Fresh starts are rare in life and even rarer in insurance. Yet, that's just what Enrico Ferrante, SVP, Business Operations at SPARTA Insurance Company, had when he began to build out the firm's infrastructure after its founding in 2007. Insurance Networking News checked in with Ferrante about the lessons he learned developing a policy administration system from scratch.
INN: What advantages did the "Greenfield" nature of your initiative impart? EF: SPARTA, as a startup, had an advantage of not being constrained by antiquated legacy systems or the inefficient workflows associated with them. As a medium-sized niche carrier catering to Program Business, we did not have the typical "big company" bureaucracy to weigh us down in making technology or vendor decisions. SPARTA was able to concentrate on implementing and integrating the best vendor system solutions in the industry that aligned with our strategy. We were not distracted by legacy data conversions and system transition plans. Instead, we were able to assemble a modern and complete policy system solution designed to meet the specific needs in our Program Insurance marketplace. Our new policy administration system is not plagued by inefficiencies or a rigid inability to react to business opportunities, which is commonplace in the industry. We have been able to deliver a robust policy system solution that utilizes current technology built for ease of use and interoperability between various third-party applications. SPARTA's policy system vision of efficiency, flexibility, speed to market, data exchange, scalability and execution could only have been realized as a Greenfield initiative.
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