Naperville, IL, November 29, 2004: INSTEC, a leading provider of rating and policy administration software for the insurance industry and experts in integrated solution delivery, announces the agreement with Southfield, Michigan based Meadowbrook Insurance Group (NYSE: MIG) for implementation of INSTECâs QuickSolverÂ® Commercial Package Policy (CPP) and Commercial Auto policy rating and policy administration solutions.
The INSTEC solution includes support for five lines of Meadowbrook business: Property, General Liability, Inland Marine, Crime and Commercial Auto. Meadowbrook selected the INSTEC solution to replace their current policy administration system that could no longer effectively adapt to Meadowbrookâs dynamically changing and growing program business. In addition to its robust
functionality, the INSTEC solution was chosen due to its flexibility to fit well into the current Meadowbrook operation and to adapt as business needs evolve.
INSTEC has also completed an interface to Meadowbrookâs legacy system which is hosted remotely by another vendor. Detailed statistical and premium data along with DMV reporting information is communicated in a two-way interface. The INSTEC policy processing solution will reside in the Meadowbrook home office for easy management and administration, and will be accessed by Meadowbrook branch offices and Managing General Agencies throughout the United States.
According to Chris Spring, CIO of Meadowbrook Insurance Group," Our prior rating system did not allow us to meet our business objectives. INSTEC had shown us previously that they could handle the challenge our various types of program business, across multiple offices. Extending the INSTEC system across the entire enterprise, to become the primary property and casualty rating solution for all Meadowbrook offices was a logical choice once they understood our business and integration strategies."
"A key component of the solution was a robust integration to our remotely located legacy system. INSTEC was able to deliver a working integration in less than 90 days. This allowed Meadowbrook to meet our goal of quickly extending the solution to our distributed branches." added Spring.
"Meadowbrook will now be more competitive because the INSTEC solution gives us stability and consistency. Most importantly, we can now better focus on our core competencies like risk management and program business administration, a luxury we did not have previously."
Pat Walsh, INSTEC Vice President, added, "Meadowbrook has a clear vision for the future of their business and we are pleased to be selected as an enabler to help them achieve their goals. We are confident that our solution will provide Meadowbrook a strong technical and functional stance to meet their operational needs, while providing them a platform to build on as their business needs change over time. We thank them for the opportunity and look forward to working with their team throughout the implementation project."