(Image source: LIO homepage.)
LIO Insurance, a specialty insurance underwriter with a customer-focused and technology-enabled business model, has gone live with ClarionDoor (Santa Barbara, Calif.), a provider of cloud-based rating, quoting, and issuance solutions for property/casualty insurers.
LIO markets itself as challenging the historically long process of getting a commercial insurance policy, largely due to manual underwriting process. The company says it is leveraging cutting-edge technology and tapping into the power of data to reduce the quote-to-policy lifecycle and improve the overall customer experience.
“One of the reasons we started LIO was that we recognized the significant challenges and latency in the commercial insurance market,” comments Jim Tygh, chief actuary and risk officer, LIO. “Business owners need an insurance service that not only meets their needs, but provides an easier platform for purchasing and managing coverages—and that requires modern insurance technology like ClarionDoor. Their API-first, cloud-native rating software enables us to have complete control of our commercial products, leverage ISO standards, consume APIs seamlessly, and process quotes faster.”
ClarionDoor describes its CD Rating software as a flexible, powerful, and proven rating engine that empowers insurers like LIO to create competitive products, launch products seamlessly, and distribute products to all their channels. Built on an API-first architecture and hosted exclusively on Amazon Web Services (AWS), CD Rating provides the power you need when you need it, with auto-scaling, auto-performance tuning, and complete control of rating products in the hands of the business, according to the vendor.
Trailblazer in Commercial GL
“It is great to see LIO enter the commercial insurance market and we are thrilled that they are now live,” comments Pat McCall, chief sales officer, ClarionDoor. “Commercial general liability and property are in desperate need of innovative solutions that can offer similar experiences to that of personal lines, and we believe LIO is a trailblazer in this area.”
ClarionDoor asserts that it enjoys a proven track record backed by zero failed projects, implementation times that far exceed the industry norms, and 100 percent referenceable clients.