(Image credit: Marissa Daeger.)
Pennsylvania Lumbermens Mutual Insurance Company (PLM, Philadelphia) has implemented Insurity’s (Hartford) Sure Underwriting software to strengthen its underwriting processes, according to an announcement from the vendor. The Sure Underwriting software was licensed to enable PLM to automate its referral engine to accelerate underwriting decisions, reducing the time required by as much as 30 minutes per account, according to the announcement.
With more than 126 years of experience, PLM is the largest mutual insurer dedicated to wood and building materials industries. The insurer serves more than 5,000 businesses nationwide. As a longtime customer of Instec—acquired by Insurity in 2021—PLM needed to simplify its underwriting process and provide its underwriters the necessary data to arrive at informed underwriting decisions rapidly, Insurity reports.
Insurity describes its Sure Underwriting as providing PLM with an intuitive and configurable rules engine, integrated data sources, and workflow tools to streamline the underwriting process in one platform. PLM’s policy service technicians can process renewals using Sure Underwriting’s configurable rules engine to accept or decline straightforward risks automatically. The rules engine also identifies complex risks and alerts underwriters to examine the account, the vendor says.
Highest Quality and Consistency
“When underwriting complex risks such as ours, realizing efficiencies through automation can be a challenge,” Erin Selfe, VP, IT, PLM Insurance Company. “Insurity’s underwriting workbench will allow us the flexibility of automating selected steps in the process, such as data gathering, so we can focus our expertise on analyzing the information and ensuring the highest quality and consistency in our underwriting execution. Leveraging configurability via the cloud provides a practical solution for a smaller or mid-size IT shop like ours.”
“With Insurity’s Sure Underwriting, PLM’s underwriters save valuable time enabling skilled resources to focus their attention on the complex risk where a deeper examination is required,” says Sylvester Mathis, Chief Insurance Officer, Insurity. “Integrated data sources and systems give underwriters a complete picture of risk. They minimize the time spent switching between systems by bringing all data together for efficient processing.”