Okemos, MI, December 10, 2015 : NetRate Systems, Inc., a software solution provider to managing general agents (MGAs), program administrators, and insurance companies, has completed a nationwide, multi-line implementation of its NetPPS policy issuance solution for Venture Insurance Programs within a tight deadline to meet the national program administrator’s operational requirements.
“As a valued NetRate Systems commercial lines rating solution client, Venture experienced first- hand the benefits of the products, expertise, and service that we provide,” said Tom Rahl, Vice President of Sales and Marketing, NetRate Systems. “When it came time to make a transition from an existing policy issuance vendor, Venture was confident that the NetRate team would deliver.”
“We used NetRate Systems rating and policy issuance solution for our secondary seven-state program,” explained Tina K. Land, Chief Operating Officer, Venture Insurance Programs. “This worked out so well that we decided to implement NetPPS to automate the full rate, quote, bind, and issue process for PREFERRED CLUB, our flagship national golf & country club program.”
“To meet a go-live date that was in sync with the end date of Venture’s existing policy issuance solution contract, we had six months to complete the project, with all go-live deliverables due in May,” stated Rahl.
The NetRate Systems team was ready for the challenge and over the ensuing six-month period, they worked on transitioning Venture’s forms platform to the NetPPS solution and integrated the entire rate, quote, bind, issue process. As the deadline drew near the results were in. “NetRate made it happen, meeting our deadline. This was a huge undertaking and has been well worth it,” noted Land. “Working with NetRate on this project has been an excellent experience.”
The impact of NetRate on Venture’s workflow is already apparent. “The time it takes to issue a policy has been reduced by over 65% with NetRate,” said Land. “We went from spending an hour- plus to issue one policy to 20 minutes. This is extremely critical for us, as quality service is our policy. We promise to deliver in a timely fashion, and that is exactly what we are doing.”
Other benefits include the cost savings from eliminating the need for two vendor licensing contracts, and for Venture’s IT department to maintain two backend systems, including two databases, the servers involved and communication time with the respective vendors.
Land also expects to see a huge savings this year. “Last year we incurred the cost of implementing the new forms system but we expect to see at least a 20% savings overall in 2015, which is huge.”
With NetRate, Venture today has one source from which to pull data from the rating, quoting and coverage forms into its proposals. This capability enables Venture to get to market more quickly while also eliminating the opportunity for human error. “A rater can enter the information, the underwriter can check and confirm the information, and the proposal can be created. You are entering data one time, in one place,” Land stressed. “In addition, after the proposal is presented you can easily make changes to further reflect the best product fit for the client. The proposal gets populated using revised data from the rating solution. Our brokers can then present the revised proposal and easily bind coverage as most of the information is already there.”
NetRate also delivers the capability to provide Venture’s carriers with requested reports through either its NetStat or NetData Warehouse products, further reducing the effort required to process business, and delivering critical business intelligence.
About NetRate Systems
NetRate Systems, Inc. supplies Commercial Lines Rating and Policy Issuance Systems to the Property and Casualty insurance marketplace, primarily to MGAs, Program Administrators, and Carriers. Its systems are designed to automate submission workflow and processing, underwriting, rating, document generation, policy issuance, and reporting through the full policy life cycle. The rating and policy issuance solutions includes support for all major ISO® lines of business, nationwide. NetRate also offers custom development of all lines of business, including custom Professional Liability. The NetRate solutions can be deployed as hosted, cloud-based web services, Windows applications, or hosted, web-based portals. NetRate Systems also provides integration of third-party data sources and services to speed up the quoting and subsequent reporting processes. The firm also has strong partnerships and integrations with third-party policy administration systems. For more information, visit www.netrate.com.
About Venture Insurance Programs
Venture Insurance Programs (www.ventureprograms.com) is a leading program administrator that designs, underwrites and distributes industry-specific insurance packages. Based in West Chester, Pa., Venture has underwriting alliances with the world’s leading carrier groups, including Chubb, Allied World, RSUI, USLI, Zurich North America, ACE, Monitor and Lloyd’s of London. Founded in 1993, Venture provides specialty insurance packages for select vertical industries””including golf and country clubs, golf destination resorts, hotels, resorts, hunting and fishing lodges and city and social clubs.