Program insurance administrator Total Program Management Inc. can now rate, quote, bind and bill on behalf of its program insurer clients, through a completely outsourced service provided by MIS Insurance Services and technology partner Instec’s Quicksolver software.
Despite the soft market for property and casualty insurance, program business is thriving, growing more than twice as fast as the commercial market overall. Growth brings with it challenges, and according to a recent survey by the Target Markets Program Administrators Association (TPMAA), technology ranks as the number one concern among carriers.
Technology was top of mind when program administrator, Total Program Management Inc. (TPM), a program manager for health care workers compensation, landed its latest client, a specialty program underwriter that required TPM to provide business process outsourcing (BPO) and business technology outsourcing (BTO) services to rate, quote, bind and bill.
“We needed a turnkey solution for our client, with an easy-to-use front end, and we needed to get it up and running quickly. Given these constraints, outsourcing made much more sense than building a system in house,” said Chris Foy, president of Total Program Management.
Instec’s Quicksolver system has a reputation for fast implementation times, with new systems up and running in weeks, rather than years. With MIS technology outsourcing services offloading the front-end setup and back-end systems management, TPM found the ideal solution to meet its client’s time constraints at a cost-effective price point.
“Instec and MIS have built a strong alliance based on the shared goal of removing time-consuming administrative tasks for our customers. Instec’s ongoing management of bureau-based rates, rules and forms, and MIS’s comprehensive outsourcing services, enable our customers to respond much more quickly to new business opportunities,” said Ray Simon, president of Instec.
With MIS, TPM outsources all back office business processes, from quoting and binding to reporting, through a web-hosted solution that eliminates the need for TPM to purchase any new equipment. All services are provided by MIS on a written premium basis, meaning TPM is billed only when they collect from their client.
“We believe in a shared cost of service model,” says Kris George, president of MIS Insurance Services. “It’s a partnership approach where the cost of MIS services increases or decreases based on the size of our customer’s program.”
Through MIS, and its Instec-enabled outsourcing services, TPM now has an economical solution for managing back office operations, and can focus on providing stellar service to its existing customers and on landing new business with new agencies.