Fort Lauderdale, Fla.-based workers' comp insurer Patriot National Insurance Group has completed the first phase in a staged WorkersCompExpert suite legacy replacement initiative with the launch of its QuoteExpert portal for underwriting and agent collaboration, built on technology from Vikaran Solutions (Chicago). This phase of carrier's core system program, which enabled the go-live of revenue-generating capabilities ahead of other functionality, will be followed by the delivery of policy administration, claims and billing modules.
"The deployment of QuoteExpert after 10 months of development is a huge win for us," comments Judy Haddad, CIO, Patriot National. "It enables the implementation of a major component of the WorkersCompExpert suite while continuing with our legacy replacement project."
Earlier in the year Haddad shared with I&T the pilot of QuoteExpert to single offices in 12 states with a "Quick Quote" capability. The current full rollout to all 46 states deploys "Full Quote" capability, which generates an ACORD application which an underwriter can use to bind coverage, according to Haddad.
[For more on Patriot National's legacy replacement initiative, see4 Ways Insurers Are Taking the Risk Out of Policy Admin Replacement.]
Haddad identifies the designation of data migration as a separate project as one of the keys to Patriot's quick delivery of QuoteExpert.
"It seemed logical not to divert our team's focus away from the core project of developing new functionality," Haddad comments.
Benefits of QuoteExpert anticipated by Patriot National include:
- State-of-the-art business collaboration capabilities for agents, underwriters and PEOs to enable quick price indications and full quoting;
- Increased agent, underwriter, and management productivity with efficient rating without the need for paper applications;
- Rapid ‘speed-to-market’ for new products leveraging Vikaran’ highly configurable, rules based underwriting engine ; and
- Ability to quote, rate, and email proposals using an iPadR and other tablet and mobile device, in addition to offering web access to agents.
Commenting on the efficiencies QuoteExpert the carrier expects its distribution partners to enjoy, Leslie Lewis, VP of marketing, Patriot National, says, "I am now able to bring my iPad to an agent's office and give them a quote within minutes. QuoteExpert allows quick, easy and secure access and enables collaboration with agents when determining the risk profile for business we want to write. There really is nothing else like this in the marketplace."
Haddad quantifies the business impact of that ease-of-doing-business, relating that Patriot anticipates a reduction of submission turnaround from 72 to 24 hours, along with a 50 percent increase in the ratio of submitted business.
"We expect quoted-to-bound business to increase by 40 percent," Haddad adds. "We also expect more business to be submitted. If we had 100 in a week in the past, we expect 150 in the future, and expect to bind a larger percentage of those submissions because we will have already filtered them through rate and rule requirements within our QuoteExpert system."