roll-out-new-insurance-products

Case in Point

Roll Out New Insurance Products … Quickly

The Need

The California Earthquake Authority (CEA) is a not-for-profit public earthquake insurance program of the state of California. Through this program, participating insurers offer coverage and are paid a commission and servicing fee, while the CEA underwrites the risk.

CEA policies are offered for homeowners, mobile homeowners, condo unit owners and renters. California consumers must purchase their CEA policies from the same insurance company they use for their residential coverage. The CEA does not sell direct to consumers.

Carriers that would like to become CEA participating residential insurers are responsible for managing the needed CEA underwriting forms, notifications and procedures.

A Centralized Processing Solution

To support this need, Covenir worked directly with the CEA to understand its underwriting guidelines. Then, Covenir created a standardized, bundled solution that could be cost-effectively deployed by many different companies.

Eight different carriers have now deployed the CEA’s Centralized Processing Platform with Covenir BPO Services, saving money and avoiding the opportunity costs inherent to development lag time.

Each customer was able to start with the basic CEA service bundle and then add other Covenir service options (such as underwriting, customer service, premium services or print / virtual mail) as needed to get the CEA program up and running quickly.

Why Reinvent the Wheel?

With Covenir’s CEA solution, carriers don’t have to reinvent the wheel. They can enter the market quickly, pick up commissions and service fees, and avoid the competitive disadvantage of not being a CEA participating insurer.

This is just one way that Covenir is helps insurers roll out new products quickly.

“Flexibility, speed to market and insurance knowledge are thee qualities that set Covenir apart. Clients know they can count on us. We are eager to do the right thing.”

-Sallie Ricardo,
Customer Care Manager