With the goal of underwriting policies in the United States, New York-based Generali U.S. Branch ($100 million in total assets), a wholly owned subsidiary of Assicurazioni Generali (Trieste, Italy; US$62 billion in premium), implemented INSTEC's (Naperville, Ill.) QuickSolver Commercial Automobile and Commercial Package in January 2006.
This deal, the result of an August 2005 business strategy shift by the insurer, will help convert the carrier's U.S. Branch from a run-off to a multiline commercial insurer that will underwrite the U.S.-based exposures of Assicurazioni Generali's multinational policyholders, according to the carrier. "Suddenly, we were asked to refresh business for companies all over the world and had to create an underwriting department in a very short period of time," says Mauricio Caneda, SVP and CIO, Generali U.S. Branch.
The INSTEC product enables Generali to tap into the data from other applications, feed its home office system in Italy, interface with its data warehouse and business intelligence tools, and use ISO (Jersey City, N.J.) rating. In addition, the real-time rating policy administration software includes a SQL Server database for use with management and accounting reports. "INSTEC was one of the only vendors that was able to offer us straight ISO rating and was able to show us something that worked on the spot," says Caneda. --M.W.