INSTANDA is deploying its policy administration and billing solution into Personal Care and Assisted Living Insurance Center (PCALIC).
PCALIC supplies general and professional liability insurance for assisted living and related adult residential care facilities for over 1,700 adult residential care facilities in 47 US states.
The insurance firm picked INSTANDA to improve its underwriting efficiency and accelerate the speed and accuracy of policy quoting and issuance.
Once the INSTANDA was implemented, PCALIC claims it witnessed immediate speed-to-market benefits for its quoting and a drop in the quote-to-bind time. This is improving the customer service and satisfaction, it said.
Moving forward, PCALIC will continue to integrate INSTANDA into existing workflows, move more policies onto the platform and further improve underwritten by leveraging its automated decision-making and rating.
PCALIC senior underwriter Edward Snyder-Ritter said, “Our segment of the insurance market is going through a shake-up as many carriers are radically increasing prices or leaving the market altogether.
“This creates a lot of opportunities, but also challenges, as we seek to grow while avoiding the same issues that have disrupted other carriers. Although we have not been up and running long enough for a lot of example cases, I believe the platform will help to streamline and increase the accuracy of mid-term policy changes to a greater degree than I expected.“
INSTANDA is a cloud-based software platform that enables insurers to create, manage and distribute insurance products. The platform is configurable so it can adapt to the customer and business needs.
The InsurTech closed its Series A round on $19.5m in March, which was led by Assembly Capital Partners.
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