(Image source: Covenant Underwriters homepage.)
Covenant, an insurance program administrator offering multiline coverages for hotels and motels, and developing e-commerce products for other underserved, niche markets, needed a solution which would not only handle core administration functionality, but which would also allow rapid integration with third-party data providers and toolsets, according to an INSTANDA statement. Following selection, INSTANDA reports that it was able to complete an on-time, on-budget implementation.
“In addition to developing a custom environment which handles all of Covenant’s policy administration, INSTANDA delivered automated billing functionality and real-time access for all of Covenant’s stakeholders, including brokers, insurers, partners, and policyholders,” comments Tim Hardcastle, CEO, INSTANDA. “Because INSTANDA’s configurable, no-code solution can be customized easily and is designed to work within any existing IT infrastructure and data warehouses, Covenant was able to select only the most needed functionality instead of paying for unnecessary bells and whistles.”
Utilizing INSTANDA’s technology, Covenant can now underwrite in low-touch fashion and rapidly approve quotes through a quick, user-friendly online application, according to the INSTANDA statement. INSTANDA offers the ability to pull in data points, such as a hotel’s distance to the coast or roof condition, through APIs in just seconds, given only an address. Additionally, INSTANDA allows Covenant to directly bill the insured, leading to automated ACH transactions and creating more efficient cash flow, the vendor says.
Marketplace Teeming with Disruptive Technology
“We see INSTANDA as our iPhone, and the insurtech community as a rapidly expanding app store,” said Wes Murray, partner at Covenant. “We use proprietary databases and technology, third-party data and service providers, electronic signature software, and even outside rating engines for some products, all of which we integrate with to keep our brokers’ journey as simplified as possible. We will constantly update, swap out, and improve our data and processes through access to a marketplace teeming with disruptive technology.”