Wright Specialty Launches Programs on Instec Policy

The Instec Policy system will support two multi-state complex commercial P&C programs with a range of coverages designed for the unique needs of the markets they serve.

(Interior of Wright Specialties headquarters location. Source: Onyx Equities.)

Wright Specialty Insurance (Garden City, N.Y.), a provider of insurance programs and risk management solutions to meet the specialized needs of government entities, public and private universities, colleges and K-12 schools, has implemented the Instec (Naperville, Ill.) Policy system for its public entity and education programs. The two programs are offered in multiple states and provide tailored coverages that address the unique risks of these markets. Instec was selected for its ability to meet a tight implementation deadline and timely delivery of bureau content updates.

In June 2020, Wright announced a new public entity program supported by Munich Re Specialty Insurance, a description for the insurance business operations of affiliated companies in the Munich Re Group that offer and deliver specialty property and casualty insurance products and services in North America. The first dollar, low-deductible program targets small to medium-sized municipalities and other government entities.

Kevin Beer, President, Wright Specialty.

Wright selected Instec’s policy platform after learning of its success at sister company Arrowhead, and Instec’s support for a similar public entity program, according to a vendor statement. The program offers 11 different coverages and is sold in 25 states and the District of Columbia, making it a fit for Instec’s managed library of multi-line, multi-state content.

“We created the Municipality Insurance Program to provide public entities with a cost-efficient insurance offering tailored to their unique needs,” comments Kevin Beer, president, Wright Specialty. “We had a very aggressive timetable for this program, and Instec’s fast-track approach to implementation had us up and running ahead of schedule.”

Instec reports that the project was completed in under ten weeks.

Essential Role in Commitment to Helping Clients
With the successful launch of the public entity program, Wright turned to Instec to provide the platform for its Education Insurance Program. Wright’s Education Program is available in all 50 states and the District of Columbia. Wright’s need for a new system coincided with a change in carrier partners and time was limited as renewal dates approached, Instec reports. The vendor once again fast-tracked the project and the system went into production in less than 30 days.

Wright is currently embarking on a third project with Instec.

“We have a longstanding reputation to uphold in the public sector and education markets,” adds Beer. “Instec plays an essential role in our commitment to help clients manage their unique risks more effectively and cost-efficiently.”

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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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