Insurer Cloud Services Limited is launching The Insurer Cloud (TIC) at BIBA on May 15th, in a new venture aimed at Insurers and MGAs. TIC is offering cloud based solutions and managed services for insurance.
Headed up by Chief Executive Officer, Chris Newman, TIC has developed a range of software designed to provide product and "route to market" management solutions for product creation and through life product management, for all classes of insurance business.
TIC will enable clients to have their rates hosted in a cloud, and then provide them with the opportunity to manage projection and access at a very granular level. TIC has its own "business class agnostic" product build toolset, and a suite of further tools to provide product promotion and management at individual relationship level, and industry standard XML based access that will enable any authorised third party to obtain an outcome.
Chris Newman said, "We are also providing data aggregation services for enrichment, and for road risks we will be offering telematics integration options as part of the solution. We will not be proscriptive about who we work with, the technology we use is open access, and available to anybody our TIC clients want to offer it to. There are a number of software houses that have a track record in working with rating solutions that are outside of their world, as well as plenty of broking businesses with bespoke solutions. We will work with all comers in a non-aligned and non-intrusive manner."
Alongside offering standard "product projection" services, TIC will also offer sub-agent or producer management options, with "portal" based quotation and transactional policy life-cycle capability. TIC will also provide a platform for MGAs to market selected products direct to clients via aggregators, as a fully managed service if required.
"Alongside the big household name personal lines aggregators, there are a growing number of niche aggregator platforms being launched at the moment," explained Newman, "and I want to provide MGAs with routes to market here too."
Where appropriate in certain personal and commercial lines, Polaris compatibility has beeen built in, and whilst the rating environment will be outside of TIC, the promotion and relationship management options will still be available, as well as the data management and enrichment services.
Newman concluded, "The commercial benefits of using cloud technology for insurers and MGAs to manage their products and routes to market are prospectively enormous. Cloud technology potentially reduces the product build to a single instance, but at the very least offers a reduction in total builds (and therefore maintenance) from the onset. Besides that, there are economies of scale, with the prospect of ramped up volume output and/or productivity from fewer people.
"From a charging perspective, with TIC all this comes with a service based tariff offering a reduction in 'capex' on technology infrastructure, and is allied to a service based 'pay as you go' tariff that is demand led and 'burstable'. Access for the internal and external client is greatly simplified in a cloud based model, and there are genuine opportunities to 'globalize' a product affordably, with improved accessibility, greater agility, and improved flexibility thanks to the use of an advanced suite of configuration tools. TIC uses advanced and modern development tools, and takes full advantage of scalable and affordable data storage options."