In July of 2006, The Woodlands Financial Group (TWFG) encountered a liquidation order from the Texas Department of Insurance that would put one of TWFG's business partners (Texas Select) into receivership.
"What that meant to us was our 11,000 policies at Texas Select were going to need to be rewritten," says Gordy Bunch, president and CEO of TWFG. When a state puts a company into receivership and liquidation, they seize all the assets of the carrier and associated contracts, he explained.
Bunch contends the complication for his company was to find a software package that was compatible with the Texas Select book of business.
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