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Archive for the ‘Underwriting Workflow & Policy Administration’ Category

Blue Goose Technology Solutions, Inc., a national provider of innovative insurance technology solutions for carriers, MGAs and wholesalers, is pleased to announce the selection of its ExpertInsure software by W.E Love & Associates, one of the nation’s largest privately owned transportation managing general agents.

“ExpertInsure allowed us to move quickly from a 10-year-old document management system to a cutting-edge solution,” said President & CEO John Love. “We now have an advanced system based on a platform that will allow us to stay on top of our technology needs for the foreseeable future and that translates into better service for our customers.” Additionally, W.E. Love purchased the billing and accounting system, Web portal, and policy issuance modules.

Within a shifting economy, MGAs must function at their top efficiency, and the technology they employ is one of the most critical elements of that equation. The Blue Goose team of insurance and technology experts carefully diagnoses each company’s unique needs and goals and matches them with the right solutions. These custom solutions are based on the newest available technology and allow clients to streamline both costs and implementation.

“Blue Goose helped us to identify the best solutions that technology has to offer today,” said Derek Brooks, senior vice president. “We’re now able to be nimble in a market that demands flexibility and strength to grow and succeed. Hands down, we made the right choice.”

About W.E.Love:

W. E. Love and Associates (WEL) C.M.G.A.) was founded on January 1, 1982. Today, it is one of the nation’s largest privately owned transportation managing general agents. For more information, visit www.welove.com.

 

Novarica A recent study by research and advisory firm Novarica, entitled US P/C Policy Administration Projects: Averages and Metrics 2012, reveals that more than half of the P&C insurers that have implemented new policy administration systems report improvements of more than 25% in speed to market and data accessibility, as well as gains in business user satisfaction, distributor service, and reduced technology risk.

Key findings of the study include:

  • The average PAS project total cost (including internal costs) at a midsize insurer was $8.7 million. At a large insurer, the average total cost was $23.5 million. Roughly half the cost was internal staff, while license and software was less than 20% of total project costs.
  • More than 85% of recent projects involved conversion, not additions of a new system. The majority of P&C insurers converted policies on renewal rather than prior to launch.
  • The vast majority of P&C PAS projects include other components beyond core PAS such as agent portal, rating engine, underwriter workflow, billing, claims, reinsurance management, document generation, and business intelligence/reporting. Large insurers’ projects included 4.8 of these additional components on average, while midsize insurers’ projects included an average of 5.5.
  • Most large P&C insurer PAS projects completed their initial rollouts in less than 20 months, and their full projects within 40 months. Midsize insurers’ initial rollouts were generally faster, but full roll-outs took more than 40 months for more than 1/3 of recent projects.