The landscape of the insurance industry is rapidly evolving, compelling small property and casualty (P&C) insurers and managing general agents (MGAs) to seek innovative insurance software solutions that not only streamline operations but also enhance customer engagement.
The implementation of insurance software solutions can optimize underwriting processes, claim management and customer relationship management, ultimately driving growth in a saturated market.
Small insurers and MGAs do not need enterprise-grade insurance software for policy management. A less expensive but innovative alternative is ISi, powered by Modotech. ISi has been evolving and helping smaller carriers and MGAs scale their businesses for over 25 years. See how it can help your business too.
Yes, ISi stacks up well against the competition. ISi is a proprietary, licensed policy administration system that is purchased and owned by the insurer, giving them full control over the software, data, and deployment environment. Unlike SaaS solutions, ISi is not subscription-based or hosted as a shared service; instead, it is implemented as a dedicated system tailored to the organization’s specific operational and regulatory requirements.
With a full-suite core platform, ISi handles policy, billing, claims and reinsurance. It is highly configurable and it’s possible to make changes to products, underwriting rules and workflows without heavy coding, thereby reducing the need for a robust IT infrastructure, which is costly.
ISi supports APIs for integration and analytics, giving insurers real-time data. Insurers have full control over the course of the policy lifecycle, from quoting and service to claims and renewal.
According to a 2023 report by Deloitte, 72% of small insurers stated that technology had a meaningful impact on their competitive position. The potential for software to revolutionize operations within small insurance carriers remains substantial.
Here is a side-by-side comparison of what ISi and others have to offer as insurance software solutions.
| Capability | ISi | Guidewire | Duck Creek |
|---|---|---|---|
| Policy, Billing, Claims, Reinsurance, Accounting | ✔ | ✔ | ✔ |
| Configurability, Product & Rules Engine | ✔ | ✔ | ✔ |
| Integration, APIs | ✔ | ✔ | ✔ |
| User Experience, Customer Portals | ✔ | ✔ | ✔ |
| Analytics, Business Intelligence | ✔ | ✔ | ✔ |
| Reinsurance Support | ✔ | ✔ | ✔ |
| On-site or Cloud Deployment | ✔ | ✔ | ✔ |
| Speed to Market, Low-Code Agility | ✔ | ✔ | ✔ |
| Scalability / Upgradeability | ✔ | ✔ | ✔ |
| Table-Driven Rating & App | ✔ | ✔ | ✔ |
| Integrated Billing | ✔ | ✔ | ✔ |
| Affordability | ✔ | ||
| True Agent Account Current | ✔ | ||
| Lightweight Deployment | ✔ | ||
| Flexible Maintenance Job Chaining | ✔ | ||
| Authentication Token Deep-Linking Portal | ✔ | ||
| Fast Customizations via CFML | ✔ |
It’s important to shop around for a vendor who offers ongoing support at reasonable prices. Working with a vendor like Modotech means choosing a provider with proven experience and long-lasting relationships. With Modotech’s ISi, your insurance business will not suffer the cons listed below:
| Pros of Having a PAS | Cons of Having a PAS |
|---|---|
| Increased operational efficiency through automation of manual processes. | Financial investment and ongoing maintenance costs. |
| Enhanced data analytics capabilities for informed decision-making. | Potential resistance to change from staff accustomed to legacy systems. |
| Improved customer relationship management for better client engagement. | Without vendor support, a policy admin system can become a problem rather than a help. |
| Scalability to adapt to growing business needs. | The more complicated the customization, the longer the implementation and downtime. |
| Less need to hire as the business grows, due to automation. | |
| The right software solution will keep the business compliant and its data secure. |
In today's competitive landscape, small property and casualty (P&C) insurers and managing general agents (MGAs) must adopt specialized software solutions that enhance operational efficiency and customer engagement. Here are the two most common ones.
A PAS serves as the backbone of insurance operations, managing the entire policy lifecycle from initial quote to policy issuance and renewal. ISi streamlines operations by integrating underwriting, rating, and claims processes. ISi is a:
This type of software facilitates efficient processing of claims by automating tasks such as claim submission, documentation and payment distribution. It can significantly reduce processing times and enhance customer satisfaction.
A CRM and PAS differ. CRMs allow brokers and MGAs to manage leads and customer interactions effectively, providing insights into client behavior and preferences. This ultimately supports improved customer service and retention rates.
Like a PAS, a CRM can also generate quotes and assess risks associated with policy proposals. While it cannot replace a PAS, a CRM can populate ISi quote fields. Also, real-time rating is possible with ISi, but not with a CRM.
Here’s more of what ISi offers that a CRM does not:
ISi uses manual setups, rating tables, rules, and state-specific logic. CRM quoting tools are not connected to the full rating architecture unless they call ISi’s APIs.
ISi’s manual questions, underwriting pages, eligibility rules, and validation are not available in a CRM.
A CRM also does not perform the following PAS-specific functions that ISi provides:
"Modotech has been a great partner to work with. Their team is collaborative, responsive, and communicates clearly, ensuring that updates are handled promptly and efficiently."
"Modotech's ISi platform delivers an all-in-one solution for policy, claims, and accounting, significantly enhancing our profitability and efficiency. Their seamless third-party integrations, user-friendly agent interface, and forward-thinking product roadmap, paired with responsive and knowledgeable support, make them a truly future-proof business partner."
Selecting the right software solution is crucial for small property and casualty (P&C) insurers and managing general agents (MGAs). The ideal software can streamline operations, enhance client service and ultimately improve competitiveness while reducing operational costs.
ISi offers:
See if ISi is right for your insurance business. Book a free demo today.
