Modern technology and rapid implementation approach enable insurer to launch new products in less than 90 days
SANTA BARBARA, Calif., May 25, 2021 (GLOBE NEWSWIRE) — ClarionDoor, provider of the most intelligent insurance product distribution software, is pleased to announce that Michigan-based property and casualty (P&C) insurer Universal Fire and Casualty Insurance Company (UFCIC) is now live with ClarionDoor’s rating and quoting for three new commercial insurance products.
In an industry where competition is fierce and insurers rely on their customer experience and product offerings to differentiate themselves, technology and speed to market are crucial factors to the competition equation. Insurers need flexible and modern technology to adapt to market conditions and need a process where they can launch products fast, and expand rapidly into new states and territories. UFCIC is a prime example. By leveraging AAIS, UFCIC proprietary forms and rates, and ClarionDoor’s technology, UFCIC was able to launch three lines of business in four states in just under ninety days.
“We recognized early on that if we wanted to expand into new markets with new innovative products, we needed to do it fast,” said John Lucker, executive vice president – chief strategy & analytics officer at UFCIC. “By leveraging ClarionDoor’s technology, and their rapid implementation process, we were able to launch our new commercial products in a matter of weeks and capitalize on our investment early.”
UFCIC is traditionally known as providing surety bond coverage since 2003; however, this innovation-driven company with market-facing insuretech tools and capabilities has expanded their operations by offering new commercial products for general liability, commercial property, and business owners package to address current and evolving market demands.
“There are always challenges when an insurer tries to enter new markets,” said Tim Ellis, chief information officer at UFCIC. “Typically, those challenges stem from inflexible technology and legacy applications that aren’t designed for new products. ClarionDoor’s technology mitigated all of those risks for us. Their modern cloud-native, API-first software enabled us to build our commercial products and launch to market leveraging pre-fill tools and external data feeds faster than we ever could on legacy systems.”
ClarionDoor’s cloud-native, API-first software is designed with speed to market in mind, empowering insurers to develop products via a no-code, fully configurable solution. Insurers are able to modernize legacy products or enter new markets without the frustrations of legacy insurance software.
“Seeing our clients succeed like this affirms that our technology and process works,” said Pat McCall, chief sales officer at ClarionDoor. “Not only does our process get clients live in weeks, but our technology positions them to focus on innovation rather than implementation. We are thrilled to see UFCIC go live and we look forward to working with them to continue their multi-product, multi-state, expansion.”
For more information, please contact Spiro Skias, Director of Product Marketing for ClarionDoor, at spiro.skias@clariondoor.com. To stay up to date with ClarionDoor, follow us on LinkedIn.
About UFCIC
Universal Fire & Casualty Insurance Company, founded in 2003, is a multiline admitted commercial lines insurance company with primary offices in Detroit, Michigan and Columbus, Ohio. Guided by an entrepreneurial spirit, UFCIC provides innovative insurance solutions to underserved small business commercial markets. We design our products intuitively and platform agnostic to accelerate high quality competitive underwriting decisions to our partners and customers. For more information, please visit www.ufcic.com.
About ClarionDoor
ClarionDoor is a cloud-native, SAAS provider of the most intelligent, insurance product distribution software with a multitude of customers live today across the United States, Australia, New Zealand, and the United Kingdom. Our breakthrough API-first technology enables MGAs, brokers, carriers, and program administrators to rate, quote, and issue for any line of business; getting them live in weeks, and liberating them to focus on innovation, not implementation. Learn more at clariondoor.com.
SOURCE: ClarionDoor, LLC
