The carrier's new rating system for personal lines enables Balboa to process new applications quickly, due in part to the solution's Extensible Markup Language (XML) architecture.For almost 30 years, Balboa Life and Casualty Co. provided lender-placed insurance solutions to financial institutions. However, to become a leading player in both the consumer and financial institution spheres, the insurance carrier has begun focusing on introducing growth-oriented personal insurance products, such as homeowners insurance.
To achieve its goal, Balboa needed a sophisticated and complex insurance rating and policy administration solution for its personal line products. The carrier writes business in 50 states and wanted to be able to offer a product mix that conforms to varying state regulatory requirements.
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