(NYSE MKT:COVR), a Delaware corporation, announced today that Cover-All Policy, a complete policy administration system for property and casualty (P/C) insurance companies including rating, quoting, underwriting, and policy lifecycle management, was recently featured in a Novarica report evaluating P/C policy administration systems.
The Novarica report offers an overview of the policy administration systems and suites available to US P/C insurers. The profiles contained in the report provide summaries of the vendor organization, client base, technology, key differentiators, lines of business supported, and key functionality. “Insurers are increasingly looking to shorten implementation times and reduce implementation risk through the use of pre-built line of business content, ISO and NCCI content, and pre-integrated modular suites. These elements allow carriers to minimize the amount of customization required, along with the level of effort to configure the new system,” stated Chad Hersh, Managing Director at Novarica.
The report noted that, “Cover-All Policy includes built-in functions for managing the entire policy lifecycle, such as integrated document generation and storage, financials, distribution management, reporting, renewals, configurable underwriting tools, and workflow with a Web 2.0 user interface. The system includes a fully built bureau capability (both ISO and NCCI) for commercial products (not just templates) with UI, rates, rules, forms attachment, pre-mapped bureau forms, stats, surcharges, taxes, fees, and pre-built exceptions for 52 jurisdictions.”
"With carriers continuing to evaluate policy administration systems as they seek to replace their existing systems, we are pleased that this Novarica report highlights the features that make Cover-All Policy one of the in-demand systems,” said Manish Shah, president and CEO of Cover-All. "Cover-All Policy includes out-of-the-box, fully built bureau capability for both ISO and NCCI for commercial products. We can have Cover-All Policy ready for initial go-live in as little as 180 days, and we provide unparalleled support backed by a team with P/C experience.”