It was a great way to start the year! We were very pleased to get the news that Narragansett Bay Insurance Company (NBIC) had been chosen to Best’s Review’s 2013 Innovation Showcase. Our congratulations to NBIC and its CIO Mike Anselmo and his team. NBIC is one of ten companies in the showcase recognized for forward-thinking among insurance organizations.
What was innovative? It was the specialty homeowners insurer’s use of cloud-based solutions to modernize its legacy core processing systems. “The approach taken incorporates some of the latest thinking and technologies,” wrote Best’s Review. “It represents one of the earliest deployments of insurance core systems placed in the cloud as Software-as-a-Service.”
Best’s Review cited some measures of success to be proud of:
- NBIC is doubling written premium year-over-year
- time to issuance has been reduced by more than 80%
- distribution channel growth to over 6,500 agents and brokerage staff, including a high-volume direct writer call center
- anywhere, anytime access for agents on any mobile device
Read the full article here.
EIS’ president Gwen Spertell characterized the achievement with these words: “NBIC adopted a leading-edge approach to its core systems transformation and we are very pleased that its success has achieved high recognition in the industry. They have led the way in demonstrating that modern core systems based in the cloud can provide a rapid-start platform for growth that easily connects to and serves agents, customers and business partners.”