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Who Needs Property and Casualty Insurance Software?

See why even small and niche insurers need to update their legacy systems.

Author: Fran Majidi
Published on:

If a customer is shopping for an insurance quote, filing a claim or paying a premium, chances are they expect to have a digital experience. Without the right property and casualty insurance software, insurers will not meet their expectations. 


In order to meet customer needs, a carrier or MGA must first have a digital insurance platform. Property and casualty insurance software provider, Modotech, focuses solely on smaller insurance companies and MGAs. 


Internet Solutions for Insurance (ISi) is Modotech’s most recent digital insurance platform. ISi can operate on a server or in the cloud, to provide the most efficient methods of policy administration, rating, billing, claims, task management and more. 


See what features the ISi property and casualty insurance software offers clients, to compete, scale and grow.

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ISi’s Core Systems: Managing the P&C Insurance Lifecycle

During the 25+ years that Modotech has been offering p&c insurance software, ISi has grown and adapted to new technologies – and so have Modotech’s clients. 


The following are ISi’s core systems for managing a full policy lifecycle. 

Underwriting

ISi property and casualty insurance software uses unique company underwriting rules and guidelines to rate customers. Pulling data from the Internet and third-party vendors speeds up the underwriting process with fewer human errors. 


Underwriters can also override validations, if an application does not meet underwriting manual or business rules. They can then immediately send the quote back to the agent. This allows for quicker binding of policies. 


The insured can also look up important information about the policy and make endorsements. The claims tab shows claims history and allows the insurer to edit policy data. Sensitive policy data is masked or entirely hidden from agents, upon customization. 

The renewal tab shows when a policy is ready for review, when the policy will expire and if a renewal invoice has been sent.

Policy Inquiry

Automated tracking of outstanding tasks and a quick-look header allows insurance agents to address issues faster. 


A “document cache” stores everything, from the policyholder’s application and the policy declaration page to invoices and letters.


The “summary” shows the covered risks, the types of coverage on the policy, account balances and payment activity. It’s easy to quickly see if any new payments have been made.


The financial tab on ISi allows for a deeper dive into payments and outstanding installments as well as fees and agent commissions.


The “documents” tab is where the user will find photos and documents uploaded to the system by an agent or policyholder.

Underwriters can also override validations, if an application does not meet underwriting manual or business rules. They can then immediately send the quote back to the agent.

Billing

In ISi, invoices are created as part of an automated process that generates and records financial documents and notices.


The “financial” tab is where the user can reverse a fee, check payment activity, evaluate minimum due and calculate agent commissions. It is also here that the user can view the general ledger or billing ledger, in the system or in Excel. 


Issuing refund checks is also an easy task using ISi. The user can search by claim, payment, batch or payments by day. A “ready to be paid" tab serves as a queue of claims payments that have been processed and are now ready to be sent.

Claims Management

A property and casualty insurance software system like ISi creates a smoother claims management process, from start to finish. 


To begin, the “start” tab allows the user to file a claim, by pulling up the insured’s account. Pre-filled tabs with the insured’s information save time and minimize data entry errors. The fields that follow are about the loss incident, the loss location and police report information. 

Policy and underwriting data are integrated into the claims process, influencing everything from the initial reporting and validation to the final payment and analytical reporting. This integration ensures that claims are processed according to the specific terms and conditions of the policy and the underwriting decisions made at its inception or upon renewal.


Coverage verification during the claims process is a critical step that ensures the claim aligns with the active policy terms and conditions at the time of the loss. This involves several checks and validations against policy and underwriting data.


ISi has experience with data reporting to statistical data agents, state departments of insurance and to the NAIC for MCAS reporting. ISi also assists clients with ad hoc data requests, such as market conduct exams.


ISi allows the insurer to see the claim and the context of the loss and claim features, which are coverages, damages, and financial implications relevant to that loss. Each feature has its own terms and conditions within the policy. For instance, collision coverage on a car insurance policy or contents coverage on a home insurance policy are specific features with specific applications and limits. Having granular data available at a glance allows the insurer to better assess each claim.

Photos and Documents Upload

The agent and the customer can upload documents, photos and videos through the agent portal or the policyholder portal. 

Financial Data

The insurer can mask or completely hide sensitive financial data from the insurance agent. 


Automated accounting reports as well as statistical and finance reports update the insurer on agent performance. The insurer can pull up data with a lookup for each agent. 


ACH reports are filtered by company/companies as well as by the status and date of the electronic funds transfer (EFT). Payments are filtered according to these categories: bounced, unverified payments or payments by type. 

Customer Data

After entering customer data to retrieve a quick quote, the data is saved in ISi. Information is captured only once and then prefills in other areas of ISi. 


After a quick quote, the agent can capture more in-depth information for an accurate quote. This involves customized questions about the customer, the property being insured and customer loss history. The answers are stored in the database. 


ISi has third-party integration with vendors that include DMV, LexisNexis and Inovatus (Verisk). Motor vehicle reports (MRVs) and CLUE reports allow for a smooth and accurate assessment of customer information.


Sensitive customer data like payment information or credit card numbers are masked or entirely hidden from view for maximum security. 

Rate and Product Definitions

Modotech’s ISi system employs rate and product definitions to calculate premiums and structure insurance products. A rating engine processes numerous data points and applies specific rules and formulas provided by the insurer or MGA.

Reinsurance Administration

Reinsurance administration within the ISi system involves several key processes, primarily focused on calculating, tracking, and reporting ceded premiums, losses and expenses to reinsurers. This is crucial for managing the financial aspects of risk transfer.


ISi also tracks various policy and claim details to ensure accurate reinsurance reporting.

Customer Portal

The ISi system features a customized policyholder portal, which allows policyholders to manage their insurance policies conveniently online, any time and anywhere. It is connected to a separate database to ensure security.


The customer dashboard shows coverage status at a glance. Policyholders can print insurance cards and receipts, view declaration pages or pay premiums. Various types of payments are processed through a secure transaction interface. One-time payments (cash/check, EFT, Credit Card) or recurring payments can be made. Customers can also view their policy payment history.


The message center allows policyholders to view system messages and communicate electronically with their agent.

Policyholders can print insurance cards and receipts, view declaration pages or pay premiums.

Agent Portal

Agents sign in to the agent interface using an assigned code, username and password. There are certain restrictions on what an agent can see. For instance, they cannot see claims.  


Insurance agents can take payments, but after sensitive information is entered, the data is masked or entirely hidden. Agents also have the ability to make changes, which are reviewed by underwriters, who then redetermine rates accordingly.


Ebix & Team-Up do the third-party integration with the various agent CRM providers.

Statistical Bureau Reporting

ISi streamlines statistical bureau reporting, which involves the collection, formatting and submission of various types of insurance data to external regulatory bodies and industry organizations. 


These reports serve critical functions, including compliance, industry analysis and the exchange of claim and policy information. Examples include claim reporting to Medicare or various Departments of Motor Vehicles (DMV).


ISi has experience with data reporting to statistical data agents, state departments of insurance and to the NAIC for MCAS reporting. ISi also assists clients with ad hoc data requests, such as market conduct exams.


Statistical bureau reporting includes:


- Carrier reporting to the appropriate bureau

- Statistical reporting to ISO, NISS, and TICO

- Reinsurance bordereau reporting

- Current carrier reporting

- Statistical reporting to ISO, NISS, and TICO

- MGA reports for carriers

- Agent CRM

Comparative Raters

The ISi system has a combination of direct integrations as well as internal rating capabilities. ISi interacts with comparative raters for quoting, policy management and statistical analysis. 

Shared Content 

Adjusters, underwriters and agents are able to share documents, photos and messages without delay. A diary captures important notes from the agent about the policy or the policyholder. Outstanding tasks in the dashboard alert agents, adjusters and underwriters to take the appropriate actions. 

ISi Property and Casualty Insurance Software & Cost Reduction

The ISi system provides functionalities that support property and casualty (P&C) insurance operations and contribute to cost reduction. An open-source alternative will not provide an all-in-one solution.


The following are some outcomes from using ISi as your property and casualty insurance software:

  • Improved Fraudulent Claims Detection

  • Data Driven Underwriting

  • Efficiency and Automation

  • Increased Compliance

  • Minimized Risk

  • Business Growth

  • Accuracy in Underwriting

  • Business Intelligence

Frequently Asked Questions

What is property and casualty (P&C) insurance software in a nutshell?

Property and casualty (P&C) insurance software is a platform that helps insurers manage the entire lifecycle of policies. This includes calculating premiums, issuing policies and managing claims and billing. Automated tasks and a comprehensive view of all policy and customer data help insurers improve efficiency, accuracy and customer satisfaction.

What are the key features of modern P&C insurance software?

Modern P&C insurance software, like ISI, is built with features that streamline operations and enhance user experience. The most important features allow faster, better policy management:


  • Policy Administration: Manage the full policy lifecycle from quote to renewal.

  • Automated Underwriting (UW): Automate UW tasks based on company rules to instantly assess risks and determine eligibility.

  • Claims Management: Handle the entire claims process from the First Notice of Loss (FNOL) to final payment.

  • Billing and Accounting: Manage premium collection and financial reporting.

  • APIs and Integration: Connect with third-party data providers, payment gateways and other systems.

  • Data and Analytics: Provide a single source of truth for all policy and customer data.

How does P&C insurance software improve the claims process?

P&C insurance software dramatically improves the claims process by automating manual tasks and providing deeper insights. It helps insurers:


Accelerate Processing: Automate workflows for simple, low-risk claims, allowing adjusters to focus on more complex cases.


Detect Fraud: Use AI and predictive analytics to flag suspicious claims for review based on a data-driven approach.


Enhance Communication: Provide real-time updates and self-service portals so customers can submit and track claims instantly.

How can small P&C carriers benefit from modern software?

Small P&C carriers and MGAs benefit greatly from modern P&C insurance software. The update from legacy systems can:


  • Reduce Costs: Eliminate the need for a large in-house IT team.

  • Increase Speed-to-Market: Launch new products in weeks, not months or years.

  • Enhance Customer Experience: Digital portals and mobile-friendly portals allow agents and policyholders to manage policies from anywhere.

  • Ensure Compliance: Rely on the software to handle regulatory notices, forms and reporting in a timely and accurate fashion.

Small insurers and MGAs do not need enterprise property and casualty insurance software. ISi can provide an all-in-one system built to help smaller insurance companies compete. See how it works by booking a free demo.