Stoneways Marine Insurance (Stoneways Marine) provides marine insurance with a personal touch. They provide cover for both individual yachts and pleasure craft on the water, as well as leisure marine trade businesses. The experienced team offer insurance solutions for mariners, from mariners, with a high level of personal service, care and expertise. Stoneways Marine provide insurance expertise alongside quality, cost effective protection from a wide variety of risks. To deliver for clients on a daily basis, they need a reliable software system providing for their unique needs

Challenge
Stoneways Marine were looking at new software options to better support their business and provide an excellent level of service to their customers. They needed to get their yacht binder up and running as soon as possible. The binder was being run on outdated technology which was intensive to use and required double keying and manual document generation. The binder covered four different types of vessels and provided cover for marine property, liability, personal accident, medical expenses, as well as numerous other benefits, including a variable no claims discount.

Stoneways Marine 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 and manually generate documents.

Solution
Stoneways Marine worked closely with ParaCode’s dedicated Product Team, made up of experienced insurance professionals with detailed knowledge of all the platform features. A ParaCode Product Specialist worked on-site with an experienced Underwriter from Stoneways Marine to assist with the setup process. Together they setup up the yacht binder in ParaCode, the core setup taking around a day.

The ParaCode Product Specialist and Stoneways Marine Underwriter defined four different insurable entities including yachts, motor yachts, sports boats and barges. For each insurable entity the sections of cover were created including rate tables, underwriting factors and claims limits. Seventy-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 four insurable entities.

Once initial setup was complete, a test version of the binder was passed to Stoneways Marine to train their team with and to check that functionality was as expected. Following this, Stoneways Marine were soon generating new business and renewing yacht policies on ParaCode.

Result
Stoneways Marine were quickly able to gain efficiencies from ParaCode including reduced time on policy double keying 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.