Exigen Insurance Solutions®, a leading global provider of insurance core systems and business transformation to property and casualty insurers, congratulates Narragansett Bay Insurance Company (NBIC) on being recognized by A.M. Best in the Innovation Showcase, published in the January 2013 edition of Best’s Review magazine, for its use of cloud-based solutions to modernize its legacy core processing systems.
“NBIC adopted a leading-edge approach to its core systems transformation and we are very pleased that its success has achieved high recognition in the industry,” said Gwen Spertell, president, Exigen Insurance Solutions. “They have led the way in demonstrating that modern core systems based in the cloud can provide a rapid-start platform for growth that easily connects to and serves agents, customers and business partners.”
In reviewing NBIC’s submission, Stephen Applebaum, senior analyst for Aite Group’s Property Casualty Insurance Practice, said, “An application that addresses a specific risk and delivers the service with very little inconvenience to the policyholder, and adds value to the policyholder, producer and carrier is a win-win-win. It is the application itself, designed to meet a specific industry risk that is innovative.”
“The approach taken incorporates some of the latest thinking and technologies,” wrote Best’s Review. “It represents one of the earliest deployments of insurance core systems placed in the cloud as Software-as-a-Service.” NBIC is one of 10 companies in the showcase recognized for forward-thinking among insurance organizations.
Headquartered in Rhode Island, NBIC offers specialty insurance products and services to homeowners through a select network of independent agents along the Eastern seaboard. Their recognition was for Project APEX, an enterprise architecture modernization effort that established a technology environment which enables exceptional client services, platform scalability, business alignment and product agility needed to transform the homeowners’ insurance marketplace. Exigen’s PolicyCore™ and BillingCore™ are core components of Project APEX that provide highly-configurable applications for underwriting, policy administration, billing, distribution management and agency and customer self-service.
Measures of success of Project APEX cited by Best’s Review include:
- NBIC is doubling written premium year-over-year
- time to issuance has been reduced by more than 80%
- distribution channel growth to over 6,500 agents and brokerage staff, including a high-volume direct writer call center
- anywhere, anytime access for agents on any mobile device
To read more about this innovation, visit http://www3.ambest.com/bestweek/getpublication.asp?issueid=9c3baaf9&pageid=22
Best’s Review is published by the A.M. Best Co. for insurance professionals, including home office executives, agents and brokers. Founded in 1899, A.M. Best Co. is the world’s oldest and most authoritative insurance rating and information source.