STICO Mutual Insurance Company, RRG was formed in 1988 in response to the growing impact of the lack of pollution coverage available in the insurance market to tank manufacturers at that time. As the market for pollution-liability insurance has softened over the intervening years, STICO has continually evolved to meet the needs of its policyholders, thus enabling STICO to provide a reliable and cost effective liability insurance product delivered by its team of expert underwriters and claims handlers.
Risk Retention Groups have a unique role within the US captive space, making it difficult to find one database to support all their underwriting, compliance and operational processes. STICO were using various electronic and manual systems to support their workflows and were looking for one solution which could provide them with functionality that was flexible enough to adapt to their requirements and would further enhance their operational controls.
Having met InsuBiz at the CICA conference in 2015 and seen a small demonstration of the functionality, Colin Donovan, President of STICO Mutual was intrigued by this straightforward system and the strange Europeans who had developed it. Various calls and meetings followed as we learned more about Colin’s business and its needs from a software solution.
STICO knew that making a decision on InsuBiz meant taking a giant leap of faith to work with InsuBiz, a new entity in the US market. Yet, whilst they had spoken to other US based software providers, none could quite deliver the system InsuBiz offered.
|Segment||Risk Retention Group|
|Size||Population 80.000 / 542 M2|
|Customer Since||November 2015|
Using the original InsuBiz functionality, our solution has now been enhanced to support the Sales, Underwriting, Claims Handling and Reporting needs of the risk retention group marketplace. With all data on one secure database, InsuBiz now supports the STICO team across their workflows, reducing time spent on routine administration and ensuring all operational controls are adhered to.
From the initial underwriting and quotation stage, through policy and invoice issue to full claims management and settlement, InsuBiz is perfectly adapted to the challenges that running a risk retention group can bring.
|Users||Claims imported||Policy Recs Imported||Key features|
The implementation took place in April 2016. Part of the process was for InsuBiz to convert the historical data for each of the over +1,000 claims, along with the corresponding documentation as well as loading the current policy information and premiums into the system.
All this with a focused thought on adapting to the needs of RRG customers.
The partnership between the STICO Mutual and InsuBiz teams has benefitted all parties involved. STICO now have a cost-effective solution which allows them to hold and manage all their data and InsuBiz have learned invaluable lessons about the risk retention group market. Knowledge which will assist us in moving forward in the US.