Figo Pet Insurance wins the SMA Innovation in Action Award at the annual SMA Summit
Tuscaloosa, AL September 29, 2016 – Insuresoft, a leading insurance transaction processing solution provider for property and casualty insurance carriers, is thrilled to announce our client Figo Pet Insurance, was presented the SMA Innovation in Action Award during the annual SMA Summit at the Mandarin Oriental Hotel in Boston.
The annual awards program recognizes truly innovative projects, solutions, and initiatives within the insurance industry. In the five years of the program, SMA has seen clear evidence of the incredible strides being made within the insurance industry by insurers and solution providers. “It’s a great time to be in insurance,” said Karen Furtado, SMA Partner. “We congratulate all of the winners and participants on their successes and creativity in reinventing insurance for the 21st century!"
Figo Pet Insurance was awarded for their unique approach to the pet insurance business model through the innovative use of emerging technologies including Insuresoft’s Diamond System for policy administration, billing, and claims. Figo’s reimagination of the pet insurance value proposition is focused on making life easier for people and their pets. Their holistic approach to customer experience offers a meaningful example of how the insurance industry can reinvent its business models and customer engagement strategies for the digital world.
“It is an honor for Figo’s project implementing the Diamond System to be selected to win the SMA Innovation in Action Awards,” said Tony Villa, CEO of Insuresoft. “Rolling out the Diamond system, online quoting, and a cloud-based portal (including mobile claims submission) in less than 9 months, showcases Figo’s commitment to excellence and providing their insureds an exemplary customer experience. Figo’s dedication to this project and their outstanding results make them an optimal choice for this award," Villa stated.
“Insuresoft made significant contributions to Figo’s success,” said Rusty Sproat, founder and CEO of Figo Pet Insurance. “Without them, we would not have been able to successfully integrate multiple systems into a unified platform.
“Insuresoft understood we were an entirely internet-based business and were able to fully integrate their insurance solution with Figo's Pet Cloud technology platform. Customers can access vet information, view policy documents, setup online pet profiles, file claims, find pet-friendly businesses, track their pet's real time location with a GPS-enabled collar, text customer support, and more, all from the smartphone. It’s unbelievable what they accomplished in a short time, said Sproat"
As a result of the new capabilities from the Diamond Suite, Figo achieved a successful market launch, and has been able to support mass enrollments for voluntary benefits clients and private exchanges. Additionally, the Diamond broker portal has allowed Figo to upload and enroll over 6,400 Independent Agents and pay commissions electronically. Figo went from startup to 50 states in just under 9 months, and continues to experience 30% month-over-month growth.
About Insuresoft, Inc.:
Insuresoft is the developer of the Diamond System, a scalable policy administration solution for property and casualty insurers writing personal, commercial or specialty lines. Insuresoft has developed an adaptive implementation approach that quickly and seamlessly configures Diamond to fit the unique needs of insurers of all sizes, delivered either on premise or on demand via a software subscription. Diamond functionality extends beyond core administration and includes product configuration tools, business intelligence, document management, mobile, as well as agent and consumer portals. In addition, Insuresoft provides a full complement of business process and information technology outsourcing services wrapped around Diamond to deliver a managed solution that leaves nothing to chance. For more information, please visit www.insuresoft.com, email email@example.com, or call 866-299-1314.
Figo is a Chicago-based pet insurance and technology provider committed to helping pets and their families enjoy their lives together. We got our start at 1871, the premier technology incubator, and one of Google’s Tech Hubs in North America. From there we have grown into a company that has truly made pet insurance easy. With our love for pets, obsession with technology, and background in insurance, we created a unique cloud-based pet healthcare offering. Underwritten by the Markel Corporation, Figo Pet Insurance provides pet owners with easy-to-use, reliable insurance and peace of mind. Beyond coverage, Figo’s Pet Cloud gives people the tools they need to manage their pet’s entire life. For more info on the Figo Pet Cloud or Figo Pet Insurance plans, visit FigoPetInsurance.com.