ICMIF member EMC Insurance Companies announces two new strategic partnerships

16 August 2018

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ICMIF member EMC Insurance Companies has recently announced strategic partnerships with two organisations with whom it plans to improve its digital processes and improve efficiencies in key areas of the organisation’s operations.

The first partnership was announced in June with insurtech startup RiskPossible. RiskPossible has developed a digital platform that allows insurance carriers to monitor clients’ evolving operations and adjust their actions accordingly.

Called the Continuous Underwriting Engine (CUE), RiskPossible’s digital platform captures policyholder and potential policyholder data so underwriters can better assess risks. With real-time updates and alerts, CUE can help insurance carriers know when important exposures change.

EMC will soon begin piloting CUE. “Engaging in this pilot project lets us explore how RiskPossible’s capabilities can infuse additional insights into our risk analysis and supplement our profitable growth,” says EMC Vice President-Underwriting Dan Crew. “We consistently seek out innovative products that enhance our company’s strategic direction by helping us look beyond the way things are done now.”

RiskPossible CEO Michael DeSiato adds, “The strong underwriting culture and innovative spirit at EMC is a great fit for our product. We look forward to providing their underwriting team with innovative ways to monitor in-force policy portfolios and gain actionable insights into risks.”

In July, EMC Insurance Companies announced a further strategic partnership, this time with information technology and business consulting services firm CGI. CGI developed Ratabase, a rating and product configuration solution that helps insurance companies generate real-time policy premium prices.

EMC first engaged CGI in late 2016. Since then, the two companies have designed and begun executing a multistage process to transition EMC’s policy premium rating system to Ratabase. “This technology simplifies our rating process, allowing us to introduce new products and enhance existing ones faster and more efficiently,” says Mel Appenzeller, EMC Vice President – Actuarial Pricing and Product Development. “By gradually integrating more business lines into Ratabase, we create new opportunities to offer our clients valuable service.”

Flexibility is one of Ratabase’s defining features. Users have the flexibility to set system standards for calculating policy premiums. These standards can then be adjusted based on business lines and policyholder type. Ratabase also functions as a tool to assess potential policyholders’ risks and determine agent incentives. 

In addition to the exciting digital initiatives that EMC is undertaking the organisation was also named a five-star insurance carrier in a report issued by Insurance Business America (IBA), a leading business magazine for commercial insurance brokers and agents. EMC earned five-star ratings in the categories of reputation and financial security, claims processing, range of products and commitment to the broker channel.

“These five-star ratings affirm EMC’s commitment to being a carrier that agents and brokers can count on. Gaining this recognition in a national survey demonstrates that EMC provides valuable products, services and customer support across the country,” says EMC President and Chief Executive Officer Bruce Kelley. “We continue to find innovative products and services that will help our partners achieve greater success.”

Insurance carriers receive scores based on how brokers rate their performances on a scale of 1 (poor) to 10 (excellent) in 10 key areas, including marketing support, claims processing and range of products. Carriers that receive an average score of eight or higher in any of the 10 categories qualify as five-star carriers. Out of 95 carriers mentioned in brokers’ ratings, only 24 received five-star ratings.

ICMIF CEO, Shaun Tarbuck, congratulated EMC Insurance Companies on these latest successes saying: “It is great to see our members introducing these new and innovative systems for the ultimate benefit of their members. EMC has celebrated over 100 years in business, proving that EMC has stood the test of time—providing comprehensive protection, superior service and financial security to its policyholders, agents and team members.”  

Picture shows: The EMC tower against the Des Moines skyline

For member-only strategic content on the cooperative/mutual insurance sector, ICMIF members have exclusive access to a range of online resources through the ICMIF Knowledge Hub.

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