitive,” said Mason.
The demand for Coverage Builder reflects a growing interest among insurers in the program business. Programs present an opportunity for growth in an otherwise soft market. In 2014, for example, commercial programs grew 7.4%, in contrast with a 1.7% growth rate for the overall commercial insurance market, according to the Target Markets Program Administrators Association (TMPAA). Programs target specific market niches and risks, and Coverage Builder allows insurers to seize these emerging opportunities before the window closes.
“There’s clearly a need for the capabilities that Coverage Builder provides, and we’re looking to expand it even further. We’ll continue to add more standard patterns, and extend it into other lines of business, so that a broader portion of the market can benefit from the competitive edge that Quicksolver provides,” said Mason.
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.