Fort Worth-based INSpire Insurance Solutions has entered into a 10-year functional outsourcing agreement with Zephyr Insurance Co., a newly established provider of hurricane coverage for residential exposure in Hawaii.
Zephyr will be writing a significant share of the Hawaii residential market with expanded hurricane coverage options and solid financial and reinsurance backing.
Under this agreement, Zephyr will outsource all policy administration and claims administration operations to INSpire. The technology enables a paperless operating environment for companies who choose INSpire as an outsourcing partner. The processing will take place at INSpire’s facility in Honolulu.
Also, INSpire and ebix.com have teamed up to offer an end-to-end online solution for INSpire’s entire customer base, facilitating streamlined transaction processing between the agency and carrier channels using the B2B ebix.link product.
The agreement will also allow INSpire to facilitate real-time quoting for carriers. These carriers will now be able to offer consumers the ability to complete insurance transactions real-time through the Internet, including ordering third party underwriting reports, accepting payments and issuing declaration pages and ID cards.
In related news, INSpire also signed a five-year information technology services agreement with Tokio Marine and Fire, as well as a teaming agreement with Renaissance Worldwide to jointly provide software and implementation services to the property-casualty industry.
The company has also released its new real-time internet based rating, underwriting and policy issuance systems, allowing insurance carriers to sell and service insurance policies either direct to the consumer or through agents. The product, eINSpire, will permit consumers or agents to complete insurance transactions real-time through the Internet.
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