Nevada General Insurance Co. (Las Vegas) has chosen Applied Systems' (University Park, IL) Diamond System to replace its Cobol-based proprietary policy administration system.
Nevada General chose the Diamond System, a PC-based application, "because of the back-end scalability that it brings to the table," explains William Walo, senior systems analyst, Nevada General. "Diamond also matches our business model and processes policies the same way we do." As a result, there has been minimal customization of the software.
Walo says Nevada General began to look for a replacement system when "our volume was increasing and our systems were getting close to not being able to complete the nightly batch runs in time," he says.
The insurer selected Applied Systems after narrowing down a list of 27 possible solutions providers to two finalists, Applied Systems and Fiserv (Cedar Rapids, IA), Walo reports. "There was nothing wrong with Fiserv, but Applied really matched our processes almost perfectly," he says.
Additionally, by selecting Diamond, Nevada General will be able to consolidate rating systems. Currently, the insurer runs a rating system internally and a separate one for agents, Walo adds.
Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio