The first CEA participating insurer moved into production in Q2 2016.
(Tuscaloosa AL) The California Earthquake Authority (CEA) has chosen Insuresoft, a provider of enterprise software to property/casualty insurers, to provide the software to streamline processing of its residential earthquake policies. CEA calls this initiative the Centralized Policy Processing (CPP) program.
Working with the 21 insurance companies, representing 76 percent of residential property insurance sold in California, that service CEA policies (Participating Insurers (PIs)), CEA needed a well-established system with a responsive, extensible technology platform.
In exploring the market, CEA looked for a company that could offer economies of scale, simplify the data exchange between its central system and its PIs, and establish efficiencies for both CEA and PIs, ultimately benefitting CEA’s policyholders. Insuresoft provides the functionality and configurability required by CEA, in addition to deeply experienced technical and insurance resources.
“This is an important opportunity for us to establish a long-term relationship with CEA and its PIs,” said Tony Villa, CEO of Insuresoft. “Since CEA and its PIs will be able to achieve degrees of administrative standardization by operating on a single platform, the benefits will be mutual.”
“We selected Insuresoft in a rigorous, competitive procurement process—we are pleased to be working with them as we continue to build and implement our CPP program,” said CEA Chief Information Officer Todd Coombes. “CPP is very important to CEA—PIs will find it much easier and more efficient to work with us, and its technical platform supports our future product innovation. We believe this will be great for both PIs and CEA policyholders.”
The CEA recently had its inaugural PI go live with CPP. Additional implementations will continue through 2017. This rapid initial deployment sets the stage for remaining CEA PIs to evaluate the platform and determine if and when they’ll implement the solution.
About the CEA
CEA is a not-for-profit, privately funded, publicly managed organization that provides residential earthquake insurance and encourages Californians to reduce their risk of earthquake loss. People choosing CEA insurance get the Strength to Rebuild® after damaging earthquakes.
Insuresoft is a Microsoft Gold Certified software developer serving the property/casualty insurance industry. Insuresoft offers a fully integrated policy, billing, and claims-processing platform. Insuresoft is in production in nearly 30 insurance companies and MGAs across all 50 states, processing $1.5B in personal- and commercial-lines premiums annually. The platform is scalable, configurable, and cost-effective. Insuresoft is privately held, with offices in Tuscaloosa, AL, and University Park, IL. For more information, please visit www.insuresoft.com, email firstname.lastname@example.org, or call 866-299-1314.