Indianapolis, IN – June 9, 2014 – Instec (https://www.instec-corp.com), the leading provider of program business and specialty lines-specific policy administration applications, today announced its delivery of smart, self-service configuration capabilities within its flagship policy administration system, Quicksolver. This additional functionality provides users with the ability to create and customize new insurance products and programs, leveraging embedded bureau-based and company-specific content, thereby increasing speed to market and reducing their overall investment in new product development.
“Many of our current clients wanted to extend the configuration capabilities inherent in Quicksolver to a larger portion of their staff. Granting access to custom configure and develop rates, class codes, coverages, underwriting rules, and forms, on top of bureau-based — and their own, company-specific content — gives Quicksolver users flexibility, scalability, and speed to market potential that isn’t available anywhere else in the market. Essentially, these new capabilities, on top of always-up-to-date content plus carry-forward customizations means new product development never has to start from scratch. It’s how savvy companies are staying competitive, and it’s the essence of “smart configuration.” For insurers in an overcrowded marketplace where ‘differentiate or be left in the dust’ is the name of the game, that level of investment preservation and existing IP capitalization in a new product or program launch is unheard of,” said Kevin Mason, vice president of product development and management, at Instec.
Layering smart configuration on top of a rich content library provides carriers, reinsurers, MGAs, and MGUs with the tools at hand to spin up new products and programs quickly, without the cost and laggard implementation times implicit with toolkit applications. For companies looking to leverage existing talent and carve out new niche markets, the following capabilities inherent in Quicksolver will help them scale profitably, without adding to their infrastructure or underwriting budgets:
“This new set of accessible configuration capabilities bridges the gap between by-the-book, bureau-based rates, rules, and forms and highly specialized, proprietary insurance products and programs. It gives companies that demand differentiation and want the ability to build specialized products in-house a starting point that’s 90% of the way there, rather than forcing them to reinvent the wheel every time they want to carve out a new niche for themselves. Offering self-service configuration capabilities on top of Quicksolver’s rich content library now means that whether you’re a carrier, an MGA, or an MGU, ground breaking, custom insurance product development doesn’t have to take years to get off the ground and it doesn’t have to cost an arm and a leg to implement or maintain,”concluded Ray Simon, Instec president and CEO.
Unlike traditional policy administration systems that require a high degree of custom development and vendor-led configuration, Instec’s Quicksolver combines out-of-the-box ISO, NCCI, and state-specific content with the ability to host and manage company-specific content. This inherent rich library of rigorously maintained content alongside advanced rate, rule, and form configuration options, made even more accessible by interview-style, step-by-step instructions has dramatically reduced implementation times, abbreviated time to market, and negated companies’ overt reliance on overburdened and under-resourced top talent. Quicksolver users are now squarely in the driver’s seat to spin up highly differentiated products and programs, faster than their competition, and faster than ever before.
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.