Search
 

The Right One

Getting the right fit in a policy administration system was im-portant for the Wisconsin-based Rural Mutual Insurance Company (RMIC). The personal and commercial lines carrier ...

By Robert Regis Hyle | Updated on July 31, 2003

Getting the right fit in a policy administration system was im-portant for the Wisconsin-based Rural Mutual Insurance Company (RMIC). The personal and commercial lines carrier (affiliated with the Wisconsin Farm Bureau Federation) is a medium-size insurer but was operating on a mainframe platform that was more suitable for a much larger organization. When we compared our expenses to other Farm Bureau companies and our peers, our expenses were misaligned, says Todd Argall, assistant vice president of RMIC. That [previous] system was difficult for us to maintain, required us to have a large programming staff, and didnt have the flexibility we needed for the future. The bottom line was we were constrained by the significant expenses just to operate it, so it was hard to enhance [the old system].

As RMIC discovered, there is no shortage of vendors in this market. Working with the DEI consultant group, the first step was to form a visioning group of approximately 20 RMIC employees to focus on a strategy. We developed our business objectives and looked at things from a strategic point of view, says Argall. Requests for information were sent to 25 vendors, and the first cut narrowed the field to four. Those four were invited to Wisconsin to demo their solutions, and the field was cut to two. Then we did a road show, says Argall. We checked out references for each of the finalists. We looked at existing customers in person, we checked out [the finalists] financial health, and then we narrowed it to Tritech.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.