03:20 PM
Virtual Policy Processing
Peak Performance (Hoboken, N.J.) has launched PolicyPointe, a Web-based application for P&C insurance companies that rates and underwrites risk in real time through embedded business rules, the company says. The virtual policy administration solution provides real-time quotes, allowing customers to buy policies online; automatically processes applications based on criteria defined by the carrier; and issues policies, according to Peak Performance CEO Steven Isaac. Underwriters are notified automatically of policy applications and endorsements requiring exceptions. And policies are delivered to customers via e-mail, fax or regular mail, he adds. "It feeds into any financial system or claims system and does it concurrently through real-time processing," Isaac says.
PolicyPointe currently is being used by four carriers, which the vendor declines to name. But, according to Peak Performance, reported benefits include a 50 percent reduction in overall processing costs and improved customer service for high-volume lines coverage. --M.W.