WaterStreet Announces NextGen P&C Policy Administration Platform

The new Policy Administration Software will offer increased flexibility and expand an already-strong range of services.

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WaterStreet (Kalispell, Mont.), creator of a platform designed for property/casualty carriers and MGAs, has announced the launch of the WaterStreet Policy Administration Platform, which the company characterized as representing the next generation of property/casualty policy administration software. “The new platform will revolutionize the industry with enhanced speed to market and cost-saving, superior technology that exceeds and surpasses traditional administration software,” a WaterStreet statement says.

Gregg Barrett, Founder and CEO, WaterStreet.

WaterStreet says its new property/casualty policy administration platform eschews the old school and outdated process of utilizing custom development to manage insurance products, and instead offers in-application tools to configure products and rates in real time. This updated system will rapidly increase time to market while simultaneously reducing overhead costs to manage software, allowing insurers to go live in weeks, rather than months, according to the vendor.

WaterStreet describes the platform as built on a progressive web app, resulting in lightweight, flexible code structures the software that can be accessed anywhere, from any type of device. Expanded API and web services pull any data type throughout the policy life cycle, and a built-in Business Intelligence module provides predictive insights for standard end-of-month close reporting to advanced analytics, the vendor says. WaterStreet adds that a new and modern interface design offers an improved user experience.

“WaterStreet has always provided P&C insurers and MGAs everything they need, all in one transformative, secure and advanced digital space,” comments Gregg Barrett, Founder and CEO, WaterStreet. “We’re proud to say that our new P&C Policy Administration Software elevates our service to even greater heights. Our enhanced platform has everything an insurer needs in an easy to navigate, One Stop Shop that we’re excited to say jumps our industry forward.”

WaterStreet says its new software now targets standard policy administration issues such as protracted third-party timelines bringing products to market, and expensive staffing IT resource requirements or developer outsourcing for product deployment.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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