Below is the eighth of 13 Novarica Research Council Impact Award nominee case studies that INN is presenting, in no particular order. The awards, which will be presented at the research and advisory firm’s October 30th event in New York, honor best practices in insurance industry IT initiatives and strategy.
Just because insurers are feeling more pressure to meet the demands of consumers does not mean they can no longer take matters into their own hands. And that’s exactly what Patriot National Insurance Group, a mid-size monoline workers’ compensation insurer, has done.
This year, the company devised a two-phase implementation that would solve the several workflow and process-related issues that needed to be addressed prior to deployment. The insurer created a web-based, real-time rating and quoting portal capable of quoting multiple companies in all states for underwriters, marketing representatives and key agents. This solution includes dashboards with key ratios by individual, unit, office and agent, and carries mobile capabilities.
With a staff of 10 IT employees seeing the implementation all the way through, Patriot expects full policy administration, claims processing and accounts receivable functionality within weeks of this announcement.
Partially developed internally, Vikaran Solutions provided the architecture of the platform. The business took a top-down approach, with oversight from the CEO, board of directors, a steering committee and Patriot’s PMO. Mid-level business experts were identified within the underwriting business unites, who helped draft and attend prototype sessions. Then business users were selected to champion the pilot process.
The company already reports a reduction in turn around time to 24 from 72 hours; an increase in the ratio of submitted-to-quoted business to 50 percent from 35 percent; and lastly, an increase in quoted-to-bound business to 40 percent from 13 percent.
To see coverage of the other Novarica's Impact Award nominees, click here.
Check back Tuesday to find out how American Safety undertook an initiative to consolidate all underwriting units across the company into a single system.
About the awards: Novarica’s first annual Research Council Impact Awards honor best practices in insurance industry IT initiatives and strategy. Nominees were selected across four categories—Practice, Quick Hit, Transformation and Expansion—with three nominees chosen for each (a tie in the Expansion category meant four nominees were selected). The nominees were selected by a committee from a collection of case studies drafted by Novarica from submissions by insurers.
The nominating committee included CIOs Andy Wood (Wilton Re), Dan Simpson (Trustmark), Eric Bulis (SBLI USA), Larry Fortin (Millers Mutual Group), Mark Berthiaume (Chubb), Pete Moreau (Amica), Piyush Singh (Great American Insurance Company), Reuben Broadfoot (LifeMap), Sal Abano (Tower Insurance), Stuart Tainsky (PURE) and Tim Billow (ING).
Winners will be determined by votes from the more-than-300 members of the Novarica Research Council, a moderated knowledge-sharing community of insurer CIOs and senior IT executives.
The nominees and winners will be recognized at the Novarica Research Council Impact Awards Event in New York City now on November 14th.
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