P&C Insurance Systems, Inc. (PCIS), provider of policy administration and claims solutions, has announced that P&C insurer Freestone Insurance Company (FIC) has chosen PCIS CompVISION as its workers’ compensation platform. The system is expected to go live by January 1.
FIC chose to switch platforms after implementing a customized system with a service provider that lacked the resources and expertise to develop a workers’ compensation solution. “I can liken our previous experience of working with a DIY ‘custom’ system with building a house and having my architect hand me a blank sheet of paper, hammer and nails with no guidance,” says Stephen Su, FIC’s chief underwriting officer, in a release.
[ More on industry system changes: Intact Financial Selects Guidewire Billing System. ]
Implementation of PCIS CompVISION began in early November and is now in the middle of testing. When asked about the tight deadline, Su admits they didn’t have a choice. In order to overcome system issues and stay in business following their previous system implementation, FIC needs to complete the process by January 1.
“Having a full custom solution appears to be appealing, but there are some benefits to not going for the most state-of-the-art systems because other systems have already provided best practices,” Su later said in an interview.
Off-the-shelf PCIS CompVISION is customizable but has the functionality and proven workers’ compensation framework that FIC needs. The system will be delivered with all content required for workers’ compensation including state and bureau rates, rules and forms. FIC expects to meet its tight production schedule with PCIS providing full service and product definition.