Starr Companies Ensures Rapid, Low-Risk Rollout with Cloud-Based Insurance Services
- Enter the U.S. workers’ comp market quickly while avoiding upfront costs
- Ensure compliance with varying state laws on covering work-related injuries
- CSC's Workers’ Compensation as a Service™, a cloud-based Business Process as a Service platform
- Quoted the first policy within three months of signing a contract
- Streamlined compliance program without adding internal resources
Launching a New Business Nationwide
What if you could expedite the rollout of a new insurance business nationwide? Starr Companies ($2.4 billion in premium revenues, 2012) asked that question after deciding to launch a workers’ compensation insurance business.
Starr Companies supports specialty lines that include aviation and aerospace, marine, professional liability, accident and health, and political risk, but the prospect of entering the U.S. workers’ comp market and complying with varying state laws on work-related injuries posed a major barrier.
“Before we write one dollar of business, we need to ensure that our operation can fully support the effort and the related regulatory requirements,” says Mike Toran, CIO of Starr Companies.
Workers’ Compensation as a Service
The company talked to CSC about Workers’ Compensation as a Service™, a cloud-based Business Process as a Service platform that provides access to CSC’s processing system and trained staff to manage reporting and compliance. The company signed a contract in September 2011 and just three months later quoted the first policy — a rapid launch for any type of insurance product.
Ensuring Compliance with Cloud-Based Model
"The hosted solution is working for us," Toran says. "The cloud model allows us to communicate with different states, manage the assorted file feeds and integrate data without creating additional internal overhead."