With more than 7,400 issuing locations nationwide, you’d think a product line extension would be a simple process. But that wasn’t the case when Stewart Information Services Corporation decided to add Property and Casualty Insurance to their already impressive roster of products and services.
As Stewart began crafting the business model for the new P&C unit, Stewart Insurance Solutions, they were confronted with significant technological challenges. For one thing, figuring out how to communicate with carrier service centers on a real-time basis was a primary concern. In addition, Stewart wanted their system to perform full service agency management functions, like Contact Management, Accounting, Business Analytics and Customer Relationship Management. They also wanted a system that would allow a completely paperless operation.
Customizing the firm’s enterprise system was a consideration. But that would eat up valuable time and money. Adding cost to the P&C launch and extending the payback period on the investment indefinitely didn’t seem like the best way to get the new enterprise started.
Given Stewart Information Services’ hard-earned reputation as the leader in real estate information technology and connectivity, looking to existing software packages as a solution meant an intense examination of the products available. After all, Stewart’s expertise in electronic delivery of critical services needed for real estate and mortgage transactions, such as title reports, automated retrieval and filing of records with county clerks, property ownership mapping and the like, is responsible for the organization’s steady growth and successful track record.
Following much deliberation and countless hours scrutinizing the available applications, Stewart Information Services chose Nexsure, from XDimensional Technologies of Brea, California.
“The technology found in the Nexsure system is first class as agency management systems go,” said Jerome Magana, President of Stewart Insurance Solutions. “Nexsure is the best ‘new’ technology in the industry in quite some time. Since it’s built on a pure Microsoft .NET framework using XML, Nexsure will scale and expand to meet the evolving needs of our operation as it matures. Moreover, another benefit of working with XDimensional is their willingness to partner with us to develop new and refined methods and ideas to better the system.”
Josh Lee, Technology Strategy Director for Financial Services at Microsoft states; “XDimensional Technologies has always been one of the technology leaders in the insurance industry, beginning with its introduction of Nexsure taking advantage of web services. Developed using Microsoft .NET, XML and Microsoft server technology, Nexsure provides a powerful and elegant application for insurance agencies, brokers, and carriers. Its scalable architecture and use of .NET provides for easy connectivity between business agents, carriers and partners, rich secure features sets, and scalability.
Nexsure is software designed specifically for managing insurance agencies and brokerages. The system enables companies to combine sales and marketing, accounting, business analytics and customer relationship management with one robust and scaleable application. Bringing together the multi-faceted processes necessary to run a profitable insurance operation in today’s global marketplace.
“Nexsure allows us to effortlessly communicate with our carrier service centers. If a change on a policyholder’s file is completed through the service center, it is automatically documented on our system and vice versa. This allows a partnership with the insurance companies in order to provide seamless customer service to the client,” Magana said.
“Our business model depends heavily on our ability to expand operations and to increase productivity,” added Stewart Morris Jr., president and co-chief executive officer of Stewart Information Services Corporation. “We intend to expand geographic coverage and maintain high productivity of our operations using the same technology in every location while providing great service to our customers. With Nexsure, XDimensional has demonstrated they can provide systems that will help us meet these objectives.”
Nexsure’s sales and marketing functionality enables brokerages or agencies to quantify and capitalize on customer value. The easy to use, intuitive user interface facilitates customer interaction at every level of the organization, from the salesperson in the field to the customer service representative in the office. The benefit is intimate, long-term customer relationships.
Nexsure also enhances customer trust through greater security, financial integrity and investor/stakeholder value. This is because Nexsure offers a full suite of accounting functions and real-time access to standardized reports, like: Trial Balance, Cash Flow Statements, Income Statements, Department Budgets and Account Detail.
In addition, the Nexsure system incorporates an advanced security engine along with audit and safeguard features needed to comply with legislation like Sarbanes-Oxley, Graham-Leach-Bliley and HIPAA.
“As an agency, I have the ability to store all documents that would normally be held in a physical paper file,” Magana observed. “Policy building, quotes, client and carrier correspondence, templates for letters and various accounting services are necessities that Nexsure provides at each customer service representatives fingertips. This will enable us to manage relationships proactively while increasing responsiveness on both ends of the value chain.”
Since 1893, Stewart has been known as a strategically competitive, global real estate information services company. In recent years the firm’s technological prowess has earned Stewart the distinction of being named to the Forbes Platinum 400 list of America’s best-performing large companies, topping the 20 insurance companies on the list for the highest five-year average growth in earnings per share. Stewart is also listed on the FORTUNE 1000, jumping from 941 to 732 in 2003.
“We look forward to building our partnership with XDimensional and using their leading-edge technology to make the most of our growth opportunities in the P and C insurance business that will complement our national and international title insurance business,” Stewart Morris Jr. said.
About Stewart Information Services Corporation
Stewart Information Services Corp. (NYSE-STC) is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 7,400 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records, property ownership mapping and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at http://www.stewart.com/.
About XDimensional Technologies, Inc.
XDimensional Technologies, Inc. (www.xdimensional.com), based in Brea, CA, develops and markets Nexsure™, a hosted insurance agency management solution that connects agents, carriers, brokers and policyholders driving efficient business production, superior customer service and insightful business management. Nexsure offers robust contact management, sales force automation, advanced work flow, standard (property and casualty, life and health, benefits) and custom lines of business, policy life cycle management, CRM, and multi-office accounting and reporting. Nexsure is a scalable, web-based Microsoft .NET application with built in web services, data processing and transactional capabilities. Nexsure provides unmatched ease of use, scalability and information availability to help insurance agencies achieve their business goals. XDimensional Corporate Headquarters is located at 145 S. State College Blvd, Suite 160, Brea, CA 92821, tel: 714-672-8960, fax: 714-672-8908.
Product and company names herein may be the property of their respective owners.
Contact:
Mr. Warren Long, VP Marketing
Phone: 714-672-8960
E-mail: warren.long@xdti.com
Topics Carriers Agencies InsurTech Tech Property Property Casualty
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