The MEMIC Group, a super-regional workers’ compensation specialty insurer, will implement Insurity's ClaimsXPress solution.
Image: MEMIC to use Insurity Platform. Photo: Courtesy of Markus Spiske/Unsplash.
MEMIC, which wrote over $380m in Direct Written Premium last year, is a workers’ compensation insurer with $1.3bn in assets that serves over 21,000 employers in every state across the country. The integrated platform will overhaul core processing, streamline regulatory reporting, and improve the accessibility and processing of their data for better decision making.
MEMIC’s claims system was based on legacy technology that was becoming increasingly difficult to update and required significant manual processes. Leveraging Insurity’s platform, the insurer will improve internal workflow and have the latest regulatory data populated into its systems.
MEMIC claims senior vice president Matt Harmon said: “As a result of MEMIC’s steady growth, and the changing demands of the marketplace, we have outgrown our legacy claim system. After conducting an extensive search, we are pleased to be partnering with Insurity as we move forward with a new core platform.
“We expect that ClaimsXPress will generate immediate efficiencies across the claim operation through improved workflows and more productive connections with our various vendor partners. The system will also allow for better decision making and claim outcomes through the use of data analytics.”
The Insurity platform supports modular deployment of solutions, allowing insurers to approach digital transformation at their own pace and interface with a wide range of industry data sources, enabling them to respond to market conditions and make changes quickly and efficiently.
Insurity chief revenue officer Michele Shepard said: “We continue to see insurers replacing their disparate core systems in favor of one integrated platform that improves operations and is a crucial component in completing a digital transformation.
“By adopting our solution, MEMIC will simplify their business, improve speed-to-value and be able to act on information more quickly and intuitively.”
Source: Company Press Release