DALLAS, TX--(Marketwire - June 7, 2010) - IASA and Ward Group are pleased to announce Access Insurance Company (Access Insurance) has been named the winner of the 2010 Technology Innovation Award for the development of the Instant Access application, which executes all the business rules and processes needed to provide a quote, bind and issue a policy.
The Technology Innovation Award presentation took place on Monday, June 7 during the 2010 IASA Annual Conference & Business Show in Dallas, Texas. Piyush Singh, CIO for IASA and senior vice president and CIO for Great American Insurance, and Jeffrey Rieder, president of Ward Group, presented the award to Michael McMenamin, Chief Executive Officer for Access Insurance.
"Access Insurance's implementation of its new front end policy application, Instant Access, had exceptional impact on their business environment," said Rieder. "The project achieved its 3 primary objectives of creating a strategic advantage, providing a superior customer experience and improving company financials. They continue to capitalize on their investment through the advantages of a real time application with quick speed to market for rate and product changes as well as expansion opportunities."
Access Insurance's Instant Access solution provided a strategic advantage allowing the ability to increase revenue through penetrating new markets, increasing market share and improving customer retention. This was completed while decreasing operations costs and automating manual transactions. Some of the most significant benefits Access Insurance realized include:
- Increased appointed independent producers by 43%
- Increased new states by 67%
- Policies in force increased by 22%
- Market share increased by 4.6%
- 2009 revenue increased by 26.5%
- Ratio of policyholders per CSR increased by 30%
The results of this project were judged by an industry panel as "innovative" and "delivering measurable business impact in the insurance industry." The distinguished panel of industry experts who participated in the judging of the award submissions included individuals from Arrowhead Group, Celent, Glatfelter Insurance Group, Insurance & Technology, Novarica, and Ward Group.
"The implementation of Instant Access was critical for our growth," said McMenamin. "Instant Access was a strategic move to allow for easier and faster entry into new states, expanding products in existing states, enhancing customer experience, and improving financials. We are thrilled to receive this award from IASA, Ward Group, and the others involved in the decision. I want to commend all employees who made Instant Access possible!"
There were two projects selected for Honorable Mention in addition to the winner of this year's award. The first Honorable Mention went to Great American Insurance for the company's development of its Underwriting Desktop Program, which includes a full policy underwriting and policy administration system, and the second Honorable Mention went to West Bend Mutual Insurance Company for their work developing SMARTbusiness™ solution to quote, submit and underwrite their new product named SMARTbusiness™.
About IASA
The Insurance Accounting & Systems Association, Inc. (IASA) is a non-profit, education association that strives to enhance the knowledge of insurance industry professionals, and participants from similar organizations closely allied with the insurance industry by facilitating the exchange of ideas and information. IASA is one of the insurance industry's largest, and most well represented trade associations. IASA membership includes insurance companies of all types (Property & Casualty, Life, Health, Fraternal, HMO and others) as members, as well as companies serving the insurance industry, regulators and also organizations more broadly representative of the financial services industry, including banks and investment brokerage firms. Learn more about the IASA by visiting our website at www.iasa.org or by calling (919) 489-0991.
About Ward Group
Ward Group is the recognized leader for insurance company benchmarking and best practices and a major sponsor of primary operational research studies. Ward Group analyzes staff levels and expenses for all areas of insurance company operations. The firm's professional staff is uniquely qualified to help companies measure results, optimize performance and be more profitable. For more information about Ward Group, visit www.wardinc.com.
About Access Insurance Company
Access offers specialty property and casualty insurance programs, which are marketed through a network of carefully appointed and managed independent insurance producers. Access is license in 21 states, operates in 11 states, and continues to expand its footprint into 3 strategic states per year. Formed in 1994, the 16 year old company consists of a holding company, an insurance company, multiple managing general agencies, claims management companies, an actuarial and premium finance company.
Contact Information:
IASA Media Contact:
Jennifer Overhulse-King
St. Nick Media Services
(859) 803-6597