CHICAGO--(BUSINESS WIRE)--Origami Risk, the industry-leading risk, safety, and insurance Software as a Service (SaaS) technology firm, is rapidly gaining industry recognition for its multitenant core solutions policy administration capabilities for property & casualty insurance carriers, pools, MGAs, TPAs, brokers, and agents.
The new Aite-Novarica Property/Casualty Policy Administration Systems Report (compiled in February) groups Origami among “contenders,” a designation for providers with “substantial customer experience and momentum.” Origami Risk’s policy administration solution moved to the “contender” category from its position in the “new entrant” category in the previous (2021) report. This reflects the growth of Origami Risk’s P/C insurer client base and expanding market presence in the insurance industry.
Last year, Origami also advanced to the “contender” category for claims management systems in the Aite-Novarica P/C Claims Management Systems Vendor Analysis Report (compiled in June 2022).
“As part of our research, we examined several key features carriers cite for selecting a core P/C policy administration system, including installed base, new client count, completeness of the suite, digital capabilities, configurability and ease of integration, among other factors,” said Martina Conlon, head of P&C Practice at Aite-Novarica. “Origami Risk has the momentum to be considered a ‘contender’ in the market and offers policy administration features on a SaaS multitenant platform, which is a plus for many buyers.”
“Now that cloud is firmly established as the mainstream option, an evolutionary shift is underway toward cloud multitenancy,” the report stated, adding: “New core systems have emerged that are built from the ground up to be multitenant.”
The report describes Origami’s policy administration solution as “… built on a cloud-based, multitenant platform” with “out-of-the-box configurations for NCCI workers’ compensation and ISO lines of business, plus improvements to its billing capabilities with integration to third-party digital payment solutions.” In addition, Origami Risk cited the following as its key differentiators for P&C carriers, MGAs, program administrators, risk pools, agents, and brokers:
- Cloud-based, single instance, multitenant SaaS platform that enables quarterly automatic updates.
- Unified platform and database without the need for multiple integrations for policy processing, rating, underwriting, billing, and claims functions.
- Low-code configurable, flexible modules with an administrative toolset implemented to insurers’ specifications without the need for custom development.
- Core solution for ISO and NCCI product deployment and ongoing maintenance improve speed to value for carrier and MGA clients.
- Access to update rate tables, rating formulas, and associated communications and policy documents via user-friendly interfaces that allow users to configure options for limits, deductibles, and other factors.
“We’re excited about the enthusiastic response we continue to receive throughout the insurance industry to our commercial property & casualty policy administration and other core capabilities,” said Christopher Bennett, president, Core Solutions division, Origami Risk. “As we work closely with our growing number of clients across multiple insurer segments, we have maintained a sharp focus on delivering exceptional service while leveraging a team approach with clients to drive a steady stream of game-changing innovation.”
Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a comprehensive digital engagement experience for all internal and external stakeholders.
According to the Aite-Novarica Group, the report provides an overview of the property and casualty (P/C) policy administration solution (PAS) market. This report is of interest to insurers’ senior business executives and IT professionals looking for insights into the P/C PAS market
landscape. The report is also relevant for PAS providers looking to understand the
direction of the market and evolving buyer needs. The report profiles 42 stand-alone core PAS and provides an overview of their key features and capabilities, client base, lines of business supported, strategic partnerships, key differentiators, and product roadmap.
To read Origami’s review and profile in the Aite-Novarica P/C Policy Administration Report, visit: https://www.origamirisk.com/resources/industry-reports/aite-novarica-report-2023.
About Aite-Novarica Group
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts.
About Origami Risk – Core Solutions Division
Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety for insurers, managing general agents (MGAs), program administrators, third party claims administrators (TPAs), risk pools, brokers and more. Origami Risk delivers its highly configurable and completely scalable integrated insurance core system, risk management and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app. Visit origamirisk.com or contact Origami at info@origamirisk.com.
