News
SPARTA Insurance Chooses Policy Decisions ChoicePoint's Insurity
15 Oct 2007
[This press releases is republished from insurity.com.]
HARTFORD, Conn. - SPARTA Insurance Company, a start-up property/casualty insurer, has selected Policy Decisions, the commercial policy administration system from Insurity, a ChoicePoint® company (NYSE: CPS).
SPARTA needed a comprehensive, easy-to-use system that could be in production fast, and that's what it found with Insurity, according to Kevin Costello, president and COO of the Hartford-based SPARTA Insurance.
"Insurity products and services enable us to get into business quickly," Costello said, adding that SPARTA plans to issue its first policy by Nov. 1. "During our review of the leading vendors, we concluded that Insurity, with its full range of services and its reputation for delivering a timely, trouble-free implementation, was superior."
Web-based Policy Decisions will be used by SPARTA's program managers and brokers for rating, underwriting and policy issuance.
"We want our customers to have an advantage in their ease of doing business and speed to market. Insurity beat the competition in delivering these benefits," Costello said. "Policy Decisions' user interface, its ‘look and feel,' its functionality and its intuitive navigation were also critical tests. And Insurity passed them all with flying colors."
"The range of ancillary services offered by Insurity is very strong," Costello said. Insurity automatically updates forms and rates from bureaus, relieving SPARTA of that administrative task. And, because Policy Decisions covers all commercial lines in all 50 states, the amount of customization required is minimized. The system also handles regulatory requirements such as reporting cancellations and non-renewals to state DMVs.
Enabling SPARTA executives to track key performance indicators was also critical. "Policy Decisions captures all the data we need to analyze the performance of each program in real time," Costello said.
SPARTA's due-diligence revealed that Insurity has a strong track record in fulfilling its promises. "Their sales and technical people are knowledgeable and committed," he pointed out. "They're people who deliver, and we have a great relationship with them."
About Sparta
SPARTA Insurance Company, based in Hartford, Conn., underwrites property and casualty insurance for the specialty and alternative risk program marketplace. It recently received $279.1 million of private-equity capital from a consortium of investors led by Corsair Capital, including Goldman Sachs, York Capital Management, Primus Capital Funds and KBW Capital Partners.
About Insurity
Headquartered in Hartford, Conn., Insurity offers Insurance Decisions - the most comprehensive software and services in the property/casualty industry covering rate, quote, issuance, administration, billing, claims, reinsurance, data warehousing, compliance support, regulatory reporting, hosting and managed services. Customers include more than half of the nation's top 20 commercial lines carriers as well as regional carriers, specialty lines writers and MGAs. For more information about Insurity, please call 860-616-7721 or visit www.insurity.com.
About ChoicePoint®
ChoicePoint (NYSE: CPS) provides businesses, government agencies and non-profit organizations with technology, software, information and marketing services to help manage economic and physical risks as well as identify business opportunities. Each year, we help more than 100 million people who are seeking to obtain jobs, fairly priced home and auto insurance, and who wish to rent apartments. Our authentication and anti-fraud tools improve efficiency and instill confidence in the decision-making process for our customers and consumers. Consumers have free access to the reports we create at www.ChoiceTrust.com Learn what we do to protect consumer privacy by visiting www.PrivacyatChoicePoint.com and, for more information on our company, go to www.ChoicePoint.com.
ChoicePoint is a registered trademark of ChoicePoint Asset Company.
Contact: Scott Brown, Insurity, 860-616-7416, scott.brown@insurity.com
