Instec Strengths, Domain Expertise, and Key Differentiators
Instec sells applications for the commercial property-and-casualty insurance industry. Instec Policy is Instec's flagship policy administration platform. It is an end-to-end, policy lifecycle management solution that enables companies to accelerate time to market for new products and programs, reduce costs, and increase market share in a highly competitive environment.
Built on Microsoft's Windows Azure platform, Instec Policy takes full advantage of the cost and speed characteristics of cloud-based software. Instec Policy's functionality covers the entire policy lifecycle, from quote to renewal. Also, the solution includes an actively managed library of bureau rates, rules, and forms for all 50 states and all major commercial lines of business.
Instec Recent Developments
In November 2018, Instec created a predictive model that determines whether insurance policyholders are likely to renew. Built using Microsoft Azure Machine Learning, the model provides insurers with insights that can reduce churn.
Instec Underwriting provides an online collaborative environment where all parties involved in the underwriting process can interact with each other throughout the customer lifecycle. That comes right after hiring Jason Pamplin in August 2016, to lead the development of a new underwriting system.
Instec Billing, an integrated billing system for insurers and managing general agents (MGAs) in April 2016, after Instec acquired the recently-developed software from Pennsylvania Lumbermens Mutual Insurance Company (PLM).
Instec Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Instec applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Instec and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Quicksolver, customers.
Ownership: - x
Number of Employees: 160
Instec Key Enterprise and Cloud Applications
Instec Revenues, $M:
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* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Instec Revenue Breakdown By Type, $M:
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Instec Enterprise Applications Revenues By Functional Markets, $M:
Instec Enterprise Applications Revenues By Verticals, $M:
Instec Revenues By Region, $M
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Instec Direct vs Indirect sales
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Instec Customers - Breakdown by Geo, Size, Vertical and Product
No. of Instec Customers: 40
No. of Instec Enterprise Applications Customers: 40
No. of Instec Cloud Customers: x
No. of Instec Cloud Subscribers: x
In April 2020, Instec Policy system has been chosen as the platform for a multi-state small fleet transportation program from Aon Affinity. Aon Affinity is a division of Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions to clients around the globe. Aon Affinity specializes in programs and specialty solutions for affinity organizations and their members. In November 2019, the company announced a new motor-carrier insurance program that adjusts rates monthly based on driving behavior. The program is offered exclusively through CarrierHQ’s mobile-friendly online portal and covers fleets with 20 or fewer trucks.
In August 2019, NSM Insurance Group (NSM) has implemented the Instec Policy system for their Care Providers Services (CPS) social services program. NSM develops and delivers insurance programs for 19 different niche markets, including pet health and classic cars. CPS began as a regional program over 15 years ago and has since expanded to become one of NSM’s largest programs, covering all 50 states. The program includes seven lines of business and is currently placed at thousands of accounts. As a strategically important program, CPS was a natural starting point when it came to an upgrade to NSM’s insurance policy management system. The company recognized it would need a new platform to support its growth and turned to Instec, a software vendor with whom they had success working on a prior program.
In March 2019, Instec unveiled that NIF Group (NIF), has selected the Instec Policy system to launch a new program with a national carrier partner. In August 2019, NIP Group selected Instec Policy in a move to transition from a carrier-provided system to a system managed in-house. Instec is in production with over 40 clients in the commercial P&C marketplace.
Among its customers are: Aon Affinity Commercial Services, Argo Group US, Berkshire Hathaway Specialty Insurance Co., Church Mutual Insurance Co., Hiscox USA, Meadowbrook Insurance Group, Florida Municipal Insurance Trust, Markel, Pennsylvania Lumberman's Mutual Insurance Co., ARA Insurance Services, Lockton Affinity, Glencar Underwriting Managers, Midwest Insurance Services, and others.
Instec Market Opportunities, M&A and Geo Expansions
In December 2018, Instec integrated ISO's new commercial auto class plan into its Instec Policy system. Several Instec customers have already begun taking advantage of the new rates and rules in the software's content library. The new ISO plan provides much more granularity in a variety of rating variables, including vehicle age, cost, commercial segment, and vehicle purpose.
ISO has also added a pricing factor based on the NAICS designation (North American Industrial Classification System), to reflect the variety of vehicle uses across different industries. Unveiled Instec Billing, an integrated billing system for insurers and managing general agents (MGAs), in 2016 after Instec acquired the recently-developed software from Pennsylvania Lumbermens Mutual Insurance Company (PLM).
Instec Risks and Challenges
Instec's ability to scale out its customer count will be key to its long-term success.
Instec Ecosystem, Partners, Resellers and SI
In June 2019, Instec partnered with Digital Insurance to release two new whitepapers. The first, Next-Gen Carrier Systems, tackles the fallacies of the single-system myth among carriers.
The second, MGA Bulletin: 3 Keys to Navigating Program Business Opportunities, speaks to the recent trend among MGAs to own their systems. Instec's partners include Verisk Insurance Solutions, GhostDraft, Martin and Company, Microsoft, MFX, MIS Insurance Services, NCCI, Polk, Digital Insurance and others.
Instec maintains partnerships with GhostDraft (document and forms creation), Microsoft (cloud services and development platforms), Verisk and NCCI (ISO and workers' compensation regulatory content), MIS Insurance Services (back office services), Martin & Co. (outsourcing services), and InvoiceCloud (payment processing), among others.
Instec Cloud Infrastructure Insights
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- Instec Public Cloud and Infrastructure (IaaS)
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- Instec Private Cloud and Data Centers
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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