A growing number of insurers are choosing software-as-a-service and cloud-based platforms when rolling out new core systems. Instec’s newest customers reflect this trend toward more agile policy administration systems that support much shorter product creation and launch cycles.
Naperville, IL – January 28, 2016 – Instec, the leading provider of policy administration systems to the program and specialty markets, announced today that software as a service (SaaS) revenue for its flagship Quicksolver system increased 265 percent year over year in 2015, with six of eight new customers deploying in the cloud.
“Our exponential growth in cloud-related revenue last year is proof that our value proposition is resonating with insurers and MGAs. We are seeing an increasing number of companies seeking policy administration systems that deliver faster time to market and greater reliability at a lower cost of entry. Instec is well-positioned to meet those needs,” said Kevin Mason, Executive Vice President of Solutions at Instec.
In the commercial lines market that Instec serves, competition is depressing margins, and many insurers are turning to the program business for unique product offerings that can support growth in premium. Launching these new programs requires a fast and responsive process, as insurers must jump on these opportunities before the window closes. Moreover, the uncertainty of these programs requires the ability to either scale up or exit quickly once the market has been tested.
Instec’s rapid implementation approach plays well to the unique needs of insurers and MGAs in the program space. In contrast to traditional systems, implementation of Instec’s Quicksolver is a process of configuration rather than a ground-up build. Users can draw from a rich library of ISO and state bureau content, more than 25,000 forms and 300,000 custom rates and rules, cutting implementation time for new systems to as little as eight weeks.
The approach with Quicksolver extends beyond configuration to include a cloud delivery option based on Microsoft Azure, enabling insurers and MGAs to rapidly implement the system without overly burdening the IT department. By offering cloud-based policy administration, Instec removes the need for new hardware and the resources to support it.
“With Microsoft Azure, we’ve built cloud infrastructure and cloud services to support just these types of mission-critical systems and give customers, such as insurance carriers and MGAs, the peace of mind that they can run their businesses with Microsoft and our partners,” said Tony Jacob, Managing Director, Worldwide Insurance at Microsoft Corporation. “We deliver a cloud platform with high availability and security while lowering overall costs. Instec adds Quicksolver, a great policy administration system that leverages the agility of the cloud to provide users with real opportunities for innovation and the ability to more quickly capitalize on emerging opportunities.”
The demand for software as service and cloud-based deployment among Instec’s new customers reflects a continuing push by insurers to cut costs and complexity, and increase the speed of business. “If the new opportunities in Instec’s pipeline are any indication, this trend shows no signs of letting up,” said Mason.
Instec delivers best-of-breed rating and policy administration solutions to P&C commercial insurers, MGAs, MGUs, and the solution providers that serve them. Since 1982, Instec’s solutions have empowered insurers and general agents to get and keep their competitive edge, efficiently create highly specialized insurance products, go to market quickly, and scale with a minimal IT footprint. To learn more, visit www.instec-corp.com.