CHSI Technologies courts captive managers with new tool on Connections platform
CHSI Technologies believes its Captive Manager tool for its cloud-based platform, Connections, will be a real game-changer for its captive clients.
The new functionality is designed for managers handling multiple captives, and leverages its customer relationship management (CRM) tool to allow managers to track information relating to different captives.
“This offering has been in development for the last six months and responds to demand we have seen from our captive manager clients, many of which have to track multiple captives by their policy year,” said Tim Cuckow, vice president of sales at CHSI Technologies. It supports captive operations across the entire policy lifecycle, and is suitable not only for captive insurance companies but commercial insurers, reinsurers, fronting carriers, self-insureds, public entity insurance pools and workers compensation carriers.
CHSI Technologies is also enhancing its dashboard reporting offering, giving captives access to real-time analytics, KPIs and other data in a format that is designed to maximise clarity and make it easily digestible, added Cuckow. This new look dashboard is expected to be available some time in Q3.
CHSI Technologies has been active in the captives space for nine years, since it launched Connections, the saas-based, full service insurance technology solution that offers underwriting, issuance, claims and billing functionality, among other things.
Its Captive Manager component includes powerful analytics, dashboarding and reporting tools ideal for creating policy documents, claims reports, financial reports and board packages.
Cuckow said: “The availability of data is such an important issue for captive managers and others in the insurance industry. There are still managers out there using Excel spreadsheets which are unwieldy, making it harder to maintain the quality of the data.”
Because Connections is cloud based, customers can select specific modules that are relevant for their business, and are not forced to take elements of the offering that they will not use. This flexibility makes it particularly attractive to captives, which may have very specific needs, said Cuckow.
“Many of the functions on Connections are universal to the insurance industry, such as CRM and reporting. But the captives industry has its own nuances, requirements that are unique to this business, especially in terms of the way they want to track certain types of information, and we have taken care to account for this in our offering,” said Cuckow. “The captive industry is a niche market, and therefore represents a relatively small proportion of our client base. But this market is certainly significant enough that we want to make sure our product caters to their specific needs. Delivering relevant technology that provides a real return on investment for our customers is the most important thing for us.”
For now, CHSI Technologies only supports captives in the US, but it has its eyes on the European and Asian markets, where it sees significant opportunities for growth.
“These markets are definitely on our road map,” says Cuckow. “The fact that Connections is built on Microsoft Azure cloud technology gives us a lot of flexibility in terms of how we configure data and storage options, which will make it much easier when we roll out the system in Europe and Asia.”
