Naperville, IL – August 7, 2019 – Instec, the market leader in insurance software for commercial program and specialty writers, announced today that NIP Group has selected the Instec Policy system, for its Specialty Programs business.
NIP Group’s carrier partner supported the company’s move to own their system. Instec reports that it has seen several carriers take this stance. It provides the carrier relief from the burden of supporting a system for the MGA, while benefiting the MGA through unrestricted access to their data. In NIP Group’s case, since their carrier partner maintains an Instec system for its own use, compliance is simpler because both companies run on the same software. Earlier this year, NIP Group’s Specialty Programs unit made the strategic decision to bring its system in-house. As a program administrator with 18 programs under management, owning its system – and data – would allow the company to move quickly when new opportunities arose.
The company’s decision to buy the Instec Policy system was not spontaneous. NIP was very familiar with Instec’s system, having worked for some time with it through one of their carrier trading partners. Nevertheless, NIP wanted to evaluate the system in the context of their current needs, and Instec provided the company with a system to test on one of their programs, GrowPro, a multi-line, multi-state admitted program targeting greenhouse growers.
“Although we were already familiar with the Instec platform, we felt it was still important to conduct a proper due-diligence process since this move is so important,” said David Gramblicka, Head of Technology Systems at NIP Group. “After a series of evaluations, demonstrations, and interviews the choice was clear: Instec’s was a proven system, performed to our high expectations, and integrated well with the balance of our business platform. Instec’s experience in the program space helped dramatically with the implementation.”
With the full library of bureau content that is bundled with Instec’s base system, NIP Group was able to quickly determine Instec’s ability to support their classes of business and identify the rates, rules and forms required to file. And because of NIP Group’s familiarity with the system, training took half the typical time.
“NIP Group is the latest in a long string of program administrators that have acquired a system from us over the last two years,” said Kevin Mason, EVP at Instec. “In many cases, it’s a trend that reflects the MGAs’ desire for greater control over their business growth, and a dissatisfaction with carrier-provided systems. This should be a wakeup call for carriers.”
About NIP Group
NIP Group, one of the largest program administrators in the U.S., is headquartered in Northern NJ, with a branch office in Hartford, CT. NIP Group is a proud recipient of the prestigious Best Practice Designation from Target Markets Program Administrators Association. With the resources of a large organization and the agility of smaller company, we work with over 5,500 select independent agents and brokers to provide their clients with the next generation of specialized insurance protection and risk management services that help them confidently build their businesses.
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 http://www.instec-corp.com.
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