KBIS British Equestrian Insurance is one of the UK’s largest independent equestrian insurance providers. With over 30 years of experience, they offer insurance cover for the complete equestrian lifestyle from horse to home and everything in between.
KBIS needed to get their Masterplan binder up and running as quickly as possible. The binder was being run on technology originally developed by KBIS in the 1990s and although the system was stable, it was very intensive to use, requiring double keying of information, manual rating and documentation generation. The binder covered personal accident, lower value property and liability equine risks for both commercial and personal lines and included claims handling authority as well.
KBIS needed to move to a modern system that would increase employee efficiency by reducing policy handling time by removing the need to double key information, implanting automatic rating and document generation.
KBIS used the ParaCode platform to launch their Masterplan binder. ParaCode has a dedicated Product Team, made up of experienced insurance professionals who know how to use all the features of ParaCode to set up DUAs and binders on behalf of clients. ParaCode deployed a Product Specialist from the team to the KBIS office to assist in the setup process. The Product Specialist sat with an experienced Underwriter from KBIS and together they set up the Masterplan binder in ParaCode. The core setup process took approximately hour hours.
During this time the Product Specialist and the Underwriter defined nine different insurable entities including persons, businesses, associations and physical property items. Twenty-six sections of cover were created in total on the binder. The Product Specialist and the Underwriter then set up a statement of fact/proposal form for each of the nine insurable entities.
Standard ParaCode functionality was included on the binder including credit/debit card and premium finance payment options and bordereaux reporting.
Once initial setup was complete, a test version of the binder was passed to KBIS to train their team with and to check that functionality was as expected. Soon KBIS were generating new business and renewing Masterplan policies on ParaCode.
KBIS were quickly able to gain efficiencies from ParaCode including reduced time on policy double keying, manual rating and document generation. ParaCode has allowed the underwriters to spend more time underwriting and less time on administration, enhancing the financial performance of the binder and reducing costs for KBIS.
Kate Horne, Policy Administrator at KBIS British Equestrian Insurance said, “The launch of the masterplan binder on ParaCode has been a huge time saver for the department. The system works in a logical and straightforward way meaning that processing renewal invites, conversions and new business across all the insurable entities can be done quickly and easily despite having to move historic data from our old system manually. Because the system is user-friendly, training team members has also been an easy process.”
Because the system is user-friendly, training team members has also been an easy process ”
Policy Administrator - KBIS
This was unheard of on the old system. We built an entire product in less than a day. ”
Managing Director & Yacht Manager - Stoneways Marine
I have said that multiple times and I will say it again. ”
Equine Underwriting Manager - The Underwriting Exchange (Ireland)