Pennsylvania and Indiana Lumbermens Mutual Insurance Co.’s have been recognized with a Celent Model Insurer award at Celent’s Innovation and Insight Day. The specialty mutual insurers have partnered for the transformation and modernization of their legacy insurance systems and have implemented Instec’s Quicksolver policy administration system.
“We’re honored to be selected for this award from among a cadre of well-respected insurance companies,” said Joe McGurrin, CIO. “It’s really a tribute to the entire project team from both PLM-ILM and our vendor partner, Instec. We were very selective about the technologies we chose for this project and couldn’t be happier with the results.”
PLM-ILM were motivated to replace an aging COBOL-based policy administration system, manual property rating process and a DOS-based quoting system. The team selected Instec’s Quicksolver due to its configurability, bureau-based rating and quoting and the ability to integrate with new billing and claims systems.
“We selected Quicksolver first and foremost for its rating and forms capabilities and the extensive ISO, NCCI and state bureau content that Instec provides with the system and then continually updates with each bureau change across all 50 states,” McGurrin said. “We were also attracted to Instec’s short implementation cycle. The whole project took nine months, which is virtually unheard of for a legacy transformation project like this.”
The systems replacement has eliminated the need to manually re-key data and boosted productivity by 25 percent, reduced quote-to-issue time by 7-10 days and cut data-quality errors. The integrated system also lowered printing and mailing costs by more than $100,000 through the elimination of manual forms assembly, Instec said. Plus, the system’s always-current rating and forms enabled PLM-ILM to end weekly compliance review meetings.
Celent insurance analysts reviewed the companies’ policy administration, quoting and rating initiative, and found it to be compelling and innovative, and recognized PLM-ILM as the winner in the Legacy and Ecosystem Transformation category, one of five categories deemed by Celent to be of growing importance in the financial services sector.
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