November 29, 2017
SIMS Claims enabling efficient, streamlined, cost-effective processing for company’s surety bond claims
Hartford, CT, November 29, 2017 – Insurity, a leading provider of core insurance processing and data integration and analytics solutions, today announced that Iowa-based mutual company Merchants Bonding Company is in production with SIMS Claims to support administration of its surety bond claims. After a six-month implementation, Merchants Bonding has successfully replaced its legacy claims system with SIMS Claims to provide a modern platform enabling simplified and streamlined claims processing and an environment able to support future growth.
As a growing company, Merchants Bonding felt its in-house developed legacy environment no longer met its operating needs, as processes were inefficient and often required multiple entries into different systems. After selecting and implementing SIMS Claims, the company is now able to handle all of its surety bond claims processing needs on the single Insurity system which is integrated with the existing accounting system and compatible with the company’s database. Given the unique capabilities required to manage surety bond claims, the configurability of SIMS Claims was especially beneficial to address Merchants Bonding’s needs.
Commenting on the successful implementation, Steve Dorenkamp, vice president of claims with Merchants Bonding Company, said, “As a company, we are looking to increase our overall premium and market share, but our previous claims technology did not meet all of our growth plan needs. Making the transition to the SIMS Claims management system has proven to be a very good business decision. Since being live on the system, we have already experienced the efficient, simplified and streamlined environment necessary. We are confident our constant evolving needs will be met, while maintaining a cost-effective operating environment and continuing to provide only the highest quality of service.”
Jay Stukerjurgen, Merchants Bonding Company’s assistant vice president of IT, added, “The SIMS Claims implementation has been a big win for us. Working closely with the Insurity SIMS Claims team we stayed on schedule and met our go-live timeline. We were especially pleased with the ability to configure the system to support the unique requirements for surety bond claims – which was one of our key reasons for selecting the system. From reporting to analytics to customer service, we’ve seen improvements in all areas of claims processing.”
“We congratulate Merchants Bonding Company on the success of the project and for the opportunity to work side-by-side with their implementation team. Surety bond claims are a unique animal and our ability to configure the system for the line of business’ specific requirements demonstrates the flexibility of SIMS Claims as well as the depth and breadth of functionality,” stated Jose Tribuzio, Insurity’s general manager and senior vice president for SIMS Claims.
About Merchants Bonding Company
Headquartered in West Des Moines, Iowa, Merchants Bonding Company is a fourth generation mutual company founded in 1933. It operates in all 50 states and is the 14th largest surety writer in the U.S. Merchants has been rated “A” (Excellent) with A.M. Best for 57 consecutive years and provides excellent surety bond underwriting and services to more than 2,500 agents. For additional information, visit www.merchantsbonding.com.
Insurity, Inc. enables property & casualty insurers to modernize their enterprise and achieve their business goals. Insurity’s core processing applications and data integration and analysis solutions are backed by rich insurance expertise and are in production with over 100 insurers, processing billions of dollars of premium each month. Insurity’s solutions address the needs of all carriers – from the Top 20 insurers to small or regional commercial, personal, or specialty lines writers, as well as MGAs. For more information about Insurity, call 860-616-7721 or visit www.insurity.com. Connect with Insurity on Twitter, LinkedIn and Facebook.
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