Online commercial insurer Hiscox Insurance Co. Inc. has selected Instec’s Quicksolver to support 27 of its entertainment production insurance products.
Instec’s cloud deployment method enabled the insurer to implement the system without involvement from IT, and with no new investment in infrastructure, which contributed to a fast implementation and lower operating costs, Instec said. Hiscox had six months to replace its policy admin system or risk losing business to a competitor, Instec said, in an environment where a typical implementation takes from 18 months to seven years.
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“It’s the most complex product Hiscox offers, with an average policy covering over 20 types of risk,” said Adam Edelstein, Hiscox USA COO. “Without coverage for any one of these, the show can’t go on. Instec helped us fill in the details and avoid the pitfalls. Their pre-built integration of ISO rates, rules and forms for all 50 states, their insurance expertise and their alignment with reporting intermediaries were big factors in selecting Quicksolver as our solution.”
Hiscox recently has completed the commercial auto phase of the project, and replaced three legacy systems with Instec Quicksolver. The new system offers a centralized point for entering policy data, creating a much simpler user experience for underwriters and greater efficiency from quoting to policy issuance.
