Venture Insurance Programs is a full-service program administrator providing specialty coverage for Golf Clubs, Social Clubs, City Clubs, Resorts, Boutique Hotels, 4/5 Star Franchise Hotels, Hunting & Fishing Lodges, Plantations, and Golf or Hotel Management Companies. The programs are distributed on an open market basis through insurance agents and brokers. One of Venture’s key strengths in addition to its expertise, insurance products and risk management, is its technology platform, enabling the program administrator to offer speed to market with accurate rating, quoting, binding and policy issuance.
OUTCOMES & RESULTS
The success behind Venture Insurance Programs, a national specialty programs manager specializing in specific niche markets for 25 years, is its ability to bring competitive solutions to the market with speed, agility, accuracy and efficiency. This capability combined with its strong carrier partners, customized programs and products, and broker distribution network allow Venture to deliver responsive underwriting, rating and policy issuance supported by unparalleled client servicing.
“Our platform is instrumental in helping us deliver the service that both our carrier and broker partners have come to expect from us,” said Tina Land, Venture’s Chief Operating Officer. “We need the ability to rate and deliver proposals to our brokers in a timely fashion. We also need to bind and issue policies quickly while providing our carriers with reports for better business decision-making. NetRate Systems provides us with the solution to accomplish all of this.”
THE PARTNERSHIP GROWS
Venture first partnered with NetRate in 2009, utilizing the vendor’s commercial rating system for its flagship Golf & Country Club program. “We had the opportunity to partner with a major carrier,” explains Tina, “who wanted us to invest in a platform that gave us complete control over rating, quoting, proposal creation, policy issuance and statistical reporting. NetRate’s ISO® rating engine is active in all 50 states, which met the criteria for our national program. We contracted with NetRate for our rating needs and with another vendor to provide us with the forms we required for policy issuance and endorsements. We bridged the two systems together to obtain the results we needed.”
Since that time, NetRate developed its own policy issuance system with NetPPS, Policy Printing System. When Venture brought on another carrier that wrote in selected states for its Golf & Country Club program, the program administrator looked to NetRate for a complete solution. “We used NetRate’s rating and forms platforms for this secondary program in the six or seven states in which it was available,” notes Tina. “This worked out extremely well; we gained efficiency by eliminating the systems bridge and manual data entry in certain areas.”
In fact, due to the smooth workflow process and improved efficiencies in utilizing one platform to handle all transactions, Venture decided to move its principal program in 50 states to NetRate’s NetPPS system as well. “We began working with NetRate to make the transition for our 50-state program to their PPS system in October 2014. We had a hard deadline of May 2015, which was the expiration date of our contract with our forms vendor. NetRate made it happen, meeting our deadline.
This was a huge undertaking and has been well worth it,” comments Tina. “Working with NetRate on this project has been an excellent experience.”
In moving the forms to NetRate’s PPS system, Venture was also able to implement its proprietary proposal. “Our client proposal includes our expertise, program highlights and differentials and benefits. Prior to using NetRate, we produced our proposals in Word by combining various documents. Now we have one source from which to pull data from the rating, quoting and coverage forms into our proposals,” explains Tina.
Having this capability enables Venture to get to market more quickly while also eliminating the opportunity for human error. “A rater can enter the information, the underwriter can check and confirm the information, and the proposal can be created. You are entering data one time, in one place,” Tina stresses.
What’s more, Tina explains, “After the proposal is presented you can easily make changes to further reflect the best product fit for the client. The proposal gets populated using revised data from the rating changes made. Our brokers can then present the revised proposal and easily bind coverage as most of the information is already there.”
Additionally, the NetRate System gives Venture the ability to provide carriers with requested reports through either its NetStat or NetData Warehouse products.
“We are able to extract, from the system’s warehousing of data, relevant reports with information to help us and our carriers make strategic business decisions about our programs,” explains Tina. “We review rate monitor reports for each line of business to analyze the endorsements we have added picture view for each of our programs and the potential for new opportunities.”
In fact, NetRate provides clients the ability to produce several key reports, including a summary of changes on renewal quotes along with the rate change percentage, and a summary of property coverages and values for selected quotes and policies, which is also available in a carrier-specific modeling format.
SMOOTH WORKFLOW, REDUCING COSTS
In just the six months or so that Venture has utilized the NetRate System for its rating, quoting, proposals and policy issuance, workflow has improved significantly.
“The time it takes to issue a policy has been reduced by over 65% with NetRate. We went from spending an hour-plus to issue one policy to 20 minutes,” Tina says. “This is extremely critical for us, as quality service is our policy. We promise to deliver in a timely fashion, and that is exactly what we are doing.”
Other benefits include the cost savings from eliminating the need for two vendor licensing contracts, and for Venture’s IT department to maintain two backend systems, including two databases, the servers involved and communication time with the respective vendors. Tina also expects to see a huge savings this year. “Last year we incurred the cost of implementing the new forms system but we expect to see at least a 20% savings overall the following year, which is huge.”
In addition, when Venture adds another carrier or program that is ISO®-based, the forms are already in their NetRate System’s library. All they have to do is add Venture’s carrier’s proprietary form. “Our users are familiar with the NetRate System and all the data is set up in a similar format, therefore minimal training is involved,” This is another value driver for us,” she says. “It’s a huge asset to have everything in one place.”
ABOUT NETRATE SYSTEMS
NetRate Systems, Inc. supplies Commercial Lines Rating and Policy Issuance Systems to the Property and Casualty insurance marketplace, primarily to MGAs, Program Administrators, Carriers, and Lloyds Coverholders and Risk Takers. Its systems are designed to automate submission workflow and processing, underwriting, rating, document generation, policy issuance, and reporting through the full policy life cycle. The rating and policy issuance solutions includes support for all major ISO® lines of business, nationwide. NetRate also offers custom development of all lines of business, including custom Professional Liability. NetRate solutions are deployed in the cloud, which minimizes the need for hardware and IT staff maintenance requirements. NetRate Systems also provides integration of third-party data sources and services to speed up the quoting and subsequent reporting processes. The firm also has strong partnerships and integrations with third-party policy administration systems.
NETRATE PRODUCTS & SERVICES