Philadelphia Insurance Companies has gone live on the first phase of implementation on Sapiens' (Raliegh, N.C.) RapidSure policy administration suite, deploying the system for five lines of business, including ISO and non-ISO business for both personal and commercial lines, leveraging ACORD standards, according to a Sapiens news release. The six month effort included full integration to Philadelphia Insurance's current infrastructure including billing, claims, document management and accounting systems with its web portal.
"We conducted an exhaustive market search to find the best fit solution for our needs. We found RapidSure to be the most innovative and flexible solution available in the market that also adheres to industry standards - all of which were key criteria in our selection process," says Alfred Goxhaj, CIO, Philadelphia Insurance Companies. "Sapiens delivered on its commitment to meet our aggressive schedule. In just six months, we are already in production with five new lines of business, and are well on our way with our plans to rapidly expand the use of the system across additional lines.
"RapidSure provides us a robust product configuration engine for quick development and delivery of our products - across our commercial, personal and specialty lines, as well as a web portal delivery," Goxhaj adds. "This is a powerful combination of capabilities that will enable us to be an agile organization, able to respond quickly and effectively to our agent channels, business partners, and continually changing business dynamics."
Chad Hersh, a Principal at analyst firm Novarica, comments, "Philadelphia Insurance had an unusually aggressive deadline for a carrier of their size and a project of this breadth. That the system was implemented in just six months validates the importance of the flexibility and open standards that are hallmarks of truly modern solutions."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio