Following a thorough evaluation by Gartner, Instec has qualified as a new entrant in Gartner, Inc.’s newly-published 2016 Magic Quadrant for Property and Casualty Insurance Policy Management Modules.
Naperville, IL – February 11, 2016 – Instec, the leading provider of policy administration systems to the program and specialty markets, announced today that it has been named in Gartner, Inc.’s recently-published Magic Quadrant for Property and Casualty Insurance Policy Management Modules, North America1.
“Our placement in Gartner’s Magic Quadrant required that we meet a strict set of criteria, and we’re honored to be included,” said Kevin Mason, Executive Vice President of Instec. “We’ve worked hard to continually expand and improve our technology, and align our offering with the market’s need for rapid implementation, low cost and high reliability.”
Instec was named a Niche Player, a description the company believes aptly describes its strategic decision to focus on the needs of commercial insurers and MGAs. With success supporting the launch of new commercial program offerings, Instec finished 2015 with eight new customers and a 265% year over year growth in Software as a Service (SaaS) revenue.
“In this market some buyers will fixate on a leading vendor, or will fixate on the Leaders quadrant, but this could be a potentially serious mistake. Each vendor in this Magic Quadrant is fielding competitive offerings and securing new customers, and each is a strong candidate for insurers in certain tiers and specific LOBs,” wrote Jeff Haner, Research Director at Gartner and author of the report. “P&C insurance CIOs should help their IT and business stakeholders guard against a fixation on a particular quadrant and, instead, develop an understanding of the strengths and particular specialization of each vendor.”
Instec offers an extensive library of bureau-based rates, rules and forms, which ships out of the box with its Quicksolver system. This content, coupled with self-configuration features, and the ability to tap into over 300,000 custom rates, rules and forms from prior projects, enable Instec’s new customers to begin quoting and binding in as little as eight weeks.
“In the hyper-competitive insurance market we serve, business growth requires that insurers and MGAs carve out a new niche, or jump on a new opportunity before the window closes. We’ve built a reputation for helping our customers stand up new products or enter new markets in a timeframe that some thought was impossible. The word is getting around, and we look forward to more success in the years to come,” 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.
1 Haner, Jeff. Gartner Magic Quadrant for Property and Casualty Insurance Policy Management Modules. Gartner, Inc. January 25, 2016.
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