Naperville, IL – December 4, 2017 – The worker’s compensation market is heating up, and insurers continue to invest in technology to remain competitive. At the upcoming Workers’ Compensation and Disability Conference, leading insurance systems provider Instec will showcase cloud-based policy and underwriting solutions that improve efficiency and ease the reporting burden.
According to the National Council on Compensation Insurance (NCCI), the combined ratio for private workers’ compensation carriers in 2016 was 94% for the second year in a row. The ratio has not been this low for two consecutive years in over 30 years. In addition, the improving labor market drove increased premiums in 2017, and further growth is forecast through 2022. These factors are generating increased competition and incumbents and newcomers alike are looking for an edge.
Workers’ compensation insurers continue to apply technology to support better customer service and more efficient processing of policies, payments, and claims. Solution provider Instec offers an out-of-the-box policy administration solution. The system includes NCCI rates, rules and forms for all 50 states, in addition to content for monopolistic and independent states. Cloud-based deployment and subscription pricing enable users to align costs with revenue, and scale as business grows.
Instec also eases the regulatory reporting burden, with data extracts for WCPOLS reports, and partnerships that provide reporting services and business process outsourcing (BPO) for full back-office support.
“Several of our clients have added workers’ compensation in recent months,” said Kevin Mason, Executive Vice President at Instec. “They trust our system because workers’ compensation is a line we’ve been supporting for many years. We understand what it takes to comply with the heavy regulatory burden of workers’ comp, and the need for cost-effective processes that help carriers remain profitable.”
The Workers’ Compensation and Disability Conference runs December 6-8 in Las Vegas, and Instec executives will be on hand at booth 1801 to answer questions about their policy and underwriting solutions.
Instec’s unique approach to systems for the insurance industry enables P&C carriers, MGAs and MGUs to launch program and specialty offerings from cold start to first quote in as little as four weeks with near-zero technology risk. Instec's built-in bureau content and reusable code – a library of over 30,000 forms and 300,000 rates and rules – empowers carriers to get to market quickly and efficiently. Instec's cloud-based deployment and subscription-based pricing model also enables carriers to test new programs at a low cost of entry and scale up quickly and affordably as the business grows. To learn more, visit https://www.instec-corp.com.
Vice President of Marketing