New platform provides flexibility, better underwriting, and rating functionality across diverse products.
Montreal, Quebec and Houston, Texas – June 8, 2015 – Oceanwide, an Insurity company and the leading developer of completely configurable, SaaS insurance software solutions for property and casualty (P&C) insurers, is pleased to announce HCC Insurance Holdings, Inc. (NYSE: HCC) has successfully implemented Oceanwide® Bridge for commercial package product for sports and recreation facilities.
HCC is using Bridge for portal rating and quoting with real-time integration to downstream systems for premium booking and billing. The company underwrites over 100 classes of specialty insurance products, including P&C, accident and health (A&H), professional liability, and surety and credit insurance. For this project, HCC was especially focused on flexibility, as well as consistency across the company’s many diverse operations, and wanted to use Bridge to fill gaps in current system functionality.
“Oceanwide Bridge provides the flexibility we need, especially as we go forward in implementing across additional lines,” said Matt Overlan, COO for HCC Specialty, the company’s first division to implement Bridge. “Bridge will complement our core systems by providing select system modules, such as agent and consumer portals, underwriter workstations, and rating where we need flexibility. Bridge provides a common user interface and promotes consistent underwriting processes across our diverse products. Bridge also offers our non-technical staff the ability to make system changes through configuration screens without programming or scripting, which eliminates dependence on a vendor for those changes.”
HCC’s initial implementation of Oceanwide Bridge started with one specialty line of business and is now being used by several additional lines of business. One of the biggest benefits HCC expects to realize with Bridge is a seamless interface with its policy administration system (PAS), providing a common interface and extending policy processing and communication capabilities through a new portal. Several of HCC’s internal users attended Oceanwide’s Bridge University, a training program that accelerates proficiency with the solution, in order to better understand how to create and modify the company’s insurance products configured in Bridge.
“Oceanwide built Bridge to handle the needs HCC is focusing on for the future,” said Mitchell Wasserman, CEO for Oceanwide. “We have significant domain expertise in specialty lines insurance globally, and look forward to helping HCC improve workflows and streamline processing functions across the company’s many additional lines of business going forward.”
About HCC Insurance Holdings, Inc.
Headquartered in Houston, Texas, HCC Insurance Holdings, Inc. is a leading specialty insurer with offices in the United States, the United Kingdom, Spain and Ireland. As of March 31, 2015, HCC had assets of $11.0 billion and shareholders’ equity of $3.9 billion. HCC’s major domestic and international insurance companies have financial strength ratings of “AA (Very Strong)” from Standard & Poor’s Financial Services LLC, “A+ (Superior)” from A.M. Best Company, Inc., “AA (Very Strong)” from Fitch Ratings, and “A1 (Good Security)” from Moody’s Investors Service, Inc. For more information, please visit the company’s website at www.hcc.com.
Oceanwide, an Insurity company, delivers SaaS core processing solutions to property and casualty (P&C) insurers of all sizes to enable faster reactions to market changes, easy configuration and management of new and existing products for increased speed and lower costs across all lines of business, virtually eliminating professional service fees. Web-enabled and fully-configurable by end users without custom programming, Oceanwide’s insurance software solutions automate core administration (policy, billing, and claims), as well as underwriting, document generation, agent/consumer portals and reporting. Globally, Oceanwide’s software fills gaps in existing legacy systems and provides a modern, end-to-end solution for insurers. For additional information, please visit the Oceanwide website at www.oceanwide.com, or call (888) 289-7744.