Instec Adds New Coverages to Quicksolver System
Staff Writer | December 14, 2015
Instec announces it has added property and inland marine to Coverage Builder, a standard feature of the company’s Quicksolver system. Business analysts will now be able to configure custom coverages for these two lines of business, in addition to General Liability, allowing insurers to launch new customized products more quickly.
Coverage Builder enables a business user to build custom coverages based on standard patterns, without the need for programming skills. The feature has been in production at a number of sites, and used to build coverages for general liability.
By eliminating the need for programmers, Instec is placing greater control over the creation of new insurance products into the hands of those closest to the customer. This is just the latest move in a broader Instec strategy to shift the configuration of its system from Instec-driven custom development to a more customer-driven process.
“We’re glad to see that customers recognize the value we’re delivering with Coverage Builder,” says Kevin Mason, executive vice president of solutions at Instec. “In today’s highly competitive environment, they are feeling pressure, more than ever, to get new products to market quickly, and Instec now gives them much greater control over their development efforts and launch timelines.”
Coverage Builder is one of a growing set of self-configuration capabilities that Instec bundles with Quicksolver to shorten the implementation cycle. These features complement Instec’s library of bureau content, which is actively managed by the company, and updated for its clients. These out-of-the-box features have enabled Instec clients to begin quoting in as little as eight weeks from the beginning of the implementation.
“In the Darwinian economy, speed and cost are critical to insurers as they attack markets with new products and defend existing ones with product refreshes. Coverage Builder allows an experienced insurance analyst to build out coverages quickly so their products remain competitive,” says Mason.
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