Instec’s latest offering promises to streamline the underwriting process and drive greater collaboration, reducing costs, improving underwriting decisions, and creating a more responsive customer experience.
Naperville, IL – May 25, 2017 – Instec, a market leader in the delivery of software solutions for commercial program insurance and specialty writers, today announced the launch of a new underwriting solution to complement its flagship policy system.
“At Instec, we recognize the role of the underwriter is changing, and with Instec Underwriting we’ve created a new generation of software to help underwriters adapt,” said Jason Pamplin, Product Manager.
Instec Underwriting provides an online collaborative environment where all parties involved in the underwriting process can interact with each other throughout the customer lifecycle. Instead of constantly following up with applicants, agents, and others for the next piece of data or status update, underwriters will build relationships that result in faster turnaround times and improved customer responsiveness.
The new Instec solution also features a highly-configurable rules engine that will enable underwriters to automate routine tasks. Clearly acceptable risks, for example, could be handled via straight-through processing, while unacceptable risks could be auto-declined.
“A significant portion of an underwriter’s day is consumed by busywork that doesn’t draw on their unique skill set. The average underwriter would rather tackle the more complex risks that can’t easily be automated,” said Jeff Goldberg, Senior Vice President of Research and Consulting at Novarica.
Using the latest industry standards for interoperability, Instec underwriting can integrate with remote systems and sources of data to bring situational awareness to underwriters, so they can make better decisions. The solution will be integrated, out of the box, with Instec’s rating engine.
As a cloud-based system with mobile capabilities, Instec Underwriting will provide visibility to insureds and agents enabling them to cooperate as active members of the underwriting process, in real-time, 24/7, while ensuring compliance.
“We see Instec Underwriting as a game changer,” said Kevin Mason, Executive Vice President at Instec. “It will enable underwriters to orchestrate a process that produces lower expense ratios, greater customer engagement, and more accurate underwriting decisions.”
Instec will demonstrate the new underwriting system at the IASA 2017 Annual Conference in Orlando, Florida, on June 5 and 6, at booth #1205. In addition, Instec Executive Vice President, Kevin Mason will join Insureon president Ralph Blust on a panel discussion led by Novarica, entitled Disruption as the New Normal.
Instec delivers flexible rating, billing and policy administration systems to personal and commercial lines insurers, MGAs, MGUs, and the solution providers that serve them. Since 1982, Instec’s solutions have continuously evolved, providing users with the ability to create innovative new insurance products, and launch them into the market quickly, affordably and reliably. To learn more, visit www.instec-corp.com.
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