Insurance Technology Solutions Inc. (ITS), a provider of web-based insurance technology, announced it was selected by Interstate Insurance Group (IIG) to automate in real time the rating, quoting, binding, policy issuance, renewals and endorsements–the RQBI SolutionSM–of all IIG products using a private label website hosted by ITS. ITS was chosen by IIG following the review of several proposals.
In five months, ITS and IIG developed the website-iProNet–and launched the first product, professional liability insurance for individual and group physicians. This launch will be followed by additional products for professional liability, excess and surplus lines, and personal lines.
The RQBI Solution is ITS’ proprietary comprehensive, end-to-end insurance distribution methodology that rates, quotes, binds and issues policies online and in real time at the producer level.
By automating critical IIG and producer activities, the entire insurance distribution process from IIG to its managing general agents (MGAs) will take place online. This platform is designed to reduce the operating costs of IIG, its MGAs and sub-producers. IIG will standardize underwriting and expects to improve loss ratios, increase revenue opportunities and provide a more convenient buying experience for its distribution partners.
ITS will fully automate the distribution of IIG’s products to MGAs, who will be able to rate, quote, bind and issue policies online from their offices. The capability to automate sub-producer processes also will be added before yearend.
A wholly owned subsidiary of Fireman’s Fund, Interstate Insurance Group is comprised of three issuing companies: Chicago Insurance Company (CIC), Interstate Fire & Casualty (IFC), and Interstate Indemnity Company (IIC).
ITS (www.insurancetechnologysolutions.com) provides web-based technology solutions that automate critical carrier and producer activities involved in policy origination and maintenance and give insurance companies rapid speed-to-market with their own private label online distribution capabilities.
Topics Insurance Wholesale
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