First Internet Solutions (FIS), a provider of Web-based quoting and policy administration applications for property/casualty insurance companies, has partnered with the RiskMeter Online. The partnership will provide FIS users with the same straight-through-processing capabilities as their larger carrier competitors.
"In the property/casualty insurance industry, it's crucial for underwriters and agents to weigh various natural hazards accurately," says Dan Munson, founder of RiskMeter Online. "For example, distance to coast, proximity to earthquake faults, and distance to FEMA flood zones are all used to determine pricing. Through the use of mapping technology, the RiskMeter Online helps agents and underwriters to determine quickly a policy's proximity to more than 30 natural hazard risks."
Many small and midsize insurers are finding their agents and underwriters are spending a considerable amount of time gathering information from different systems, maintaining files, and answering questions from various parties, according to FIS. FIS has eliminated a lot of unnecessary back and forth between underwriters and agents by offering straight-through processing through its Equip Policy Administration suite. Once a user types in a policy's address, RiskMeter's servers will automatically prefill natural hazard data into the FIS' Equip forms.
"Although there are many benefits to automating the underwriting process, a major drawback is it requires IT departments to take on another costly long-term project," says Brian Schaff, partner, First Internet Solutions. "Over the years I've spoken to insurers that have been working on an in-house project for years, and they weren't even close to being done. Since FIS is Web based, we can provide carriers with a customized solution and have them up and running quickly."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 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.
