(Municipal ferries in Portland Maine, home of MEMIC. Photo credit: Zhengan.)
The MEMIC Group, a Portland, Maine-based workers compensation insurer with $1.3 billion in assets and over $380M in 2017 direct written premium, has adopted Insurity’s (Hartford) ClaimsXPress solution to replace its legacy claims system. The insurer plans to overhaul core processing, streamline regulatory reporting, and improve the accessibility and processing of their data for better decision-making, according to a vendor statement.
“As a result of MEMIC’s steady growth, and the changing demands of the marketplace, we have outgrown our legacy claim system,” relates Matt Harmon, SVP of Claims, MEMIC. “After conducting an extensive search, we are pleased to be partnering with Insurity as we move forward with a new core platform.”
Harmon says that MEMIC expects ClaimsXPress to generate immediate efficiencies across the company’s claim operation through improved workflows and more productive connections with our various vendor partners. “The system will also allow for better decision making and claim outcomes through the use of data analytics,” he adds.
Insurity says that the ClaimsXPress platform supports modular deployment of solutions, allowing insurers to approach digital transformation at their own pace and interface with a wide range of industry data sources, enabling them to respond to market conditions and make changes quickly and efficiently.
“We continue to see insurers replacing their disparate core systems in favor of one integrated platform that improves operations and is a crucial component in completing a digital transformation,” comments Michele Shepard, Chief Revenue Officer, Insurity. “By adopting our solution, MEMIC will simplify their business, improve speed-to-value and be able to act on information more quickly and intuitively.”