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INSURANCE TECHNOLOGY NEWS

NIP Group Brings Policy System In-House with Selection of Instec Platform

Instec, the market leader in insurance software for commercial program and specialty writers, announced today that NIP Group has selected the Instec Policy system, for its Specialty Programs business.

NIP Group’s carrier partner supported the company’s move to own their system. Instec reports that it has seen several carriers take this stance. It provides the carrier relief from the burden of supporting a system for the MGA, while benefiting the MGA through unrestricted access to their data. In NIP Group’s case, since their carrier partner maintains an Instec system for its own use, compliance is simpler because both companies run on the same software.

The company’s decision to buy the Instec Policy system was not spontaneous. NIP was very familiar with Instec’s system, having worked for some time with it through one of their carrier trading partners. Nevertheless, NIP wanted to evaluate the system in the context of their current needs, and Instec provided the company with a system to test on one of their programs, GrowPro, a multi-line, multi-state admitted program targeting greenhouse growers.

“Although we were already familiar with the Instec platform, we felt it was still important to conduct a proper due-diligence process since this move is so important,” said David Gramblicka, Head of Technology Systems at NIP Group. “After a series of evaluations, demonstrations, and interviews the choice was clear: Instec’s was a proven system, performed to our high expectations, and integrated well with the balance of our business platform. Instec’s experience in the program space helped dramatically with the implementation.”

With the full library of bureau content that is bundled with Instec’s base system, NIP Group was able to quickly determine Instec’s ability to support their classes of business and identify the rates, rules and forms required to file. And because of NIP Group’s familiarity with the system, training took half the typical time.   

“NIP Group is the latest in a long string of program administrators that have acquired a system from us over the last two years,” said Kevin Mason, EVP at Instec. “In many cases, it’s a trend that reflects the MGAs’ desire for greater control over their business growth, and a dissatisfaction with carrier-provided systems. This should be a wakeup call for carriers.”


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