SOURCE: Exigen Insurance Solutions

Exigne Insurance Solutions

October 26, 2009 14:13 ET

Exigen Insurance Solutions' Suite Selected by Narragansett Bay Insurance Company

Exigen's Core Systems Implemented on an Innovative SaaS Platform Expected to Help NBIC Grow Along the Eastern Seaboard

SAN FRANCISCO, CA--(Marketwire - October 26, 2009) - Exigen Insurance Solutions (www.exigeninsurance.com), a leading provider of insurance core systems, today announced that Narragansett Bay Insurance Company (NBIC) has selected Exigen's PolicyCore™, BillingCore™ and DistributionCore™ for its new policy administration, underwriting and billing systems. NBIC, a specialty underwriter of homeowners insurance products and services along the Eastern seaboard, chose to implement the systems as software-as-a-service (SaaS), which allows NBIC to quickly deploy modern core system solutions that will help it drive business growth while measuring and managing operational costs. Exigen's core systems will play a central role in NBIC's Project Apex technology modernization initiative that will benefit NBIC's agents and policyholders.

"NBIC is focused on writing specialty homeowners insurance using its leading-edge underwriting analytics to qualify an insured's property," said NBIC's Chief Underwriting and Risk Officer, Mark Talerico. "Our sophisticated multi-variant and catastrophe modeling capabilities allow us to enter markets in coastal states that are experiencing significant change, and where other insurers have left the market. We partnered with Exigen Insurance because their solutions support our commitment to underwriting rigor and market development. Since Exigen's core systems align well with our business and technical strategies, we can rapidly adapt to market needs and conditions given the flexibility and the scalability of each system."

According to NBIC's Chief Information Officer, Mike Anselmo, "Deploying Exigen Insurance Solution's core systems as SaaS made a great deal of sense for us since these systems deliver security, flexibility, performance and scalability. We expect the Exigen Suite will allow us to achieve our goal of differentiating ourselves among independent agents due to our leading-edge technology capabilities. Exigen's advanced risk factoring and automated underwriting systems will help us tailor products to individual homeowner needs and allow our agents to rapidly quote new business. Additionally, the SaaS deployment keeps us on track with our Project APEX technology objectives of rapid implementation time, low implementation risk and a light IT footprint."

"NBIC has strong leadership and is poised for rapid business growth and Exigen Insurance Solutions is honored to be a strategic partner providing an innovative SaaS-based solution that will propel NBIC's business development," said Exigen Insurance Solutions CEO, Gwen Spertell. "Our economically aligned engagement model and cloud computing option make perfect sense for NBIC's business needs and technology strategy."

Exigen's core systems along with other benefits of NBIC's APEX Technology Strategy will provide several business benefits, including:

--  Allow agents to quickly complete submissions and endorsements online;
--  Automate underwriting to streamline new business and policy servicing;
--  Enable rapid product introduction and enhancement;
--  Improve quality data for better underwriting decisions and business
    intelligence; and
--  Monitor business activity and measure results for continuous business
    performance improvement.
    

About Exigen Insurance Solutions

Exigen Insurance Solutions (www.exigeninsurance.com), headquartered in San Francisco, offers a completely modern, modular suite of end-to-end core solutions that provide measurable value and unparalleled speed to market. The Exigen Suite of configurable solutions for policy administration, claims, billing and distribution management can be implemented individually or together.

About Narragansett Bay Insurance Company (NBIC)

NBIC (www.nbic.com), headquartered in Rhode Island, offers specialty insurance services and products to homeowners through an extensive network of independent agents along the Eastern seaboard. Backed by highly rated reinsurers, NBIC has undergone a rigorous examination of its financial security and has received an "A, Exceptional" Financial Stability Rating (FSR) from Demotech, Inc., an independent financial analysis and actuarial services firm for property and casualty insurers.

Contact Information

  • Contact:
    Kevin Haydon
    Marketing and Communications Manager
    +1.845.797.2976