“We take great pride in our ability to work with industry thought leaders in order to deliver the right solution for your business.”
The insurance industry, particularly personal lines, is undergoing rapid change led by technology forces underlying the items covered like smart automobiles and homes. These changes are forcing revolution of the underlying insurance policies and will continue to do so. Insurtech investments are flowing in to deal with this, with Artificial Intelligence in pricing and workflow, in electronic forms of distribution, blockchain technology for data and dollars. Additionally, insurance has been a slow-to-change industry and carriers need to look out for multiple strategic partnerships to keep up with a changing landscape in insurance products, growing customer expectations of a digital world, and expanding their business lines to commit to growth goals.
Waterstreet software and services offer process automation, reduces time, cost, and waste to better suit carriers to be competitive and offer an elevated customer experience to their insureds. Their scalable solution helps clients launch new products and expand to new territories quickly and easily to grow their business. Gregg Barrett, an insurance executive with long experience in the property-and-casualty and flood lines of business, formed WaterStreet in 2000. His goal was to enable companies to increase efficiencies, realize cost reductions, and focus on core objectives.
He created WaterStreet as a “One Stop Shop” for the system and business process services that carriers need to run their business, mitigating the need to manage multiple vendor relationships.
The WaterStreet P&C Policy Administration Suite is a fully managed, cloud solution deployed and hosted with Microsoft Azure web services. This high-availability solution delivers security and scalability to support all P&C business lines in all states from a single platform. They handle all premium and commission accounting responsibilities (bonded) – physical check or electronic payment. They issue refunds and claim payments from the integrated claim management system, and their fully documented API and web services offer full interoperability and integration across 3rd party systems and services for a truly holistic view into operations without the need for extra overhead to manage services. With WaterStreet, customers can launch products quickly and easily to support growing their business.
The Waterstreet P&C Insurance Suite is built on a robust configurable platform. The system allows users to seamlessly manage all phases of the policy lifecycle from quote to renewal as well as integrate to third party data services and platforms. In an instance, a Louisiana-based start-up implemented WaterStreet’s policy administration software as well as utilized its back-office services suite that year and participated in the Citizen’s depopulation program. The client since then has expanded at an unprecedented rate and worked hand-in-hand with WaterStreet to surpass their present numbers of over 60,000 PIF and about $80M in written premium, to $100M by end of 2019.
WaterStreet’s emphasis on the customer experience sets them apart from the competition. Their approach is to partner with clients and draw upon the collective industry expertise to help them through every step of product launch or expansion to ensure its growth and success. Their deep industry knowledge combined with flexibility to work with startups and growing companies allows them to bring a consultative approach to the solution.
For the days to come, WaterStreet maintains an ongoing effort to deliver innovative solutions and services to clients. Part of that strategy is a well-built partner eco-system with trusted names in the industry to offer a broad range of technology and service solutions. WaterStreet is always looking to build new relationships with client and industry partners to collaborate in insurance technology, consulting, and services. “We take great pride in our ability to work with industry thought leaders in order to deliver the right solution for your business,” says Gregg.”