Insurance Networking News published an article on how FinSecure worked with SBS to build their new Lender Placed and Foreclosed system, FinNET LPF. This custom insurance software system was developed over a 14 month period and delivered on time and on budget.
Specialized Business Software, a provider of custom software solutions for insurance, mortgage and financial services companies, announced WNC First Insurance Services, a provider of risk protection solutions to financial institutions, insurance companies and agents, reduced the time it takes to process insurance policies by 90 percent with Specialized Business Software’s (SBS) custom software solution.
As a rapidly growing insurance tracker, WNC needed a custom software solution that would enable it to receive a broader array of insurance policies electronically. By significantly increasing the number and type of insurance policies WNC can receive electronically, WNC eliminated the traditional requirement of having to manually input those insurance policies into its computer systems. In June of 2012, WNC chose SBS’ custom X12 EDI software solution. Since launching the software, SBS’ custom insurance software solution has enabled the company to redeploy extra internal resources to other areas. By increasing the breadth of its automated processes and increasing efficiency, WNC has achieved a significant reduction to data capture costs.
“We chose a customized solution through SBS that was designed to meet our specific needs because a generic, out-of-the-box software system would not have provided the same level of capability,” said Jim Sigafoos, Chief Operating Officer at WNC First Insurance Services.
“Every feature we included in WNC’s insurance software solution was focused on either saving time and money or enhancing the organization’s ability to serve their customers,” said Steve Wiser, president and founder of Specialized Business Solutions. “This eliminated a lot of wasted effort and enables WNC’s staff to maintain their focus on their customers.”
Specialized Business Software, a provider of custom software solutions for insurance, mortgage and financial services companies, has experienced several important milestones in 2012, including exceeding projected company revenues by 20 percent.
Specialized Business Software also enhanced its Docunym Enterprise Document Management solution with additional workflow management capabilities to enable users to log into a digital dashboard and simultaneously view multiple documents, such as insurance and appraisals in electronic job folders. Other 2012 highlights include the following software systems for specialty insurance programs:
• The addition of EDI X12 processing capabilities to enable insurance tracking companies to load mortgage and auto insurance data received in the X12 standard into their tracking systems
• The completion of a Lender Placed Policy Management System for a national insurance company to help their agencies and insureds to manage risk on their uninsured collateral
• The enhancement of a Captive Insurance Management System to enable risk retention groups of health care providers to securely manage their data and process underwriting information more efficiently
“Our success is a reflection of our commitment to provide quality custom technology solutions that meet the evolving needs of our clients, such as our EDI X12 processing capabilities or the Lender Placed Policy Management System,” said Steve Wiser, president and founder of Specialized Business Software.
Specialized Business Software wins approval to develop a web-based custom insurance software underwriting system for Lender Placed / Force Placed and Foreclosed Insurance for a national insurance company. This secure online system allows for agents or their insured to directly place insurance on their properties in real-time. Monthly spreadsheets can also be processed if the clients wish to manage their portfolio in batches. Web service connections to address perfection software ensures accuracy for locations as well as identifying specific taxes and assessments. The lender placed and foreclosed system has full support for out-of-order endorsements, as well as a built-in master policy quoting workflow and the ability to process Word documents and convert them to PDF images on demand for the insured as evidence of insurance and policies.