Cover-All Technologies Inc. (NYSE MKT: COVR), a Delaware corporation, announced today that My Insurance Center (MIC) NexGen, was recently included in a report profiling insurance policy administration solutions (PAS) published by Novarica, a research and advisory firm focused on insurance technology strategy.
The Novarica report, “US Property/Casualty Policy Administration Systems 2012 (Q2),” profiles 55 vendors with policy administration solutions available today, and describes a number of trends that explain why PAS projects remain a top priority including the need to improve product development speed and flexibility, customer and distributor service and internal workflow.
“In addition to simply improving customer and distributor service, another key factor is the desire to attract and retain not just top producers, but also the new generation of producers who simply won’t stand for the challenges presented by legacy solutions,” said Chad Hersh, partner at Novarica and author of the report. “Inflexible legacy policy administration systems can prevent insurers from being able to take advantage of new opportunities and being able to meet customer and agent expectations.”
Cover-All Technologies’ profile specifically notes My Insurance Center NexGen “…is live at clients in all 50 states (plus the District of Columbia and Puerto Rico) supporting all major commercial lines, including ISO commercial lines, Massachusetts commercial auto, NCCI Workers’ Comp, and various specialty commercial custom lines” and notes that 23 North American carriers are live with an additional 9 MGA clients. The report also includes a description of MIC NexGen’s 100% web-based solution along with screenshots of the solution."Cover-All has been successfully serving property/casualty insurance companies policy administration needs for many years, and we are very excited to be included in Novarica’s report,” said Manish Shah, president and CTO for Cover-All Technologies. “Cover-All’s new NexGen policy solution was conceived and created to enable our customers to gain compelling and sustainable competitive advantage through use of flexible and easy-to-use systems. We architected NexGen to leverage the latest technologies and our extensive insurance experience to create a policy platform that addresses the issues and opportunities outlined in the Novarica Report.”