SeaPass Solutions, Inc., a provider of Web-based insurance distribution solutions to the property and casualty (P&C) insurance industry, introduces a pair of insurance portals—the SeaPass E&S Carrier Portal and the Distribution Portal.
Much like SeaPass’s Insurance Portal 3.0 for distribution ofstandard lines, the E&S Carrier Portal leverages the same technology, but is designed and targeted specifically for the E&S market. All stakeholders in the E&S value chain—agents, underwriters, consumers, wholesalers, or MGAs—are able to collaborate in real-time for the distribution of E&S lines of business.
The Distribution Portal provides a solution that enables wholesalers, MGAs, and brokers to connect, communicate, and manage business with carriers and agents. It combines SeaPass’s solutions for carrier automation and agency quoting into a single online portal that supports both admitted and excess and surplus (E&S) lines.
The SeaPass Insurance Distribution Portal provides an infrastructure:
- to enable wholesalers’ and MGAs’ appointed agents, and/or customer service representatives and underwriters to connect, communicate, and manage the business online;
- to submit applications and receive quotes online for admitted and non-admitted carriers utilizing internal rating systems or direct from carriers, and returning single carrier or multi-carrier quotes in real time; and
- to support underwriter collaboration for referrals, and provide full integration with the wholesaler or MGA’s internal management systems.
SeaPass makes the E&S Carrier portal available in an enterprise, hosted, or in a software as a service (SaaS) model. The portal leverages a carrier’s investment in its existing core systems infrastructure to present an integrated experience to the carrier’s entire set of distribution partners.
SeaPass also enables carriers to leverage systems currently in use, oftentimes avoiding the expense of complete system replacement. The new solution also supports the latest in Web technology, such as social media, co-browse, chat, iCRM functionality, AMS, and call center integration, as well as Web analytics to offer improved quote to issue and conversion ratios for new E&S business.
"Successfully automating the E&S process was one of our strategic focuses for 2012, and we believe, a first in the industry,” says Tim Attia, senior vice president, sales and marketing for SeaPass. “Offering an automated approach to bothstandard and E&S markets gives carriers a lot of options and makes it so much easier to do business with their distribution channels. Wherever a carrier, an agent, a wholesaler, an insured, or an MGA may be in the insurance value chain, everybody in the E&S process benefits when things are simplified, automated, quick, and more cost effective.”
As for the Distribution Portal, Attia says, "We are excited to offer wholesalers, MGA’s, and brokers a fast, efficient, low-risk entry to provide their businesses an automated way to access markets, while also making it easy for their agents. The much faster response time and higher level of customer service for prospects and clients will result in more referrals, translating to more premium revenue.”
SeaPass has been automating the insurance industry for 12 years and with its Insurance Distribution Portal, Attia believes the company is able to take automation another step forward by bringing together the various industry constituents required to offer an efficient marketplace for all to transact.
“With automation no longer limited to quotes fromstandard markets, agents will be able to obtain quotes for more complex commercial lines from multiple carriers through a single online submission—drastically increasing their ability to effectively and efficiently meet their clients’ risk management needs,” he says. “We see this new offering as strengthening our position as the leading online marketplace for commercial insurance in theU.S., in both number of agents and premium volume.”