Insuresoft: Eliminating Operational Bottlenecks by Automating the Workflow

CIO VendorJosh Hall, National Sales Manager
As advanced technology and analytical models continue to enhance insurance operations, insurance company CIOs are being pressured to provide software solutions that better analyze risks at point of sale to prevent questionable risks from ever making it on the books. And then, once a good risk is on the books, CIOs are equally challenged to identify those risks that might require a second look at renewal. “The ability to automate underwriting workflows and apply risk-based decisions is critical to the success of an insurer,” says Josh Hall, National Sales Manager, Insuresoft. “Insurers must be nimble enough to respond quickly to changes in risk and/or market conditions.” Insuresoft’s roots run deep in the rating and underwriting side of the business. The Diamond system was one of the first policy management systems to offer credit scoring on new business and renewals in the early 1990’s and has steadily introduced new integrations with third party tools and data with each product release since its inception.

The company’s flagship product, Diamond, offers a single rating and underwriting engine that can be configured differently for different user types, including underwriters and service representatives, agents or policyholders. It enables carriers to restrict the options that policyholders can see while giving underwriters access to a broader range of functionality. Additionally, Diamond is client centric which allows all policies for a given insured client to be linked together. “A client level view provides the underwriter the ability to consider the impact to an entire account when making underwriting decisions on a given policy,” says Hall. In addition to policy administration, the Diamond Suite includes Billing and Claims components. The utilization of all three of the fully integrated components enables carriers to use detailed loss information and late payment history as part of their automated renewal process.

Our product roadmap is full of both large and small initiatives for all of the Diamond components to help clients progress into the future

Insuresoft’s ability to implement full enterprise solutions rapidly can be better understood by evaluating a recent client success story. A long-time carrier in the non-standard auto market needed to implement a new system due to severe restrictions with their legacy platform. The carrier needed to roll out a new platform in 14 states within 12 to 18 months. After meeting with the carrier and understanding the business and technology needs, contracts were executed in January of 2015. The carrier's first state went live and into production on the Diamond Suite in June of 2015. By the end of 2015, the carrier had implemented their new programs in 12 of 14 states, with the remaining two states scheduled to go live in the first half of 2016.

Insuresoft’s R&D focuses on both business and technology. “Our senior level engineers are continuously evaluating technology changes and new integration methods while product managers are monitoring market trends and their impact on policy processing,” says Hall. Insuresoft clients are also brought into these conversations to assist the team in establishing the scope of each monthly release. “Recent R&D investments have focused on expanding our Diamond Composer toolset to further enable clients to maintain and expand their product offerings through easy-to-use product lifecycle management processes,” beams Hall.

Over the years, Insuresoft’s client base has expanded from primarily personal lines carriers, to commercial lines carriers, and more recently to MGAs focused on the non-standard auto market. “We’re excited about further expanding our product offering to better support direct writers in all markets,” outlines Hall. The company’s product roadmap is full of both large and small initiatives, including claims integration with Geocode providers, straight-through claims processing, and enhanced analytical capabilities. Additionally, the firm looks to add multi-lingual and multi-currency support, risk-based automated underwriting for commercial lines and use analytics for billing processing and claims assignment.