How to Launch 4 Lines of Business in 27 Months
Customer case study shows how a product-agile policy administration system can accelerate time to market
At Camilion we’re big on posting content that provides insurers with new ideas on ways to achieve strategic business objectives while leveraging technology as a platform for success. But as helpful as this information can be, it still helps to read about how your peers are taking these principles and implementing them in their businesses.
Below is one of our recent customer case studies that demonstrates how one insurer is successfully driving growth by rapidly entering new markets and outpacing competitors – all while keeping costs low and making them easier to do business with.
Lesson: Choose a modern and flexible policy administration system to drive growth and outpace competitors through product agility and speed to market.
Case Study: Cincinnati Specialty Underwriters chose a new policy admin system with the ability to give them the speed and agility to rapidly enter new markets and geographies.
The results:
- Immediate delivery of quotes and policies
- Ability to make changes to existing products on the fly
- Ability to launch new products and classes in more states faster (four lines of business launched in 27 months).
- Ability to develop or refresh products in weeks instead of months
- Low maintenance, underwriting and product development costs
- Efficient underwriting approval cycle – ability to issue a policy within minutes
- Reduced print costs through delivery of policies in PDF format
- Rapid turnaround time
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