Farmers Alliance Mutual Insurance (FAMI) - CIO Summits

Farmers Alliance Mutual Insurance (FAMI) - CIO Summits

S u c c e ss S t o r y Farmers Alliance Mutual Insurance (FAMI) Go-live: Initiative leaders: Andy Edwardson, CIO and Vice President, Information Tec...

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S u c c e ss S t o r y

Farmers Alliance Mutual Insurance (FAMI) Go-live:

Initiative leaders: Andy Edwardson, CIO and Vice President, Information Technology John Foster, VP of Claims

December 2008

John Foster

About FAMI: Farmers Alliance Mutual Insurance Company, Alliance Insurance Company, Inc. and Alliance Indemnity Company are the three regional companies that comprise FAMI. Those companies provide property and casualty insurance for homes, autos, businesses and farms. Represented by more than 650 independent insurance agencies across a nine-state region, the Farmers Alliance Companies writes more than $125 million in premiums annually.

Implementation story: With up to 300 new claims needing to be handled each day, FAMI made a commitment to transform its claims processing function. The technology modernization initiative, named the “iFAMI” project, consists of a multiphased approach. Beginning with its Businessowners Policies (BOP) and followed by Commercial, Personal and Farm lines, FAMI replaced its legacy systems with modern technology solutions that enable the company to be more nimble and responsive.

VP of Claims



Our implementation of BlueWave Claims has helped Farmers Alliance realize eƒficiencies, conclude claims faster, exceed company goals and improve on customer expectations as well.



Results: • Faster conclusions to claims • Exceeding customer expectations from quicker and better response to customer inquiries • Increased productivity from internal and external adjusters’ ability to log in from the web • Decrease in training time for internal and external adjusters

• Administrative cost savings from elimination of redundant data entry and manual processing • Improved financial reporting accuracy due to immediate posting of new losses • Easier integration of claims with other FAMI systems • Reduced system maintenance cost

Awards: • Celent Model Carrier of the Year (2009) • John Foster, VP of Claims, Claims Professional of the Year by Claims Magazine (2009) • Andy Edwardson, CIO, Insurance & Technology’s Elite 8 award (2009)

www.cover-all.com NEW JERSEY

412 Mt. Kemble Avenue, Suite 110C Morristown, NJ 07960 PH: (973) 461-5200

NEW YORK

317 Madison Avenue, Suite B New York, New York 10017 PH: (917) 484-4960

HAWAII

1600 Kapiolani Boulevard, Suite 616 Honolulu, HI 96814 PH: (808) 675-2100

S u c c e ss S t o r y

Narragansett Bay Insurance Company (NBIC) Initiative leaders: Mike Anselmo, Chief Information Officer

Go-live: August 2010

Bob Khosropur, Chief Claims Officer

About NBIC:

Mike Anselmo

Headquartered in Rhode Island, NBIC offers specialty insurance products and services to homeowners through a select network of independent agents along the Eastern seaboard.

Implementation story: The company embarked on Project APEX in 2009 in order to modernize their inhouse legacy systems and establish a highly-advanced, flexible and nimble technology environment that would enable NBIC to deliver exceptional client services, platform scalability, business alignment and the product agility needed to transform the homeowners’ insurance marketplace. All systems selected as a part of Project APEX were specifically chosen for their flexible, modern architecture. The project consists of a multi-phased implementation with a bestof-breed approach. With legacy systems currently handling various aspects of claims transactions, NBIC’s goal was to establish a highly advanced, flexible and nimble technology environment. NBIC’s requirements for a new claims system dictated the selected solution would be web-based, highly-customizable and able to improve claims turnaround time. Cover-All Technologies’ BlueWave Claims was brought in when the Project APEX team at NBIC identified, and then selected, a system to consolidate IT processes and create more fluid claims management. NBIC’s requirements for a new claims system dictated the selected solution would be web-based, highly-customizable and able to improve claims turnaround time, all traits inherent to BlueWave Claims. Additionally, NBIC wanted the new solution to be responsive enough to handle the company’s current claims volume while also capturing all the data vital to increasing claim efficiency and underwriting better business.

Chief Information Officer

The team has “been exceptional to work with, and BlueWave Claims has provided NBIC with the cutting-edge technology we need to meet our company goals.



Insurance Company

Results: • Projected reduction of new adjuster training from one to two weeks to less than four hours

• Employee/staff satisfaction due to ease of use with intuitive work flow

• Projected reduction in system administrative time to add/update user permissions by about 20%

• Increased system extensibility through configuration and customization to modify and update the system to adapt to ever-changing business needs including the addition of new data elements, updating business rules, modifying code lists, adding new correspondence templates, etc.

• Projected overall reduction in cost to maintain the claims component of the system including maintenance and any additional services by about 20% • Increased chances of fraud and subrogation recognition • Faster and better quality claim handling

Awards:

• Modern technology and flexible interfaces allows for extensibility and integration with other systems as NBIC continues to grow

• Best Review Innovators Showcase (2013) • Celent Model Carrier (2011) • Mike Anselmo, CIO, Insurance IT All-Star by Tech Decisions (2010) • Bob Khosropur, Chief Claims Officer, Claims Professional of the Year by Claims Magazine (2011)

www.cover-all.com NEW JERSEY

412 Mt. Kemble Avenue, Suite 110C Morristown, NJ 07960 PH: (973) 461-5200

NEW YORK

317 Madison Avenue, Suite B New York, New York 10017 PH: (917) 484-4960

HAWAII

1600 Kapiolani Boulevard, Suite 616 Honolulu, HI 96814 PH: (808) 675-2100