Alamance Farmers’ Mutual

By-Peril Rating Leads Major Expansion

Download PDF
Objectives

Manual systems prevented growth.

Alamance’s existing core systems were highly manual, impeding their operations and limiting potential growth opportunities. The company identified by-peril rating as an opportunity to increase efficiency and grow their premiums; however, they could not implement by-peril with their existing core systems environment.

Challenges

An agent portal was the missing piece.

Alamance wrote business exclusively through internal agents. The company’s internal agency force sold policies in five counties in North Carolina, 2.5% of its state-wide coverage goal. Alamance did not offer a portal for independent agents to quote business. In addition, Alamance’s existing core systems required short-term new policies to conform to an annual billing cycle, which created mountains of paperwork and wasted employee hours.  

Strong local roots and high customer satisfaction are integral to Alamance’s ongoing business strategy. To leverage and further develop their strengths in these areas and remain competitive, they needed to adopt a modern core system that can support by-peril rating.

PRocess

We configured their implementation to provide a customized experience.

Alamance identified target requirements for a new core system that would allow remote access, fast, flexible workflows, and automated data collection. They selected and implemented BriteCore, a modern, cloud-based solution that included every essential feature defined by Alamance. They worked closely with the BriteCore team to configure a customized dashboard for streamlined user experience and increased the efficiency of risk assessment by implementing HazardHub, a BriteCore vendor providing automated property-level risk data.

Alamance’s existing relationship with the rating organization AAIS enabled Alamance to implement by-peril rating through BriteCore, which allowed them to expand into new rating territories. Although AAIS’s by-peril rating is an appropriate out-of-the-box solution for some insurers, Alamance needed a more customized plan to achieve their goals. Alamance and AAIS collaborated with BriteCore to create the system that enabled Alamance to launch by-peril rating, work with independent agents, and position their company for sustainable growth and future expansion.      

Alamance dedicated necessary resources to the modernization process to maintain focus without competing priorities. The project was broken down into phases with intermediate milestones.

"
Our agents went from paper to online in a single day. The speed, flexibility, and accessibility of the BriteCore core system were fundamental to our success.
Jason Buchek Underwriter
Alamance Farmers’ Mutual Insurance Company

Measuring Success:

Added efficiency and accessibility allowed Alamance to reduce underwriting questions, extend their business to independent agents, and maintain 20% policy growth within their expanded territory.

In addition, Alamance experienced 3 key successes:

Achieved Key Goals

Alamance is the first BriteCore client to adopt online, by-peril rating through a partnership with AAIS. Their groundbreaking effort makes it easier for others in the BriteCore client community and beyond to launch by-peril rating online. Alamance exemplifies the measurable benefits of this strategy with sustained premium growth, territorial expansion, and increased efficiency.

Expanded into New Markets

Alamance maintains a local presence wherever they write business due to BriteCore’s cloud-based core system. Alamance can work with independent agents and adjusting firms local to the counties where they now write business. They can also hire personnel in these new areas without moving staff or traveling to train new hires. Agents report high satisfaction with the new system’s functionality.

Demonstrated Agility

By dedicating the necessary time and resources to advance planning, Alamance was able to anticipate problems before they occurred, resulting in a successful core system implementation and a reusable method for long-term success. Alamance now has the ability to adjust their approach as the business environment changes and technology evolves.