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Pennsylvania Lumbermens Mutual Insurance Company Goes Live with Insurity’s Cloud-Based Sure Underwriting to Speed and Strengthen Underwriting through Automation
Insurity, a leading provider of cloud-based software for the property and casualty (P&C) insurance industry, has 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, realising 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.”
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