Instec Announces Agreement with FMIT Press Releases | Nov 05, 2001

Commercial P&C insurance software provider, INSTEC, announces their agreement with Florida Municipal Insurance Insurance Trust (FMIT) for the implementation of INSTEC solutions to provide common policy rating and issuance on a single platform. FMIT selected INSTEC's systems to support commercial lines of business including: Commercial Package, Professional Liability, Commercial Auto and Workers' Compensation.

According to Mike Madden, Director of Public Risk Services with FMIT, "Our existing system was built in stages and no longer met our needs or provided flexibility to implement new functionality or accommodate integration requirements. We knew we needed a new solution, but were skeptical about being able to find anyone who could provide us the functionality we needed in the timeframe we required…much less at an acceptable costs. We looked at a variety of options including building our own rating engine." Mr. Madden continues, "INSTEC's combination of software solutions, impressive track record, insurance knowledge and technical expertise convinced us that they were the one vendor up to the task. They understood our unique requirements and were able to design a single solution to meet the policy rating and issuance needs for all of our lines of business."

Pat Walsh, INSTEC Vice President, comments, "We appreciate FMIT's confidence in our products and our people. In managing one of the nation's largest Municipal Trusts, FMIT's strategy of developing and implementing a new solution around a pre-existing Insurance-Intelligent technology platform will give them a highly-advanced solution. We are pleased to have been selected to partner with FMIT in their visionary effort." ?

About FMIT (Florida Mutual Insurance Trust)

Located in Orlando, Florida, FMIT is a wholly owned insurance trust administered by the Florida League of Cities, a member organization representing municipalities in the state of Florida providing a variety of services to its members. 

About INSTEC

INSTEC, headquartered in Naperville, Illinois, has been a leader in policy rating and processing solutions for the commercial property and casualty insurance industry since 1982.