WaterStreet Company: Flexible and Scalable Policy Administration for Business Growth

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Gregg Barrett, CEO, WaterStreet CompanyGregg Barrett, CEO
WaterStreet Company, which was founded to help property and casualty (P&C) insurers in increasing their efficiency without spending more, has entered into its 20th year. The foundation of the company was led when the enterprises were shifting from mainframe to PCs and software. Having a modern touch right at its beginning, WaterStreet has evolved rapidly in line with technological advancements and customer demands. Today the company offers insurance solutions that incorporate the latest technologies in a way to enhance the productivity and profitability of insurers. “We are at the intersection of talent and technology, providing innovative solutions to create an extraordinary customer experience,” says Nathan Despain, Business Analysts Director at WaterStreet.

WaterStreet is widely known for its game-changing solutions that give its clients the confidence to address dayto-day tasks and processes in the policy administration space. The company through the latest and rapid-response technology provides innovative products and services to the property and casualty insurance industry. With its complete range of customizable full-service management solution, WaterStreet has something to offer to everyone–be it a company underwriter, a claim adjuster in the field, or a home-office agent. It helps them in quoting, rating, issuing, binding, renewals, and endorsements. Entirely based and hosted on the Microsoft Azure Cloud, the components of the WaterStreet are integrated and use a common database taking business productivity and efficiency to the next level. In addition to this, the WaterStreet system comes along with advanced security features that provide assurance that the client’s data is safe and also be available on demand.

The company’s flagship policy administration solution handles total quote-to-claim policy lifecycle support, real-time premium calculation and underwriting, connectivity with comparative users, integrated, universal document management, web-based rating, quoting and binding, a single, intuitive user interface, and a userfriendly, access-controlled agency profile. Besides, it also provides comprehensive underwriting rules and edits that one should control, automated workflow data validation to trigger warnings, referrals, and compliance notifications, and access to third party data via web services and universal API. To meet client’s expectations while keeping expenses in check, WaterStreet keeps in constant touch with the clients while understanding their requirements. “We collaborate in real-time with the clients while constantly asking for feedback and making changes according to the market needs,” explains Gregg Barrett, CEO of WaterStreet Company.

We are at the intersection of talent and technology, providing innovative solutions to create an extraordinary customer experience

Explaining how the company helps its clients, Kelly King, CFO at WaterStreet gives an example of a client whose policy administration platform was quite old and hard to manage, forcing its employees to do everything manually due to which the client expenses were also getting higher. The client approached WaterStreet for help, and within weeks, the company fixed the issue by deploying automatic systems while eliminating manual processes, reducing errors, and streamlining workflow. “We enabled them to be efficient and do their jobs fast. So, that is the kind of stuff we do and are willing to do for our clients,” adds King.

In the future also, WaterStreet will continue to focus on technical things to enhance its services. It also aims to provide an effortless and satisfying customer experience. Moreover, the company has started investing in research work and educating their clients in the latest technology as well as making them understand the different types of innovative products that are out there for their help. “We are actively implementing new initiatives to develop software enhancements that optimize business processes and foster business growth for our clients,” concludes Despain.