Narragansett Bay Insurance (NBIC) has selected Exigen Insurance Solutions' (San Francisco) PolicyCore, BillingCore and DistributionCore for its new policy administration, underwriting and billing systems, according to an Exigen source. The Pawtucket, R.I.-based specialty P&C carrier will implement the systems on a software-as-a-service (SaaS) basis, which Exigen says will allow NBIC to quickly deploy modern core system solutions that will help it drive business growth while measuring and managing operational costs.
"NBIC is focused on writing specialty homeowners insurance using its leading-edge underwriting analytics to qualify an insured's property," comments NBIC's chief underwriting and risk officer, Mark Talerico. "Our sophisticated multi-variant and catastrophe modeling capabilities allow us to enter markets in coastal states that are experiencing significant change, and where other insurers have left the market. We partnered with Exigen Insurance because their solutions support our commitment to underwriting rigor and market development. Since Exigen's core systems align well with our business and technical strategies, we can rapidly adapt to market needs and conditions given the flexibility and the scalability of each system."
Exigen's SaaS based offering, which will play a central role in NBIC's Project Apex technology modernization initiative, made sense for the carrier because of their ability to deliver security, flexibility, performance and scalability, according to NBIC's CIO Mike Anselmo. "We expect the Exigen Suite will allow us to achieve our goal of differentiating ourselves among independent agents due to our leading-edge technology capabilities," he says. "Exigen's advanced risk factoring and automated underwriting systems will help us tailor products to individual homeowner needs and allow our agents to rapidly quote new business. Additionally, the SaaS deployment keeps us on track with our Project APEX technology objectives of rapid implementation time, low implementation risk and a light IT footprint."
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