HARTFORD, Conn.--(Insurity, Inc., a provider of core insurance processing software and services, today announced that Sompo Japan Insurance Company of America (SJA) has signed a new 10-year agreement with Insurity. SJA will expand use of Insurity’s Policy Decisions, and extend functionality with the addition of Claims Decisions, Portal Decisions, and Insurance Enterprise View to align its technology platform with its strategic business direction. The new agreement includes the delivery of the solutions via an Insurity hosted environment to support SJA’s commercial lines of business.)--
Driven by business growth requirements, long time Insurity client SJA recognized its current business operations needed to be upgraded to new efficiencies. While SJA had been using Insurity’s Policy Decisions, it relied on WINS, a composite, multi-function administration application installed 15 years ago, to handle data for functions like financial reporting, statistical analysis, claims management and certain underwriting and policy processing.
While the WINS system had successfully supported the company’s operation for years, the competitive insurance market has intensified. With the changing market and SJA’s plans for growth and expansion, SJA sought more functionality and flexibility. After careful review of the market and an evaluation of several available solutions, SJA once again selected Insurity due to the combination of Insurity’s breadth of product offerings and the company’s renewed focus on customer service and product development, as well as its proven commitment to support SJA in meeting its business objectives.
In addition to aligning the SJA technology platform with the company’s strategic direction and growth goals, the Insurity policy, claims and portal offerings combined with its Insurance Enterprise View will enable SJA to:
- Streamline the operation and create significant efficiencies through the deployment of new capabilities such as agent/broker portal, underwriting rules and activity management;
- Automate claims processing to add increased visibility into TPA claims, accounting for over 90% of SJA claims;
- Ensure adherence to claims workflows and reporting structures;
- Add and modify new products quickly through a ‘configurable’ approach to take full advantage of windows of market opportunity;
- Provide consistent and automated processes across all lines of business;
- Improve business process flows with real-time integration between Insurity application components;
- Consolidate data for enhanced business analytics and decision making;
- Offer a common portal for agent and broker channels, making SJA easier to do business with; and,
- Avoid costs, business risks, and lost opportunity associated with a legacy environment.
Commenting on the selection of Insurity, Ellen Caldwell, an executive with SJA, noted, “While we had a strong growth and market expansion plan, our technology environment needed to be upgraded to realize our vision. Between the growth we’re targeting in lines of business we currently handle in a manual manner and our need to improve the overall efficiency in our backroom, we knew we needed to transform our technology and processes for future growth and expansion. Insurity has committed to help every step of the way and when we considered the strength of the SJA/Insurity relationship and Insurity’s solutions, product direction, and property and casualty expertise, we concluded Insurity was the right partner for us. We value longevity and partnership, and we believe Insurity is a tremendous long term fit for SJA.”
Jeffrey Glazer, Insurity CEO, said, “We are delighted to announce SJA’s selection of Insurity. We believe our long history in insurance and our proven ability to deliver are just as important to our clients as our technology and functionality. We have the experience and the battle scars to prove it, but it all translates to valuable knowledge when working with our clients through the implementation and the long term support of their Insurity environment. We look forward to continuing our work with SJA and supporting the SJA organization in achieving and exceeding its business goals.”
Headquartered in New York and with operations in Charlotte, Los Angeles, San Francisco, Chicago and Nashville, Sompo Japan Insurance Company of America (SJA) provides a broad range of property and casualty insurance services in 50 states and DC. SJA combines its A.M. Best rating of A+ and the worldwide reach of its affiliates to give its customers the financial advantages and resources they need to compete effectively in challenging markets within the U.S. and around the globe. As the U.S. operation of NKSJ Holdings, Inc., among the largest international property and casualty insurers in the world, SJA is recognized for its financial strength and stability and its focus on superb customer service.
Headquartered in Hartford, CT, Insurity, Inc. provides policy administration, claims, billing, and analytics software to more than 100 insurance companies. A market leader in deploying policy administration software and full service solutions to the property & casualty insurance market, Insurity’s solutions process billions of dollars of premium each month and address the needs of all carriers – large and small, national or regional, commercial, personal, or specialty lines writers, as well as MGAs. For more information about Insurity, call 860-616-7721 or visit www.insurity.com.