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Memic – Integration and no-code development

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Zudy reduces quote time from 16 hours to minutes for Regional Insurance Company.

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Solution Profile
  • Location: Portland, ME
  • Industry: Insurance
  • Solution Line: Policy & Claim Mgmt Workflow  
  • System Integrations: 6 
  • Time to Deliver: 3 Weeks
The Business

Based out of Portland, Maine with additional offices located around the United States. The company of 450+ employees is a nationally licensed workers’ compensation carrier and is among the top 5 workers’ comp insurers in New England. Since 2016, the company has grown annually by 30% in its targeted growth areas along the Eastern Seaboard.

The Problem

Insurance data can be very complex and dynamic — aggregating and consolidating information from disparate systems becomes difficult and inefficient to manage. On top of this, industry  trends and regulations that are out of a company’s control require frequent changes which must be rapidly implemented.

 

For insurance carriers, providing quick quotes at a competitive price is a critical process to acquiring and retaining customers. Defining the quote process requires months of actuarial examination and guidance, causing delays in releasing new product lines to attract new customers.

 

Many IT departments are spread thin, meaning the changes don’t get the time they deserve. Once the changes are put in place, they require constant tinkering and updating to work with all business situations and exceptions.

The Solution

With Vinyl’s Lite Integration and no-code development, the company was able to reduce a complex quoting process that previously took as long as 16 hours to just minutes. 

 

By creating a data-driven quote calculation application, the company improved their quote efficiency, improved product release time, and enhanced quote accuracy. 

 

Additionally, having a well-established, automated process allowed for better auditing and compliance. Prior to Vinyl, only 2 employees were trained to process the quotes, due to the overhead and knowledge needed. Now with a standardized and friendly interface, more employees can be trained in minutes, freeing up executive underwriters’ time. 

 

The application also offers the business’ power users the ability to manage regulations and procedural configuration, reducing dependency and strain on the IT system admin.

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