Exigen Insurance Solutions®, a leading provider of modern core system solutions to property and casualty insurers, announces that one of its customers, Narragansett Bay Insurance Company (NBIC), was chosen as the 2011 Vanguards in Insurance Practices (VIP) Third Place Winner for Best Practices. The annual awards recognize insurance carriers as “the best of the best” for their use of standards and technology.
Nominations for the Best Practices Awards in the form of case studies were welcomed from the 192 companies listed in the 2011 VIP solution provider rankings. Nominees were encouraged to illustrate the role that ACORD data standards played as part of their business and technology success story. The awards were decided by Insurance Networking News (INN) editors, its editorial advisory board of industry experts, and Celent’s top insurance research analysts.
“The 2011 INN VIP Best Practice Awards challenged judges to select from an impressive list the “best of the best” case studies in terms of business benefit and quantifiable metrics,” said Ben Moreland, senior analyst, Celent. “Award winners emerge with the unqualified endorsement and acknowledgement of a jury of peers and experts. What impressed the panel about the NBIC nomination was the successful and pioneering deployment of SaaS core systems for legacy replacement and the strong results across the board, including such areas as new business quoting, operational efficiency and agency roll-out and adoption.”
“Narragansett Bay Insurance is honored to have been chosen as a VIP Award winner for Best Practices with Exigen Insurance Solutions,” said Mike Anselmo, CIO, Narragansett Bay Insurance. “We are grateful for the recognition of our successful technology modernization for which Exigen Insurance’s PolicyCore™ and BillingCore™ were cornerstone systems. NBIC is growing rapidly and this success would not have been possible without the SaaS deployment that got up and running quickly and the highly-configurable solution that gives us the business agility to quickly service customers and add products, states, and producers.”
Some key benefits listed in the nomination are:
- New policy and billing systems roll-out began within 13 months
- A two-thirds reduction in time for new business quoting
- A straight-through-processing increase from under 5% to over 75%
“Exigen Insurance congratulates NBIC on the VIP award,” said Gwen Spertell, CEO, Exigen Insurance Solutions. “We are pleased to be a part of NBIC’s success, and are honored to have our solutions counted among the ‘best of the best’.”