(Image credit: Adobe Stock.)
NSM Insurance Group (NSM), a Conshohocken, Pa.-based program administrator, has selected ValueMomentum’s (Piscataway, N.J.) BizDynamics Digital Engagement Platform and the iFoundry Rating & Product Design solutions to enable the MGA to transform how it distributes, underwrites and services customers for their many niche specialized programs and to expand into new markets. Pet Insurance was the first program to go live on the solution, with more to follow in 2018, according to a vendor statement.
The challenges NSM addressed through the system selection included disparate systems for each of its programs, many of which are legacy desktop applications. The multiplicity of the systems reduces workforce productivity and fails to deliver insight into production data, according to the statement. NSM selected the ValueMomentum’s BizDynamics Digital Engagement Platform and iFoundry Rating Engine with support for ISO Electronic Rating Content (ISO ERC).to provide a common platform for all programs. The resulting platform has been christened NSMOne by NSM CIO Mike Anselmo.
ValueMomentum reports that the first program to benefit from this solution was NSM’s new program for pets—4Paws Insurance—which went live with ValueMomentum’s solutions in less than six months. Targeted at consumers and available online on any device, the quoting and policy issuance process is completed is under two minutes, the vendor says.
“A key aspect of our growth plans is executing efficiently,” comments Geof McKernan, CEO, NSM. “While we are laser-focused on profitable and sustainable products for niche industries, we are pleased that we have established a partnership with ValueMomentum to focus on the software and technology that will help us achieve our growth aspirations.”
“We selected ValueMomentum’s solutions to build upon our current technology investments, improve the productivity of our workforce, and our agency partners, by having them access a single system to perform their work, while affording us the ability to rapidly set up new programs, some of which are based on ISO, and some, proprietary,” comments NSM’s Anselmo.
Importance of Digital Engagement
“NSM recognizes the importance of digital engagement with customers, agents, and employees combined with product innovation, as levers to realize their goals for market expansion and competitiveness,” comments Abhijeet Jhaveri, CMO, ValueMomentum. “We are excited to partner with the NSM team in their transformation journey.”