IDP Adds RiskMeter Mapping Capability To Acies/One Policy Management System
Early adopter Barnstable County Mutual cites automation benefits behind decision to install
WYNCOTE, PA - Insurance companies that employ IDP's Acies/one integrated insurance system can now have direct link access to RiskMeter, one of the industry's most advanced mapping tools for property & casualty policy underwriting. RiskMeter enables underwriters to accurately determine such factors as distance-to-shore, distance-to-fault lines, state windpool eligibility, flood zone, proximity to a fire hydrant...and much more for any property in the United States. The system is available as an Acies/one option through an agreement with Boston-based RiskMeter producer CDS Business Mapping. Barnstable County Mutual Insurance Company, which currently accesses RiskMeter via the Internet, is the first insurer to contract for a direct link to RiskMeter through Acies/one. The agreement was recently signed by Barnstable Senior Vice President & Treasurer John DeMello and IDP President & CEO Gary Gilbert. The link is scheduled to go live in November 2005.
According to Barnstable's DeMello, time- and labor-saving automation benefits prompted the Yarmouth Port, Mass., property & casualty insurer to contract with IDP for the direct link to RiskMeter through Acies/one.
"The Acies/one direct link will eliminate needs for an underwriter to log onto a web site, enter an address and physically review the information that appears on screen," DeMello explains. "The system will automatically send information such as the address and insured's name from its database to RiskMeter, and then automatically receive back the values that it has requested. More, Acies/one will store the values and then make underwriting decisions based on them. So, if a location is too close to the ocean, based on information from RiskMeter, Acies/one will refer the policy/application to an appropriate underwriter or other personnel."
Acies/one
Acies/one is the policy management system that employs Microsoft technologies, including .NET, SQL2000 and industry's most technologically advanced suite of processing tools. According to Mike Vaccarello, IDP's vice president of sales & marketing, the addition of RiskMeter enables users of Acies/one to make more informed decisions regarding the rating of policies. "RiskMeter provides detailed written information about conditions that exist at specific geographic locations," Vaccarello explains. "The location where a company is considering insuring doesn't just appear on a map. For example, RiskMeter might provide written details pertaining to hail, tornado or brush fire zones."
CDS Business Mapping Vice President of Sales and Marketing Dan Munson adds, "We're excited that Barnstable has taken the lead in integrating these two systems. By integrating, Barnstable reduces redundant data entry, saving time and money. Additionally, the insured's underwriting data is validated in real-time during quoting and issuance, ensuring that the underwriting guidelines are followed and reducing the number of policies that must be changed later. I believe that Barnstable will be much more efficient because of this."
About IDP
Founded in 1949, IDP is among the most experienced property and casualty management system companies in the U.S. IDP launched its first electronics-based insurance products and services in 1963, accounting for over 40 years experience with high-tech insurance management. The company is headquartered in Wyncote, Pa., with a branch office in Solon, Ohio. Mission priorities include timely responsiveness to customer needs and creative problem solving. Software products range from policy rating and issuance, claims administration and accounting, to regulatory compliance and bureau reporting and submission. IDP lays claim to an extraordinary skill level for consulting on both insurance business and technical matters. The organization's management team combines depth of experience with multi-discipline expertise.
Source: IDP