This selection of Sure MGA Enterprise enables Novum to expand into new markets and strengthen compliance procedures across programs
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that Novum Underwriting Partners has implemented Sure MGA Enterprise by Insurity for its new Lumber Pro program. Through its recent acquisition of Instec, Insurity provides market-leading software for insurance programs and complex commercial insurance. This selection enables Novum, a specialty MGA and wholesale brokerage, to provide their customers with enhanced specialty commercial insurance programs.
While the program business is highly profitable, many P&C carriers compete annually to retain each risk group. The need to move quickly is accelerating as new risks – such as cyber, shared economy, and the gig economy – dynamically emerge and create a need for coverage. Insurity’s Sure MGA Enterprise addresses these unique needs of the program business and enables MGAs to rapidly onboard new programs.
After evaluating a wide range of systems, Novum chose Sure MGA Enterprise because of Insurity’s breadth of experience across relevant classes of business, ability to help automate regulatory compliance, and out-of-the-box bureau content. These features enable Novum to rate, quote, and issue policies faster than competitors.
“Once we had our carrier lined up, we needed a system that was fast, efficient, and could get us up and running quickly,” said Don Sellars, President at Novum Underwriting Partners. “Insurity’s software provided us with that. Their out-of-the-box bureau content and knowledge of the program space made sure we could hit the ground running with the content we needed.”
The project launched in the fall of 2020 and wrapped up in spring of 2021, enabling Novum to enter a new lumber market with Sure MGA Enterprise in less than a year. The implementation consisted of three lines of business over ten states.
“Time and time again, Insurity delivers on its core promises of empowering insurance organizations to capitalize on new opportunities quickly,” said Sylvester Mathis, Chief Insurance Officer at Insurity. “While the program business is highly competitive, Insurity enables Novum to accelerate growth among new and emerging businesses with our intuitive program software.”
With the project complete, Novum plans to implement additional programs and expand its relationship with Insurity.
To learn more about how Sure MGA Enterprise can benefit your business, please reach out to Laura Krause, Laura.Krause@insurity.com.
About Insurity
Insurity is a leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C Carriers in the US and has over 250 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners. For more information, visit www.insurity.com.
About Novum Underwriting Partners
Novum was created to bridge the gap between digital agents and traditional wholesalers. We recognized a need in the market to offer rapid, qualified quotes but with the understanding that you cannot replace the personal touch. Our industry leading technology gives underwriters the ability to directly communicate with agents instantly after submitting a quote on our proprietary Novum Online system. Our IT specialists have experience building comprehensive platforms for not one, but multiple Fortune 500 insurance carriers. This expertise allowed them to build a system tailored to the needs of agents. We offer underwriting expertise for tough to place risks, which provides Novum with pricing and coverage influence with carrier partners, while never losing sight of the importance of underwriting profitability.
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Contacts
Laura Krause
Laura.Krause@insurity.com
