(American Access underwrites non-standard private passenger auto insurance throughout the US, delivering convenient and accessible auto insurance, with a focus on the Hispanic community.)
Non-standard auto carrier American Access Casualty Company (AACC, Oakbrook Terrace, Ill.) has implemented SpeedBuilder Systems’ BindExpress Product Configurator, Rating and Underwriting modules for the state of Texas.
“BindExpress gives us fantastic speed-to-market, providing a single platform for internal systems, an agent website, and third party raters,” comments Matt Reznicek, pricing manager, AACC. “Maintaining one, central engine not only ensures rate accuracy and consistency across all channels, but it also eliminates the time and cost of updating multiple systems.”
The implementation involved integration with the carrier’s legacy system, real-time integration via QQ Solutions’ Webrater and ITC TurboRater and a custom “rate-as-you-go” agent portal, according to a SpeedBuilder statement. The solution allows AACC to quickly develop, test and deploy rates and rules to all distribution channels, regardless of hardware or software platform, according to the vendor.
BindExpress Rating also enables business users in the AACC’s pricing department to “own” the rate-setting process, Reznicek adds. “When we spot competitive changes and other triggers in the market, we can react within days. This straight forward process not only relieves demands on our IT resources, but the quick turnaround impacts our underwriting profit much sooner. We look forward to partnering with SpeedBuilder Systems as we extend the solution to additional states.”
AACC will also deploy SpeedBuilder Systems’ BindExpress Bulk Rerate module, allowing the AACC Pricing team to do “what-if” modeling, running various pricing scenarios against a database of bound policies, lost quotes, and third party “market basket” data, according to the vendor. When complete, the total solution will provide additional analysis tools, efficiencies, and automated testing capabilities, as the same rating model used in the Bulk Rerate module is used as-is in all production environments, SpeedBuilder Systems reports.
“We are pleased with our success at American Access,” comments Rod Giess, president, SpeedBuilder Systems. “While BindExpress is a proven solution in commercial lines, adding a leader in the high volume, price-sensitive, nonstandard auto market validates the scalability and robustness of the technology, as well.”