Exigen Insurance Solutions®, a leading provider of core systems to property and casualty insurers, today announced that Celent, a leading research and advisory firm focused on insurance technology strategy, has awarded Exigen Insurance customer Narragansett Bay Insurance Company (NBIC) a 2011 Model Insurer Award for policy administration.
Celent’s premier global awards recognize insurers cited in the firm’s Model Insurer 2011 report. The report offers some key best practices in the effective use of technology that a “model insurer” would use, says Celent.
NBIC implemented Exigen PolicyCore and BillingCore, deployed as software-as-a-service (SaaS), as the cornerstone of its enterprise technology modernization to enable it to improve ease of doing business with its agent/broker sales channel, quickly enter new markets with new products to capture growth opportunities, and reduce business processing times and operational costs.
According to the report, NBIC was chosen as a Model Insurer “because of the best practices in enterprise systems legacy replacement for its improved channel management, optimization of infrastructure, and higher productivity/lower staff expenses.” The report acknowledges NBIC for “combining SaaS and aligned business models to speed implementation.”
“We congratulate Narragansett Bay Insurance as an example of a carrier with a vision of insurance in the cloud that now provides them a future-proofed technology investment with exceptional business agility and scalability,” said Gwen Spertell, CEO, Exigen Insurance Solutions. “NBIC has taken an innovative approach in both technology and partnership. Through our outcome-based, aligned business model, both Exigen Insurance and NBIC are deeply committed to the long-term success of this major technology modernization project. We are looking forward to continuing our work together to maximize the business benefits.”
The full report is available at www.celent.com.