Celent Model Carrier Pharmacists Mutual Uses iPartners’ SaaS Insurance Scorecard

ALGONA, IA – July 2008 -  A business intelligence initiative at Pharmacists Mutual Insurance Company helped reduce the firm’s loss ratio by 2% and earned “Model Carrier Component” recognition from Celent, a research firm that advises financial institutions on best practices in the use of technology. Pharmacists’ business intelligence system is the Insurance Scorecard, a Software as a Service (SaaS) application from iPartners.

Each year Celent identifies insurance carriers’ best practices in the use of technology for product definition, distribution, underwriting, policy administration, service, billing, claims, and reinsurance. Pharmacists was one of 38 firms to receive Celent’s 2008 Model Carrier Award.

 “We believe the carriers behind these initiatives deserve recognition because they’ve invested in technology and made it work,” says Celent senior analyst Chad Hersh. “At the end of the day, solving business problems effectively is the ultimate sign of success.”

“The report answers the question, ‘What would it look like for an insurance carrier to do everything right with today’s technology,’” adds Celent senior vice president Craig Weber. “We believe that these Model Carrier Components compose a sweeping vision to which all carriers can aspire.”

In 2006, Pharmacists Mutual Insurance Company launched an initiative designed to make their enterprise data more accessible to the people who need it, when they need it. Working with iPartners’ Insurance Scorecard, Pharmacists enabled a web-based reporting tool that not only streamlined internal reporting for senior management but also gave field staff access to losses, premiums, and retention for their key accounts.

Pharmacists provides a schedule flat file upload of enterprise data to iPartners, which then maps it to its data model and provides the reports via browser. In addition to eliminating the requirement for IT to spend resources responding to individual report requests – freeing up an estimated 275 IT man-days per-year – the initiative has led to a 30% reduction in examiner workloads, which Pharmacists cites as a contributing factor in reducing loss ratios by 2%.

Contact:

John Day for iPartners
(269) 353-3822
[email protected]

Dana Lautin for Celent
(212) 269-7549
[email protected]

Shirley Pierson for Pharmacists Mutual
(515) 395-7234  
[email protected]