Time and again, Cover-All Technologies has exceeded the expectations of Carriers in the Programs space. Our proven track record includes complex implementations for some of the nation’s largest insurers, with nearly $3 billion in premium flowing through our platform every year.
Why do we see such tremendous success in the Programs space? It’s simple: we understand program business and provide a truly flexible and scalable platform through which businesses achieve measurable results.
Program Carriers
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Program Carriers face very specific challenges, which is why Cover-All designed My Insurance Center (MIC) with the kind of flexibility and scalability that ensures Program success.
MIC enables program carriers to:
- Distribute products through multiple channels, and to different program administrators
- Differentiate rating, forms, workflows, and underwriting guidelines by program
- Remotely audit program performance
- Consolidate statutory and management reporting for all programs or by individual program
- Streamline communication with agents
- Seamlessly integrate with corporate systems and third party services
- Create and implement new programs quickly
MIC is currently supporting several of the largest program business carriers in the country with capabilities such as external agency enablement, straight-through processing, automated workflow, real-time compliant rate-quote-bind-issuance, and subsequent policy servicing.
Managing General Agents
My Insurance Center (MIC) is used by over 40 Managing General Agents with capabilities such as external agency enablement, straight-through processing, automated workflow, and real-time compliant rate-quote-bind-issuance, and subsequent policy servicing.
MIC will help MGA’s:
- Maintain multiple carrier partners, all with their own rating, forms workflow, and underwriting guidelines
- Manage the submission, evaluation and auditing processes
- Retain ownership of your most important asset—your information
- Consolidate reporting for all programs
- Streamline communication with carriers
- Seamlessly integrate with other internal systems
- Implement new programs quickly
Cover-All’s My Insurance Center (MIC) and Program Business
We’re the leader in Program business because MIC combines cutting-edge technology with real-world insurance industry expertise. Our platform isn’t just a tool, it’s a comprehensive and intelligent solution.
MIC capabilities include:
- Rate, quote, and issue support for ISO, NCCI, and custom coverage in all states
- Complete policy servicing (policy administration or policy life cycle management)
- Configurable workflows
- Dynamic underwriting controls
- Program analysis, auditing, and management
- Comprehensive document imaging and electronic underwriting files
- Detailed policy billing, including payment plans, commissions, and earnings
- Advanced integration capabilities with web services and internal systems
- Powerful analytics information and regulatory reporting
- “Industrial strength” regulatory compliance and security
Cover-All in Action
Start-up Experiences Dramatic Growth Using MIC
A start-up Programs carrier built their book of business from $0 to $200 million of DWP leveraging the My Insurance Center (MIC) platform, writing ISO and NCCI in all states, plus Custom Products. They were subsequently acquired by a larger carrier, who cited the start-up’s advanced business technology as a major reason for the acquisition.
Young Programs Business Grows Quickly with MIC
A large carrier interested in growing their young Programs business grew from $50 million to $900 million in DWP in just seven years leveraging My Insurance Center (MIC). Cover-All implemented ISO lines in all states and designed over 100 separate programs, extensible to over 600 external users.