Hyland TL
Follow Us
ITA MEMBERSHIP

INSURANCE TECHNOLOGY NEWS

INSURANCE TECHNOLOGY NEWS

Instec Introduces Rating in the Cloud for Commercial Lines

Staff Writer | October 07, 2014

Instec announces the introduction and immediate availability of its standalone rating in the cloud service, Cirrus, which offers commercial lines carriers, reinsurers, MGAs, MGUs, and solution providers a bureau-based rating capabilities for all lines, in all states, as an independent solution, decoupled from policy administration functionality. 

Cirrus combines advisory prospective loss costs from ISO, NCCI, and state-based bureaus with the ability for companies to custom configure rating to fit their filings. Designed specifically for companies that require immediate quote capabilities, Cirrus empowers businesses to begin revenue generating activity on Day 1, whether they choose to perform rating as a standalone function or wish to consume rating in their policy administration of choice. 

With the introduction of Cirrus, Instec componentizes core rating functionality to provide clients with access to configurable, content-rich, cloud-based rating as a separate and distinct service from full policy administration. This direction meets the need in the marketplace as companies of all sizes battle policy administration implementation and subsequent update projects. Leveraging Cirrus as a standalone rating engine ensures that companies regain and retain the ability to quote new business, without impact to current IT projects.   

“Cirrus provides insurers with an accelerated path forward to seize upon new business opportunities,” says Karen Furtado, partner, Strategy Meets Action. “What makes Cirrus so unique is the vast repository of bureau-based rates, rules, and forms that powers the cloud-based rating engine, covering all 50 states and 10 lines of business.  For companies that might be in the middle of a larger policy administration system implementation or for those spinning up new, yet-to-be-proven products, Cirrus provides an accessible, scalable option to enter new markets and begin quoting new business immediately, without impact to current IT projects.”  

Cirrus delivers the following capabilities to the property/casualty commercial lines space:

  • Cloud based rating, all states, all lines, for admitted or non-admitted business

  • The ability to perform a host of transactions over the life of the policy, including endorsements, renewals, and policy re-writes

  • Highly adaptive communication to policy administration systems

  • A single point of data entry, ensuring ease-of-business with clients

  • Advisory rates, loss costs, rules, and forms from ISO, NCCI, and state-based bureaus

  • A self-service configuration layer, so that insurers can remain preeminently competitive by building products and programs and customizing coverages on the fly

  • Customizable forms engine that will feed policy administration systems

“The big value add for Seneca is the fact that ISO’s advisory prospective loss costs, rules, and forms content is maintained and updated effectively in our Instec system,” says John Rendina, vice president of operations at Seneca Insurance Companies. “I don’t know how they do it so efficiently, but Instec is delivering every change ISO releases, along with their experts’ narratives and interpretations for our review and consideration—generally three to four months ahead of the effective date, which supports our ease of adoption. In addition, they provide us with historically accurate rates so we can match favorable filing actions as we expand and grow.  This is an operational advantage that has made us more responsive in our product and service offerings to our customers.” 

“Bringing Cirrus to market is as important to the industry as it is to Instec,” says Ray Simon, president and CEO, Instec. “Never before have insurers and the vendor community had the ability to instantly access the most up-to-date advisory content, via a Cloud based rating engine that can slip into any policy administration system out there, without a hitch. For companies in highly-competitive markets, or for those bogged down in the midst of an enterprise- wide system implementation that may have (even temporarily) lost the ability to quote new business, Cirrus gives an accessible, cost effective path forward, enabling those organizations to strike while the iron is hot, and begin revenue generating activity immediately.” 


Featured articles

Hyland Large RHS 4 10 2018

MT RHS Rotating 4 10 2018

ELECTRONIC CHAT

The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.

WEB EVENTS

ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.

BLOGS AND COLUMNS

only online

Only Online Archive

ITA Pro Buyers' Guide

Vendor Views

Partner News