(Image source: LIO homepage.)
LIO (Conshohocken, Pa.), a carrier with the mission of making the notoriously slow process of selecting and purchasing specialized insurance policies faster, easier, and more intuitive, has announced that it has gone life on ClarionDoor’s (Santa Barbara, Calif.) insurance product distribution software. LIO’s use of ClarionDoor’s technology exemplifies the carrier’s commitment to leveraging cutting-edge technology and tapping into the power of data to reduce the quote-to-policy lifecycle and improve the customer experience, according to a vendor statement.
“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 meets their needs, 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 across all channels. Built on an API-first architecture and hosted exclusively on Amazon Web Services (AWS), CD Rating provides the needed power with auto-scaling, auto-performance tuning, and complete control of rating products in the hands of the business, the vendor says.
Experiences Similar to those of Personal Lines
“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 at 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 boasts a track record backed by zero failed projects, implementation times that far exceed the industry norms, and 100 percent referenceable clients.