FMIT selects INSTEC in buy over build decision for rating software…requirements to production in 90 days
Commercial P&C insurance software provider, INSTEC, announces that one of the nation's largest Municipal Trusts, Florida Municipal Insurance Trust (FMIT), has implemented INSTEC's solution to provide policy rating and issuance on a single platform for all commercial lines of business, including: Commercial Package, Professional Liability, Commercial Auto and Workers' Compensation. In addition, the INSTEC solution is fully integrated with FMIT's existing billing and claims software.
While FMIT traditionally built their own systems, they opted to implement INSTEC's solution based on the combination of functionality, customization and integration capabilities, and INSTEC's ability to implement a complete solution in a compressed timeframe. FMIT's strategy of developing and implementing a new solution around the pre-existing and proven INSTEC insurance-intelligent technology platform has given FMIT a highly-advanced solution to support their commercial business.
According to Mike Madden, Director with FMIT, "We had typically built our own solutions, and were skeptical about finding a software vendor that could meet our needs. After an extensive search of the market, we found that INSTEC offered an unbeatable combination by providing a pre-existing solution that they could easily modify and integrate into our environment. INSTEC delivered a fully functional, customized solution, on time and on budget starting with a full analysis of our requirements in May of this year. By July, we were already in production. We now know first hand why INSTEC has such a great reputation in the industry…INSTEC was the first IS project delivered on time and budget."
Pat Walsh, Vice President with INSTEC comments, "We are especially pleased with the FMIT decision to implement the INSTEC solution. We knew our product would be flexible enough, and working closely with the FMIT team to fully understand their requirements made all the difference. They were able to provide us the direction we needed to develop, deliver, and implement the solution in such a short timeframe. We appreciate FMIT's recognition of the value of the INSTEC solution and their team approach and commitment to project success." ?
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. FMIT has approximately 450 governmental entities (insureds) in the state of Florida and writes approximately 70 million in property and casualty premiums for the municipal risks.
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.