NSM Insurance has selected ValueMomentum's BizDynamics digital engagement platform and iFoundry Rating & Product Design solutions to allow the MGA to transform how they distribute, underwrite and service customers for their many unique niche specialized programs and expand into new markets.
Pet Insurance was their first program to go live, with more to follow in 2018. NSM Insurance Group is an industry leader in the development, implementation, marketing and underwriting of profitable, industry-specific niche programs. The challenges for NSM included disparate systems for each program, many of which are legacy desktop applications.
This leads to lack of workforce productivity and lack of insight into production data. In order to implement a common platform for all programs, christened by Mike Anselmo NSM's CIO, as NSMOne, NSM selected ValueMomentum's BizDynamics Digital Engagement Platform and iFoundry Rating Engine with support for ISO Electronic Rating Content (ISO ERC).
The first program to benefit from this solution was NSM's new program for pets – 4Paws Insurance, and the program went live with ValueMomentum's solutions in less than 6 months. Targeted at consumers and available online on any device – mobile, tablet or PCs, the quoting and policy issuance process is completed is under two minutes.
NSM CEO Geof McKernan said: "A key aspect of our growth plans is executing efficiently. While we are laser-focused on profitable and sustainable products for niche industries, we are pleased that we have established a partnership with ValueMomentum to focus on the software and technology that will help us achieve our growth aspirations."
NSM Insurance Group chief information officer Mike Anselmo said: "We selected ValueMomentum's solutions to build upon our current technology investments, improve the productivity of our workforce, and our agency partners, by having them access a single system to perform their work, while affording us the ability to rapidly set up new programs, some of which are based on ISO, and some, proprietary.”
ValueMomentum chief marketing officer Abhijeet Jhaveri said: "NSM recognizes the importance of digital engagement with customers, agents, and employees combined with product innovation, as levers to realize their goals for market expansion and competitiveness.
"We are excited to partner with the NSM team in their transformation journey."
Source: Company Press Release