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JOINT PRESS RELEASE – Wednesday 11th February 2004
PREMIA SOLUTIONS LIMITED & WHITESPACE SOFTWARE LIMITED
Premia Solutions Bring Policy Administration In-house
Premia Solutions Limited, a fast growing insurance provider who specialise in motor related insurance products, have just signed a contract with Whitespace Software for Schematic – a highly customisable administration package specifically designed for specialist scheme providers.
Premia Solutions do not currently administer all of their schemes in house most are contracted out to external administrators. Premia Solutions decided that to reduce costs and increase control and flexibility they would by bring the policy administration in-house.
Premia Solutions Managing Director, Steve Roberts explains: “Working with contracted administration companies means we are in the hands of their systems, which are often very rigid. We needed the flexibility to move fast, especially with high volume low margin sales.
“Such inflexibility is not good when you strive to offer the highest level of service to both clients and suppliers.
“The greatest challenge is having the ability to accept and easily process business in many different formats, which is what our clients require, whilst maintaining the consistency of outputs, such as reports and audit trails, which is what underwriters need.
Many of our existing administrators have very rigid data import formats which means dealers and sellers have to jump through hoops just to make the administrators life easier! We needed a flexible system that allows our clients to send data in formats and layouts that suit them as well as giving consistent reports and information that suits us and our suppliers.
“Bespoke systems are expensive and standard packaged solutions are too rigid. Whitespace have found the perfect middle ground with Schematic because it is a cost effective package that is also customisable.
“We could have built the system ourselves by hiring a programmer but knew that using a credible supplier like Whitespace would increase our credibility in the market place. They understand the specialist insurance market and how our company works.”
Jonathan Ling, Director at Whitespace, said: “Premia Solutions clearly understand how to gain competitive advantage by using technology to improve customer and supplier service. With greater flexibility in their business they will no doubt outperform their competitors and continue to grow their blue chip client base.”
Phase one of the project will go-live at the end of February with the administration of GAP and Early Termination Insurance. Phase Two, planned for later in the year, will allow Premia Solutions to administer Payment Protection Insurance.
NOTES TO EDITORS
Premia Solutions Limited was set up in 2000 to create, develop and market innovative insurance solutions to motor dealers, motor dealer groups and motor finance providers. Since 2000 Premia have built a ‘blue chip’ client base from the industry and now have clients in the UK and Eire.
Whitespace Software Limited
Established in 1985, Whitespace develops software and services tailored to meet the specific business needs of the insurance industry. Whitespace’s products are customisable, open, modular and flexible, to meet customers current and future needs. From back-office administration to online sales, their solutions manage quoting, proposals, policies, claims and premium collection – including rate engine, rules capture, and reporting.
Contact:
Jonathan Ling
Whitespace Software Ltd
Tel: 020 7240 0208
Fax:
020 7240 9210
Email: info@whitespace.co.uk
Web: www.whitespace.co.uk
Premia Solutions Limited
Steve Roberts
Director
0870 757 1680