From Startup to $78m Dwp Pub­licly Traded Com­pany, With Strate­gic Sup­port From the Right Tech­nol­ogy Part­ner

Digital Insurance - - STRATEGIES -

Mai­son In­sur­ance Co. Cred­its its Rapid Growth to a Fo­cused, Ex­pe­ri­enced Man­age­ment Team — and to an Ad­van­tage Called “Ex­tra­sourc­ing,” Pro­vided by Waterstreet Com­pany.

“I’d ad­vise ev­ery in­sur­ance com­pany to find a tech part­ner that goes be­yond de­liv­er­ing soft­ware and ser­vices to give you what WaterStreet calls Ex­tra­sourc­ing.” – Doug Raucy Mai­son In­sur­ance Co. Pres­i­dent and CEO

As Doug Raucy, Mai­son In­sur­ance Co. pres­i­dent and CEO, tells the story, Mai­son’s quick suc­cess was a mat­ter of hard work and in­dus­try savvy, plus the fore­sight to build an al­liance with an in­dus­try-cen­tered tech part­ner that trimmed Mai­son’s work­load while de­liv­er­ing con­sis­tent peace of mind. “We’ve achieved growth and pros­per­ity thanks to an ex­pe­ri­enced man­age­ment team, which con­sis­tently has ex­e­cuted on a fo­cused plan. And, from the be­gin­ning, we’ve been able to at­tract in­de­pen­dent agents who are com­mit­ted to sell­ing our prod­ucts,” Mr. Raucy said re­cently. “But an­other sig­nif­i­cant fac­tor in our suc­cess has been tech­nol­ogy. Since day one, Mai­son’s strat­egy has cen­tered on the abil­ity to roll out new prod­ucts in new states quickly and ef­fec­tively. That’s a re­cur­ring theme for com­pa­nies who part­ner with the in­sur­ance-tech spe­cial­ists at WaterStreet Com­pany.” Equally im­por­tant, he said, has been ex­tra­or­di­nary user ex­pe­ri­ence for both agents and in­sur­ers. “That’s an­other WaterStreet strong point. Easy ac­cess to real-time in­for­ma­tion through their por­tals has been a ma­jor dif­fer­en­tia­tor for us.” Mai­son In­sur­ance Com­pany is a Louisiana domi­ciled com­pany that be­gan busi­ness in 2012. In 2013 Mai­son in­tro­duced its home-own­ers, man­u­fac­tured-home and dwelling pro­grams in Louisiana. The com­pany par­tic­i­pated in the Louisiana Ci­ti­zens Prop­erty In­sur­ance Corp. (“Ci­ti­zens,” for short) de­pop­u­la­tion pro­gram from 2012 to 2017, man­ag­ing to as­sume more than 10,000 poli­cies. In May, 2015, Mai­son was ap­proved to write in the Texas mar­ket, and in Septem­ber of that year their Texas man­u­fac­tured-home and wind/hail pro­grams be­gan. Home­own­ers’ multi-peril in­sur­ance fol­lowed close be­hind in De­cem­ber, 2015. In 2017, Mai­son en­tered the Florida mar­ket with a Ci­ti­zens take-out of 3,500 poli­cies. Lately Mr. Raucy’s com­pany has be­gun to of­fer wind-only poli­cies in the vol­un­tary mar­ket. Mai­son had more than 57,000 poli­cies in force as of July 31, 2018, when its di­rect writ­ten pre­mium in the pre­ced­ing 12 months to­taled $78.6 mil­lion. Most of that rep­re­sented or­ganic growth, Mr. Raucy said. At ev­ery step of the way, he noted, ac­cess to af­ford­able tech­nol­ogy tai­lored to in­sur­ance-in­dus­try con­cerns has freed him and his team to fo­cus on long-term goals. “If I were to leave you with just one take-away,” he said, “I’d ad­vise ev­ery in­sur­ance com­pany to find a tech part­ner that goes be­yond de­liv­er­ing soft­ware and ser­vices to give you what WaterStreet calls Ex­tra­sourc­ing.” WaterStreet spokesper­son Carol Bar­ton ex­plained. “We’d been serv­ing the in­dus­try for more than 15 years when we re­al­ized that our so­lu­tion re­ally does tran­scend or­di­nary our­sourc­ing. So we adopted the term Ex­tra­sourc­ing. It refers to the op­por­tu­nity, for P&C com­pa­nies, to do much more without staffing up or in­vest­ing heav­ily in IT, through WaterStreet’s tal­ents and tech­nolo­gies. “Doug Raucy has it right,” she said. “As in­sur­ance com­pa­nies look for ways to mod­ern­ize and up­date their pol­icy man­age­ment sys­tems and ser­vices, dig­i­tal­iza­tion and dig­i­tal en­gage­ment should be top-of-mind. Smart com­pa­nies find ways to use tech­nol­ogy to touch and ser­vice ex­ist­ing cus­tomers, ac­quire new cus­tomers, in­crease op­er­a­tional ef­fi­cien­cies and grow their busi­nesses. “At a min­i­mum,” Ms Bar­ton said, “P&C com­pa­nies are wise to in­sist on ac­cess to the fea­tures and pro­cesses that our clients en­joy: • Com­pre­hen­sive un­der­writ­ing rules and ed­its with sub-sec­ond re­turn of in­for­ma­tion from in­ter­nal and ex­ter­nal sources • Fully in­te­grated pol­icy and claims sys­tems for all lines of busi­ness • Au­to­mated and dig­i­tized doc­u­ment man­age­ment and distri­bu­tion • Com­pre­hen­sive billing with mul­ti­ple pay­ment plans and meth­ods • A con­fig­urable rat­ing engine able to make ex­tremely quick changes • Any­time, any­where ac­cess via flex­i­ble, easy-to-use agent and con­sumer por­tals • The op­tion of self-ser­vice chan­nels • Dig­i­tal distri­bu­tion chan­nels that of­fer touch points to cus­tomers wher­ever they are. “Speed to mar­ket is just one ben­e­fit of our ap­proach,” she said. ‘With WaterStreet’s help, you can bring up a new prod­uct in a new state in six to eight weeks, while our com­peti­tors can take up to six months. You’re not only mak­ing your life a lot eas­ier; you’re be­gin­ning to make money a lot sooner.” As Mr. Raucy sums it up, “Tech­nol­ogy played a very im­por­tant role in our growth. In ad­di­tion to pure or­ganic growth based on our abil­ity to get new prod­ucts to mar­ket quickly, the tech­nol­ogy sys­tems we use have dra­mat­i­cally im­proved agent and cus­tomer ser­vice, in­creased ef­fi­cien­cies in pro­cess­ing our busi­ness, and re­duced our op­er­at­ing costs.”

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