Instec
Launchpad for Insurance Business Development

As technology swarms the insurance industry, Carriers, reinsurers, MGUs, and MGAs need to increase the pace of their technology adoption to stay competitive in the market. The constant influx of new market entrants, the inadequacy of legacy enterprise applications and archaic policy administration systems further aggravate the problems in launching new products quickly. Founded in 1982, Instec provides a reliable policy system that allows insurers to develop new products and insurance programs in a matter of weeks rather than taking months through its inventive policy administration system, unique billing solution and document management system.

Quicksolver is a policy administration system built for companies to launch products quickly with minimum cost and fewer IT resources. The system has direct access to bureau-based rates, rules, and forms, and provides updates on new changes months before the effective date of change. Its rich library of ISO, NCCI, and state-specific bureau content ensures accurate advisory content available in the market. Furthermore, consistently updated content library provides the means for insurers to choose the bureau rate, rules, and configures the rating factors to develop new custom insurance products and programs quickly, accelerating time to market. Built on modern .NET architecture, Quicksolver is available both in cloud and on-premise versions making it a flexible solution that provides easy access to business critical policy data. For MGAs and MGUs, Quicksolver provides customization capabilities on top of bureau- and the current company-specific rating content so that they can leverage these rules and forms to fast pace launching of new products.

While enabling insurers to leverage the advisory rating content, it also helps insurers to analyze and evaluate the operational aspects of the business, providing them the insight for greater underwriting accuracy and lower loss ratios. The system also allows insurers to drill down business critical policy datasets to determine trends and discover emerging market opportunities.

Underwriters and marketing reps on the other hand benefit from this BI and analytics to gain vast improvements in mitigating risks across geographic locations, endorsement levels, renewal and retention rates, account rounding, and much more.

While pre-mapped integration schemas prevent data entry, the ability to leverage data through support for cutting edge BI and analytics systems such as Microsoft Azure Machine Learning, Yodil, and Microsft Excel Power Pivot helps in data extraction to derive valuable insights through predictive analytics. The resultant is the information pertaining to the lucrative market areas, and information on the impact of changes in rates and impending regulations on the book values.

Instec has collaborated with GhostDraft to include it as an integrated component of the Instec Policy system that empowers business users with robust cloud-based document creation and management. GhostDraft leverages Instec’s vast experience in the regulatory space helping clients exercise greater control over their documents. Through Document Domain Model, the company automates document generation by integrating the document templates with the database, helping them to create custom document pre-mapped to the corresponding elements in the Instec policy database.

Instec provides billing solutions to provide greater control to the cash flow, which is one of the most critical insurance lifecycle functions. With easy integration capabilities, the billing system helps ensure positive cash f low and superior customer experience. Instec believes in empowering insurers and carriers to enable them build highly specialized insurance products with a faster time to market. With the fast changing industry landscape, Instec makes insurers and MGAs stay competitive through innovative technology.