Insurance Co. of the West Selects Insurity's P&C Platform
TO REAL ESTATE, BUSINESS AND TECHNOLOGY EDITORS:
Complete web-based solution to provide rate, quote and policy issuance for all
HARTFORD, Conn., Dec. 15 /PRNewswire-FirstCall/ -- Insurity Inc., a ChoicePoint(R) company (NYSE: CPS), today announced that Insurance Company of the West (ICW), a business unit of The ICW Group, has selected Insurity's Commercial Intellisys(R) property/casualty policy processing services to support their nationwide commercial P&C business. ICW's primary decision drivers were Insurity's large existing client base, and a track record of similar applications already in production servicing the wider industry.
"Our due diligence process mandated that we find a vendor with a wide range of Web-based commercial rate, quote, and policy issuance insurance products with a proven application implementation process. Whichever vendor we selected had to be committed to forming a partnership with ICW, and fully capable of monitoring and implementing product and regulatory changes with minimal efforts from our staff," said Larry Magna, CIO of The ICW Group. "ICW has begun to advance its technology and chooses to implement business solutions focused on reducing processing costs and enabling business growth. ICW is proud to have Insurity as a business partner."
"As a rapidly growing P&C carrier writing business in over 40 states, ICW's executive team clearly understood the role state-of-the-art policy management technology could play in accomplishing their goals," said Tony Reisz, Insurity vice president. "Their underwriting expertise in each line of business is a key differentiator in the marketplace, and Insurity's ability to provide an Internet application that specifically meets such stringent rate, quote, and issuance requirements was of great satisfaction to our team. We're looking forward to continuing to grow with ICW in the future."
Project implementation is being managed through Insurity's proprietary Customer Requirements Book (CRB) process, which has been developed after many years of implementing new systems for customers. It defines the client's business and technical requirements for the system being implemented by identifying and scheduling a needs-analysis based upon lines of business, policy writing, common and technical criteria.
Insurity's services portfolio provides commercial Property & Casualty policy rating, issuance and statistical coding for all lines of business in all 50 states, and supports the billing, claims and reinsurance functions for those same lines. Delivered in Internet and Windows(R) versions, this system replaces the need for maintaining many insurance manuals such as classification guides, territories and protection classes, along with SIC and NAIC codes. It can support the underwriting and referral workflow associated with underwriting policies by incorporating third-party data such as MVRs, VIN Verifications, etc., to help determine if a risk is acceptable, or if it should be referred to an underwriting manager with the proper authority to make those decisions.
All of Insurity's policy processing products are based on a suite of business services provided by Insurity. These services include full software support of all rate, rule, form and statistical coding requirements so that policies are written in compliance with company specific filings. Insurity can also provide many back office functions such as bureau reporting, independent state and DMV reporting. In addition to these business services, Insurity provides application software management support to help ensure systems availability, reliability and access.
Insurity offers complete policy management products and services, addressing the business needs of insurance companies, MGAs, brokers, TPAs, self-administered funds and other financial services institutions, including more than half of the nation's top 20 P&C carriers. Insurity has offices in Hartford, East Hartford and Ridgefield, CT; Cumming, GA; Dallas, TX; Great Neck, NY; and Red Wing, MN. More information about Insurity can be obtained by calling , or by visiting the company's Web site at www.insurity.com .
ChoicePoint is the leading provider of identification and credential verification services for making smarter decisions in a world challenged by increased risks. Serving the needs of business, government, non-profit organizations and individuals, ChoicePoint works to create a safer and more secure society through the responsible use of information while ensuring the protection of personal privacy. For more information, visit the company's Web site at www.choicepoint.com .
About The ICW Group
The ICW Group is a multi-line property/casualty insurance group headquartered in San Diego, California. The group currently has office locations in 13 states. ICW has been selected as a "WARD'S Top 50 Benchmark Carrier" by the Ward Financial Group. This independent financial organization evaluated 3,000 P/C carriers and selected ICW as one of the top 50 P/C carriers in the nation based on key tests in the areas of profitability and financial solvency. ICW has received this coveted designation seven times.
The group started in 1972 with the incorporation of Insurance Company of the West, which is currently admitted in 41 states. In 1981, Explorer Insurance Company was added and it is currently admitted in 15 states. Independence Casualty and Surety Company was added to the group in 1994. It is admitted in Texas and is currently an approved non-admitted carrier in 15 other states. The ICW Group offers a broad range of insurance products including commercial property insurance, workers' compensation insurance, surety bonds and personal automobile insurance. The ICW Group is a full service company providing claims and loss control services.
The ICW Group is currently rated A- (Excellent) by A.M. Best.
ChoicePoint and Commercial Intellisys are registered trademarks and "Premium People. Premium Technology." is a service mark of ChoicePoint Asset Company.
SOURCE Insurity Inc.