Being FlexiblePublished: 09-Jun-2012
By Robert Regis Hyle, PROPERTYCASUALTY360
Two qualities for insurers that can never be disputed are flexibility and agility. Sometimes it means a new product needs to allow carriers to react to market changes instantly. Sometimes those market changes involve your partners.
Philadelphia Insurance Companies had to react to both of those market dynamics.
The main business challenges facing Philadelphia involved speed-to-market and allowing agents to do business online.
“In the past, the entire submission process (for agents) was paper-based,” says Alfred Goxhaj, CIO for Philadelphia. “We had a good rating system in house, but there was a lot of manual work. We had to take submissions and enter the information ourselves, and then go back to the agents with a quote.”