What is p1?
p1 is an enterprise software platform specifically designed for insurance companies managing discontinued insurance and reinsurance business.
Developed by experienced professionals with extensive insurance industry knowledge and legacy platform integration expertise. Extensive experience migrating legacy systems ensures a timely and accurate transition from expensive, outdated technology to a solution that meets the needs of the modern runoff operation.
Why you need p1
Insurance companies exist to take care of people during some of the most vulnerable times in their lives. They must turn a profit to do this effectively. The most vulnerable part of an insurance company's life is when a service line is unprofitable, or marginally profitable. When this occurs the insurance company cannot simply cancel their contracts. They made promises and must continue to protect their policyholders. What they can do is put that business line into runoff. While in runoff, the insurance company is no longer issuing policies; instead they simply maintain existing policies until their expiration.
Runoff is a particularly vulnerable time for an insurance company because the company must be able to service claims using existing reserves and premium dollars, without adding policies to grow as you would with a typical insurance pool. As time goes on, the company begins contracting again as claims reduce. The company sheds insurance adjusters, claims agents, and all manner of infrastructure. However, a funny thing often happens to the IT budget during the same period…it goes up!
Inverse relationship between reserves & IT budgets during runoff period
Why would the IT department continue to run contrary to the entire company and entire business type? Simply put, because IT quietly has built an empire. This does not occur all at once; a company starts with a legacy system from an acquired book of business. Executives ask their well-meaning IT staff to manage that legacy system, and IT gladly accommodates the request on one condition..."All it will take is X number of new staff and XY hardware". Executives then decide they need to be able to better manage data from these various sources. IT grants this request as well..."all it will take is X new staff, XY new hardware, and XYZ new software with X number of dollars added to the monthly budget for licensing". Suddenly and unexpectedly, IT is the largest department in the company and has three times the budget of any other department.
The p1 suite helps protect insurance businesses in runoff by stopping the IT empire building cycle. p1 eliminates the need for:
- Maintaining legacy systems
- Maintaining data management related hardware
- In-house database development
- Maintaining data security
- Keeping up with data management related regulatory issues
It's all done by p1!
About the p1 Service Line
p1 is a modern SaaS (Software as a Service) system which is offered on the Cloud, designed to free you to focus on running your business instead of managing your data. The underlying system is written on the Microsoft .NET framework and utilizes the Microsoft SQL Database allowing you to integrate many of your existing platforms.
The p1 Service Line has been designed by experienced professionals with extensive insurance industry knowledge and expertise. HMR’s extensive experience migrating legacy systems to the p1 system ensures a timely and accurate transition from outdated technology to a solution that fits the requirements of runoff operations.
The system’s strength is its design which has been used to support hundreds of companies.
- Automated Data Interface from external sources, thereby reducing data entry errors
- Automated issuance of Claim checks, including recurring payments
- Ceded Automation of Proportional and Non Proportional Reinsurance loss recoveries
- Electronic Document Management for all modules
- Seamless interface with external GL software
- Flexible reporting and data extraction
- p1 AIM module (Automated Interface Module) gives users the capability to upload and edit information directly into the system using excel worksheets. This dramatically reduces data entry keying errors
- Pre-written reports meet the needs of a wide range of users from Accounting and Claims to Actuarial
- Interfaces with StoneRiver GL & AP insurance accounting systems