Insurity’s cloud-native, configurable underwriting solution enables Pennsylvania Lumbermens Mutual Insurance Company to automate core processes for more streamlined underwriting
HARTFORD, Conn., February 11, 2022--(BUSINESS WIRE)--Insurity, a leading provider of cloud-based software for the property and casualty (P&C) insurance industry, today announced that Pennsylvania Lumbermens Mutual (PLM) Insurance Company has implemented Insurity’s Sure Underwriting software to strengthen its underwriting processes. The Sure Underwriting software enables PLM to automate its referral engine to accelerate underwriting decisions, reducing the time required by as much as 30 minutes per account.
With more than 126 years of experience, PLM is the largest mutual insurer dedicated to wood and building materials industries. Headquartered in Philadelphia, PLM serves more than 5,000 businesses nationwide. As a longtime customer of Instec, now an Insurity company, PLM needed to simplify their underwriting process and provide their underwriters the necessary data to arrive at informed underwriting decisions rapidly.
Insurity’s Sure Underwriting provides PLM with an intuitive and configurable rules engine, integrated data sources, and workflow tools to streamline the underwriting process in one platform. PLM’s policy service technicians can process renewals using Sure Underwriting’s configurable rules engine to accept or decline straightforward risks automatically. The rules engine also identifies complex risks and alerts underwriters to examine the account.
"When underwriting complex risks such as ours, realizing efficiencies through automation can be a challenge. Insurity’s underwriting workbench will allow us the flexibility of automating selected steps in the process, such as data gathering, so we can focus our expertise on analyzing the information and ensuring the highest quality and consistency in our underwriting execution," said Erin Selfe, VP of Information Technology at PLM Insurance Company. "Leveraging configurability via the cloud provides a practical solution for a smaller or mid-size IT shop like ours."
"With Insurity’s Sure Underwriting, PLM’s underwriters save valuable time enabling skilled resources to focus their attention on the complex risk where a deeper examination is required, " said Sylvester Mathis, Chief Insurance Officer, Insurity. "Integrated data sources and systems give underwriters a complete picture of risk. They minimize the time spent switching between systems by bringing all data together for efficient processing."
To learn more about how Insurity’s cloud-based Sure Underwriting software can help your organization reach better underwriting outcomes, please contact Laura Krause at Laura.Krause@Insurity.com.
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
About Pennsylvania Lumbermens Mutual Insurance Company
Pennsylvania Lumbermens Mutual Insurance Company (PLM) (www.plmins.com) is a nationally recognized property and casualty insurance carrier serving the lumber, woodworking and building materials industries. Backed by 126 years of experience, the Philadelphia, Pennsylvania-based company protects over 5,000 businesses nationwide with property, general liability, inland marine, business automobile, commercial excess liability and equipment breakdown coverages.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220211005384/en/