Online insurance marketplace ePolicy (www.epolicy.com) recently formed wholly-owned subsidiary Insurance Technology Solutions (ITS, at www.insurancetechnologysolutions.com) to provide Web-based technology to automate critical carrier and producer activities for small commercial and professional liability policies.
ITS has separately branded this technology “the RQBI Solution” because it enables insurance companies to rate, quote, bind, receive payment, and issue policies online in real time. EPolicy claims this reduces costs of delivering small commercials and professional liability insurance.
“Insurance companies and producers want to take full advantage of the Internet and its tremendous cost-savings and efficiencies, but they're concerned about the time and financial commitment to develop their own technology,” said ePolicy CEO Don Martin. “ITS offers the opportunity for carriers to substantially reduce costs, increase revenue, and provide a better solution for their agents and brokers.”
ITS hosts and operates the RQBI Solution for its clients, which don't need to purchase and maintain hardware or software. ITS said it will customize the platform to meet specific business processes and product requirements for each client. According to ITS senior vice president Rick Ulmer, carriers receive the benefits of a low-cost Web solution, system flexibility to meet individual product and process needs, and an online insurance distribution capability that can be up and running in several months.
Martin said carriers can have increased growth potential by creating cross- and up-sell opportunities and the ability to attract new producers because of the capability of providing accurate pricing and ease of use.
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