Elements Property Insurance Company (EPIC, Tallahassee), a start-up Florida homeowners insurer, has selected Seibels Insurance & Technology Services, a Columbia, S.C.-based insurance technology services provider, to manage its business process outsourcing (BPO) and policy administration services. EPIC will begin doing business in December with a bulk take-out of policies from the state-backed Citizens Property Insurance Corporation, as enabled by the latter’s “Depopulation” program to reduce the number of policies guaranteed by the Florida government. EPIC will begin writing voluntary policies in 2014.
EPIC will implement Seibels’ business process outsourcing and policy administration services in conjunction with Seibels’ web-based policy administration, billing, and claims system, IPX. IPX provides end-to-end processing and proven functionality that enhances operations, creates efficient workflow environments, and promotes quick responsiveness to market entry and product expansion, according to a vendor statement.
“As a new insurance company in Florida, it was very important that we selected an insurance services provider with insurance experience and knowledge,” said EPIC President Robert L. Ricker. “Seibels offered us a complete solution tailored to our company’s unique needs. From insurance expertise, particularly in the state of Florida, to the advanced processing system IPX, we feel confident that Seibels will help us build the strong foundation needed to grow and enhance our business in the Florida market.”