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Marsh’s Dovetail Technology Platform Attracts Ventus Risk Management

Marsh’s Dovetail Technology Platform Attracts Ventus Risk Management
Virtual Platform Helps Carriers Grow in Small Commercial Market

 

April 05, 2016 11:59 AM Eastern Daylight Time

 

NEW YORK–(BUSINESS WIRE)–Marsh Insurance Services Group, a division of Marsh LLC dedicated to developing innovative solutions for the small commercial and personal insurance markets, announced today that Ventus Risk Management will use its Dovetail Platform to improve agency service and accelerate growth in the small commercial market.

 

The South Carolina-based managing general underwriter has selected the Dovetail Platform to serve as its new virtual back office (VBO) to electronically distribute, underwrite, and administer small commercial insurance policies.

 

Dovetail’s advanced cloud-based technology platform and unique business model offer carriers and their agents an efficient electronic marketplace, including:

 

  • A proprietary underwriting platform that incorporates social media into the class and risk selection process, resulting in more accurate premium;
  • Real-time electronic proposal, binding and policy administration;
  • Multi-policy single billing; and
  • Rapid deployment of new products and expanded coverage lines.

 

“We are pleased that Ventus has selected Dovetail as its VBO technology platform to help grow its small commercial book of business,” said Steve Francis, CEO of Dovetail Insurance. “Dovetail offers a unique, state-of-the-art platform that enables carriers and agents to deliver faster, better service and an expanded product selection to their small business clients.”

 

Marsh acquired Dovetail Insurance in 2015 as part of its strategy to provide expanded services to the small and medium-sized enterprise (SME) segment. Based in Columbia, South Carolina, Dovetail is part of the Marsh Insurance Services Group, which also comprises Marsh Private Client Services, Marsh Sponsored Programs, and Torrent Technologies Inc.

 

“By combining Dovetail’s advanced technology platform with Marsh’s industry-leading data, distribution, and access to insurance capital, Marsh is transforming the small commercial insurance market,” said Kevin Tobin, president and CEO of the Marsh Insurance Services Group.

 

About Marsh

Marsh is a global leader in insurance broking and risk management. Marsh helps clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk. Marsh’s approximately 30,000 colleagues work together to serve clients in more than 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE:MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and people. With annual revenue of US$13 billion and approximately 60,000 colleagues worldwide, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a leader in providing risk and reinsurance intermediary services; Mercer, a leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a leader in management consulting.

Follow Marsh on Twitter, @MarshGlobal; LinkedIn; Facebook; and YouTube.

 

Contacts
For Marsh:

Sally Roberts, +1 303-952-9453
sally.roberts@marsh.com

or

Lee Ann Farwell, +1 212-345-1125
leeann.farwell@marsh.com

MARSH TO ACQUIRE DOVETAIL INSURANCE

NEWS RELEASE

Contacts:

Sally Roberts                                                                                   Lee Ann Farwell

+1 303 952 9453                                                                            +1 212 345 1125

sally.roberts@marsh.com                                                                  leann.farwell@marsh.com

 

MARSH TO ACQUIRE DOVETAIL INSURANCE

ACQUISITION PROVIDES TECHNOLOGY PLATFORM TO CAPITALIZE ON FAST-GROWING SMALL COMMERCIAL MARKET IN US

New York, August 5, 2015 – Marsh, a global leader in insurance broking and risk management, today announced that it has signed a definitive agreement to acquire Dovetail Insurance, a leading provider of insurance technology services tailored to the US small commercial market. Terms of the transaction, which is expected to close in the third quarter, were not disclosed.

 

Based in Columbia, South Carolina, Dovetail has developed an advanced cloud-based technology platform that enables independent insurance agents, on behalf of their small business clients, to obtain online quotes from multiple insurance providers and bind insurance policies in real time. The process enables independent agents to deliver faster, better service and an expanded product selection, while giving insurance providers access to a state-of-the art platform for distributing their products.

 

“The addition of Dovetail is part of Marsh’s global strategy to provide expanded services to the small and medium-sized enterprise (SME) segment,” said John Drzik president of Global Risk & Specialties. “By combining Dovetail’s advanced technology platform with Marsh’ s industry-leading data, distribution, and access to insurance capital, we will create an innovative online intermediation mechanism for the small commercial insurance market.”

 

Upon closing, Steve Francis, CEO of Dovetail, and the entire Dovetail team, will join Marsh to help further drive its SME strategy in the US. Dovetail will be part of Marsh’s Global Risk & Specialties segment. Dovetail’s Mr. Frances added: “We are excited to join Marsh to accelerate our market penetration, and deliver a wider array of products to SMEs.”

 

 

About Marsh

Marsh is a global leader in insurance broking and risk management. Marsh helps clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk. Marsh’s approximately 27,000 colleagues work together to serve clients in more than 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and people. With 57,000 colleagues worldwide and annual revenue exceeding US$13 billion, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a leader in providing risk and reinsurance intermediary services; Mercer, a leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a leader in management consulting. Follow Marsh on Twitter @MarshGlobal, or on LinkedIn, Facebook, and YouTube.

Dovetail Insurance Expands MetLife Auto & Home BOP Product to Five Additional States

For Immediate Release

 

Contact:

Candace Boyle

the10company

212-614-4561

Candace.boyle@the10company.com

 

 

Dovetail Insurance Expands MetLife Auto & Home® BOP Product to Five Additional States

 

Product to Be Available in Total of 26 States via Dovetail’s NetBOP Portal

 

Columbia, S.C., June 30, 2015 – Dovetail Insurance, the leading supplier of cloud-based insurance, is expanding its MetLife Auto & Home Business Owners Policy (BOP) offering to five additional states through its NetBOP Insurance Portal (www.netbopins.com) continuing its partnership with MetLife Auto & Home. Recently launched in Colorado, Nebraska and New Mexico, MetLife Auto & Home BOP will also be offered in Maryland and Rhode Island starting July 8th for a total of 26 states. By the end of 2015, Dovetail plans to have the product available in more than 35 states.

 

MetLife Auto & Home BOP – which includes property, liability and business interruption insurance – offers coverage for a broad range of risk classes, including franchised restaurants and licensed contractors. Agents can quickly quote, bind and issue directly from the NetBOP Insurance Portal which uses an advanced technology platform to enable them to price and issue new policies in real-time.

 

“For today’s independent agents, the market is very competitive. They need to be able to provide quality products to their small business clients at reasonable prices. And they also need to be able to react to customer needs quickly,” said Dennis Rabon, Chief Operating Officer, Dovetail Insurance. “Our NetBOP portal makes it simple to quote, bind, and provide all the information a customer needs within a few minutes. It’s designed with the latest technology and the ease of doing business in mind.”

 

Agents interested in distributing MetLife Auto & Home BOP should contact Leslie Downs at ldowns@dovetailinsurance.com or visit Dovetail’s NetBOP insurance portal, www.netbopins.com.

 

About Dovetail Insurance

Dovetail Insurance is a leading provider of cloud-based insurance product delivery services for property-casualty insurance carriers, MGAs and brokers. Founded in 2006 and backed by FirstMark Capital, Dovetail offers insurance program development and administration, back office services for policy administration, MGA services, and deployment of insurance programs using advanced technologies.

 

About MetLife Auto & Home

The MetLife Auto & Home companies, subsidiaries of MetLife, Inc. (NYSE: MET), are collectively one of the nation’s leading personal lines property and casualty insurance providers, insuring over 3.8 million autos and homes. Their affiliate, MetLife, is a leading global provider of insurance, annuities and employee benefit programs. MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com. MetLife Auto & Home is a brand of Metropolitan Property and Casualty Insurance Company and its affiliates, Warwick, RI.

Dovetail Insurance Launches MetLife BOP Product in Seven Additional States through its NetBOP Insurance Portal

FOR IMMEDIATE RELEASE

 

Contact:

Candace Boyle

212-614-4561

Candace.boyle@the10company.com

 

Dovetail Insurance Launches MetLife BOP Product in

Seven Additional States through its NetBOP Insurance Portal

 

Columbia, S.C., February 10, 2015 – Dovetail Insurance, the leading supplier of cloud-based insurance, has announced that it is teaming up with MetLife Auto and Home to expand distribution of its MetLife Business Owners Policy (BOP) offering to seven additional states through its NetBOP Insurance Portal (www.netbopins.com). Initially released in five states in December, MetLife BOP will now be offered in Alabama, Arizona, Idaho, Minnesota, South Carolina, Utah, and Wisconsin. By the end of 2015, Dovetail plans to have the product available in more than 40 states.

 

MetLife BOP – which includes property, liability and business interruption insurance – offers coverage for a broad range of risk classes, including franchised restaurants and licensed contractors. Agents can quickly quote, bind and issue right from the NetBOP portal which uses an advanced technology platform to enable them to price and issue new policies in real-time.

 

Dovetail offers business owners policies designed for small and mid-sized businesses. More than 300 class codes are available on its NetBOP Portal, which focuses on writing main street, light hazard risks. Dovetail’s programs are admitted in all 50 states and the District of Columbia and are underwritten by A.M. Best “A” rated companies.

 

“We understand that competition in the small commercial insurance market is tough. To compete successfully, independent agents need to be able to provide quality insurance products at a good price to their customers. And they must be able to serve those customers quickly,” said Dennis Rabon, Chief Operating Officer, Dovetail Insurance.

 

“Dovetail’s NetBOP portal combines the latest technology with the ease of doing business, making it simpler and faster for agents to write small business insurance. Using the portal, agents can quote, bind, and provide their customers with all of the information they need in a matter of minutes,” explained Rabon.

 

Agents interested in distributing MetLife BOP in Alabama, Arizona, Idaho, Minnesota, South Carolina, Utah, or Wisconsin should contact Leslie Downs at ldowns@dovetailinsurance.com or visit Dovetail’s NetBOP insurance portal, www.netbopins.com.

 

About Dovetail Insurance

Dovetail Insurance is a leading provider of cloud-based insurance product delivery services for property-casualty insurance carriers, MGAs and brokers. Founded in 2006 and backed by FirstMark Capital, Dovetail offers insurance program development and administration, back office services for policy administration, MGA services, and deployment of insurance programs using advanced technologies.

Dovetail Insurance Launches MetLife BOP Product in Five States through its NetBOP Insurance Portal

For Immediate Release

 

Contact:

Candace Boyle

212-614-4561

Candace.boyle@the10company.com

 

Dovetail Insurance Launches MetLife BOP Product in

Five States through its NetBOP Insurance Portal

Agents Appointed in December Eligible for Bonus Program

 

Columbia, S.C., December 8, 2014 – Dovetail Insurance, the leading supplier of cloud-based insurance, has announced that it is offering MetLife Business Owners Policy (BOP) in five states through its NetBOP Insurance Portal (www.netbopins.com). The states include California, Illinois, Indiana, North Carolina and Ohio, and retail agents appointed in December 2014 will be eligible for a special bonus compensation program for all risks quoted in December and January 2015.

 

MetLife’s BOP – which includes property, liability and business interruption insurance – offers coverage for a broad range of risk classes, including franchised restaurants and licensed contractors. Agents can quickly quote, issue and bind right from the NetBOP portal which uses an advanced technology platform to enable them to price and issue new policies in real-time.

 

Dovetail offers business owners policies designed for small and mid-sized businesses. More than 300 class codes are available on its NetBOP Portal, which focuses on writing main street, light hazard risks. Dovetail’s programs are admitted in all 50 states and the District of Columbia and are underwritten by A.M. Best “A” rated companies.

 

“We understand that agents competing in the small commercial insurance market need to serve their customers quickly, with quality insurance products at good prices,” said Dennis Rabon, Executive Vice President, Dovetail Insurance. “With our NetBOP platform, agents have the ability to quote, bind and get all the information they need to service the small business quickly. They can quote and issue in a matter of minutes – it’s designed with the latest technology, and ease of doing business in mind.”

 

Agents interested in distributing MetLife BOP in California, Illinois, Indiana, North Carolina or Ohio should contact should contact Leslie Downs at ldowns@dovetailinsurance.com or visit Dovetail’s NetBOP insurance portal, www.netbopins.com.

 

About Dovetail Insurance

Dovetail Insurance is a leading provider of cloud-based insurance product delivery services for property-casualty insurance carriers, MGAs and brokers. Founded in 2006 and backed by FirstMark Capital, Dovetail offers insurance program development and administration, back office services for policy administration, MGA services, and deployment of insurance programs using advanced technologies.

Expanding to New States? What You Need to Know.

09.19.2012

Geographic expansion factors into nearly every carrier’s or MGA’s growth plans at some point. However, whether you are testing the market viability of a new program in various states or simply expanding to key markets as part of a corporate strategy, there are hurdles to overcome.

For most, one of the most difficult things to accomplish is a quick expansion into new states – one that produces new sales in less than a year. Obviously, once the decision to expand is made, you want to get to market as quickly as possible. And if your decision to move into a specific market is dependent on a time-sensitive market opportunity or condition, acting promptly will allow you to take advantage of the new opportunity. If your preparation takes too long, you may not be able to fully capitalize on the opportunity.

However, expanding into another state isn’t easy. Inconsistent regulatory provisions across states, as well as differing rate and licensing requirements can create significant complexity.  In addition, the expenses involved in licensing, financial reporting, independent audits, and the cost of compliance with state regulations and examinations must be considered.

There are also other less obvious challenges that must also be overcome:

System Changes Can Be Significant

Moving into new states can require significant modification of your existing systems for different regulatory requirements, which is not only complex, but time consuming. For companies that rely on legacy mainframe technologies, there are tremendous limitations in terms of flexibility, and changes can be expensive.

While the longevity of these mainframe systems is essential to maintaining the flow of electronic data interchanges, the programming skills required to maintain legacy technologies is becoming outdated, and finding the necessary hardware can be costly. In addition, internal IT departments may already be stretched thin in dealing with competing priorities.

And it’s not just once and done. If you’re entering a new market, you are likely to want to adjust things based on market acceptance.  For example, you might find that you’re not being quoted as much as you had expected, and your strategy may be to adjust rates or classes.   This will require system changes, and the ability to make these adjustments quickly.

Build and Connecting with a New Distribution Force

Establishing a network of independent agents in the new state will be critical. This requires money, time and expertise. For obvious reasons, you may want to start out with a smaller agent network, and expand it based on market acceptance.

However, you will still need a means for the agents to market your product – including a portal that allows them to rate, quote and bind policies quickly. Investing in an efficient system that provides ease-of-use for the agents is critical to gaining market acceptance.   However, it can be a large and time-consuming investment, especially if you’re starting small.

Adding Specialized Staff is No Small Task

Adding staff is critical to growing the business, but it is a step that you’ll want to approach carefully. Identifying the right new hires is no small undertaking, especially when it comes to specialized skills, such as underwriting. Staffing up before testing market performance is also a risk.

Dovetail Helps Carriers Execute Growth Plans

Expanding into new states comes with a set of challenges, but new technology and services can make it easier to grow geographically. Dovetail Insurance has developed a specific set of services that combine technology with specialized insurance expertise that can help you execute your growth plans.

Dovetail’s approach, which can be utilized by both carriers and MGAs that are expanding to new states, is clear and focused, and assists customers with:

  • Ÿ System requirements: Identifying system requirements for the expansion, and executing on the changes required.
  • Ÿ Rate and class changes: Making all of the changes required to market the program effectively.
  • ŸUnderwriting and staffing expertise: Providing all of the staffing support, including specialized insurance expertise.
  • Ÿ Agent portals: Developing the agent portals and integrating the data with the carrier and MGA system for rating and binding policies.
  • Ÿ Real-time reporting: Providing aggregated data from all systems to provide a complete picture of how the program is performing.

The ability to expand to new states quickly is critical for carriers and MGAs to grow. Yet, it does not come without challenges. The use of new technology and services from Dovetail Insurance can make the process not only easier, but a fast one, to take advantage of market opportunities.

Driving Growth with Insurance Virtual Back Office

09.13.2012

For property and casualty insurance carriers, the questions are familiar.  How can you drive growth? How do you most efficiently manage all of your complex relationships – with agents, TPAs, etc.?  And how can you execute in a soft market environment, in which resources are scarcer than ever?

To add complexity to those challenges, many carriers are saddled with legacy systems, that are not only difficult and expensive to maintain, but which also hamper the ability to make changes and to introduce new products to support the growth strategy.

Moreover, many carriers lack the expertise required in a particular market to capitalize on big market opportunities. As growth becomes critical for carriers to keep up, the pressure to find low-cost solutions has reached new heights. For some carriers, leveraging Insurance Virtual Back Office offers a way to compete on a new level – for everything from straight through processing to mobile capabilities and analytics.

What is Insurance Virtual Back Office?

The Insurance Virtual Back Office is just what its name implies:  it’s a complete, end-to-end, shared back office infrastructure that eliminates the prohibitive cost of assuming and processing the business.  Technology services are supplied in the cloud, and paired with expert staff for a complete solution.  From policy administration to agent portals, from regulatory reporting to billing and call center support, Insurance Virtual Back Office gives carriers of all sizes an edge.

Key considerations for insurance carriers:

1. Efficiency is important, but the ability to drive growth is the key differentiator.

Most carriers need new ways to grow, in addition to creating efficiencies.  IVBO can streamline operations to process the business in a cost effective and timely manner. It is a technology and staffing platform that is flexible enough to support growth in new products and expansion to new markets that may have previously been out of reach.  Smart carriers focus on operational efficiencies, but also aim to achieve broader business objectives through IVBO.

2.  Doing business anywhere has become the norm.

Cloud technology is highly accessible and often built on the most advanced technology platform.    For an insurance carrier, this means it has access to the latest and greatest in policy management processing software.  Also, it is easily integrated with agent systems.  This creates new opportunities for mobile access, real-time response, analytics and business intelligence to move the business forward quickly.

3.   Property and casualty is a complex industry, with many inter-relationships.

Property and casualty insurance is complex, and efficiency is often determined by the strength of a carrier’s relationship with Managing General Agents (MGAs), retail agents, and Third Party Administrators (TPAs). Differing or inflexible systems can hinder what could be profitable relationships, by slowing down growth initiatives.  A vendor with deep industry knowledge cannot only help you gain the most efficiency but set appropriate metrics to measure success.

4.  Advanced technology isn’t everything — it’s about people and specialized skills too.

As most carriers know, experienced staff, particularly in specialty areas such as underwriting or mainframe technology, can be hard to find, and expensive to hire.   But having the right expertise can ensure high performance in a volatile market, particularly relevant given the current conditions.   And for carriers that are introducing new programs, or entering new markets, access to specialized resources on an as-needed basis can mean a significant difference in costs and operating margins.

About Dovetail’s Insurance Virtual Back Office Services

Dovetail is one of a few insurance industry solutions providers that offers Insurance Virtual Back Office. Carriers that select Dovetail will have access to the company’s proven system and services, including a team of people that are experts in all areas of insurance and who can meet aggressive delivery and production schedules.  Dovetail’s turnkey platform is for any insurance line, program, or state and offers the required infrastructure to support systems and operations resources to manage the set up and ongoing end to end operations.  The product delivery platform in the cloud blends a unique set of technologies and services to seamlessly augment all entities of the carrier’s current entities.

 

Connecting MGAs and Carriers: Overcoming Technology Barriers for a Profitable Relationship

09.11.2012

Opportunities for new insurance products are endless. In the last six months alone, many new programs have been announced. There’s insurance for archery clubs, a program for homeowners insurance in Alaska, pest control company coverage, solar project coverage and insurance for correctional facilities to name a few. The challenge, for insurance carriers and managing general agents (MGAs), is to bring the products to market profitably.

The relationship between an insurance carrier and a Managing General Agent (MGA) can be a profitable partnership. MGAs can move in and out of niche markets, exploiting opportunities as they arise, covering all aspects of the insurance process on behalf of carriers, from underwriting, rating, quoting, and binding. Some MGAs also take on servicing, loss control, and assistance with audits.

MGAs are able to bring carriers fresh policy ideas, and also manage retail agents. In turn, carriers provide the paper for the policy, make the policy official, and take on the financial risk.

The carrier-MGA relationship is an effective way to get insurance programs to market, capitalizing on new opportunities, gaps in current insurance products, and geographic specializations. But, in many cases, it’s easier said than done. The technical barriers between MGAs and insurance carriers, and even retail agents, can loom very large, particularly speed-to-market is a critical factor in the program’s success.

Connecting Round Pegs and Square Holes

Many insurance carriers largely rely on legacy systems for at least some portions of their policy processing. Some systems are decades old and inflexible, particularly when it comes to sharing information with partners, much less throughout the enterprise.

At MGAs, the systems are very different. Many have built their own systems for processing and data management. Some, due to acquisitions, have inherited combinations of off-the-shelf agency management systems with internally developed systems, created interesting hybrids of systems that work, but are non-standard, and difficult to connect outside the enterprise.

If the MGA systems do connect to the carrier, they often require carriers or retail agents to implement several different procedures to receive or submit data. Carriers with inflexible systems have even more difficulty handling the data exchange. This can lead to the loss of important data.

The Need for Speed

The need for speed is critical.   Many programs are built for a specific market opportunity that is time sensitive.  Companies must be able to respond quickly and be able to adapt in a timely manner, based on a data exchange that is fast and reliable. Data must be entered promptly and correctly because it can impact everything from new policies quotes to customer service.  Data that is entered electronically increases efficiency, and improves margins for both the carrier and the MGA.

Solutions in the Cloud

A straight-through process which allows data exchange from carriers to MGAs and MGAs to retail agents is possible. Platforms are available which utilize cloud computing, allowing for one-time data entry and access by all parties. Unnecessary time and money spent on re-keying entries is eliminated.

Such platforms make doing business easier for all parties involved. For example, agent portals which are plugged into the cloud make it easy and fast for the retail agent to quote and bind the business. The data is automatically accessible even in remote locations, expediting policy issuance and resulting in better customer service and faster revenue generation.

Likewise, MGAs that sell policies via the web can improve automation of customer portals by using cloud-based platforms to meet high customer demand and better serve customers and markets. This technology also makes the database accessible to Third Party Administrators (TPAs), which can then handle the processing and negotiation of claims, as well as maintenance and record keeping, quicker and more accurately.

Cloud-based platforms allow for the aggregation of data from multiple sources for increased efficiency, and they can easily integrate 3rd party applications, which make underwriting data more accessible.

Further, the real time delivery of data afforded by these platforms helps to mitigate risk. In the past, important decisions about course corrections or problems depended on monthly spreadsheets and audits. Real-time reporting capabilities enables the carrier to access premium and claims data in a single database for more immediate, actionable information.

Dovetail’s cloud computing system is one platform that makes a straight-through process a reality. The platform captures data efficiently, using cloud technology to allow all parties to access information. The platform also allows MGAs to easily comply with all regulatory bodies. Most importantly, Dovetail helps MGAs and carriers to form more profitable relationships with less risk and more gain.

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1333 Main Street, Suite 600
Columbia, SC 29201
(803) 255-8891
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