GUARDIAN RISK MANAGERS GOES TO MARKET IN RECORD TIME
ITS Implements Web-Based Automated Underwriting Solution in 26 Days
Insurance Technology Solutions Inc. demonstrated their full capabilities by taking Guardian Risk Managers, a Managing General Agent, from contract date to full implementation in 26 days. Due to a Regulatory change, a large book of business had to find a market and replace current non-insurance contracts with legal insurance contracts.
Guardian Risk selected Insurance Technology Solutions Inc. (ITS) to help them achieve a lofty goal of immediately providing:
- On-line quoting and instant issuance of insurance policies for a 10,000 plus policy book of business that they took over
- Completely automated underwriting process that would allow almost all of the business to not require underwriter intervention.
- Be cost effective with extremely low average premium policies; and
- Achieve this in less than a month.
On May 16th, Guardian contracted with ITS to help them achieve the seemingly impossible task of the foregoing requirements. On June 10th, Guardian went live with a system that achieved all of the above goals, including:
- Instant month end bordereaux.
- Referral process that ensured a quick underwriting response, in the few limited cases not allowed to immediately issue, allowing them to serve a much broader market
- Self-serve sign-up for insurance brokers that saw 50 plus brokers sign up after the announcement within just a few hours of the announcement.
- First policy written within minutes of the “Go Live” announcement.
- Within 24 hours over 60 brokers had requested or been approved by Guardian to begin to quote and issue policies.
- Customized portals for clients, brokers, insurers and reinsurers
Through ITS’ Automated Underwriting framework, BindEasy, there was only a small amount of programming required to achieve all of Guardian’s request in such short time. Guardian has been extremely happy with the successful launch.
GUARDIAN RISK MANAGERS
“ITS has been incredibly responsive in a tight deadline situation. We are looking forward to having our platform host a broader number of products – all in a broker friendly Quote, Bind and Issue environment. BindEasy provides all of that.”