CHSI Technologies: The Insurance Industry Game-Changer

Jim Leftwich, CEO, CHSI TechnologiesJim Leftwich, CEO No two companies tread the same path to prosperity, and thus there are subjective views and specific methodologies to concoct and realize success. This simple yet insightful notion forms the fundamental ingredient for Henderson, Nevada-based CHSI Technologies. Having lived by the philosophy that every insurance company is unique, CHSI Technologies fans the flame of success with game-changing insurance software that meets and exceeds their customers’ unique requirements.

To truly understand and appreciate the company’s value proposition, it’s imperative to throw light on the insurance industry’s constantly changing landscape and how CHSI Technologies is navigating this paradigm shift. Given the constant waves of disruption affecting a low-return underwriting environment, insurance companies and executives seek a ‘winning formula’ for profitable and sustainable long-term growth. To differentiate against large insurance carriers, many insurers have started offering select additional services to attract and retain more policyholders and grow revenue. Sure, every insurance company has distinctive portfolios, but insurers are always looking for new and cost-effective solutions to enable them to underwrite and compete in an increasingly commoditized marketplace. An ideal approach toward that goal is to fully embrace the newer digital solutions such as SaaS, which more cost effectively supports the integration of technology into the insurers’ operational workflows. The ability to leverage customer information to identify demographics and psycho/social trends to maintain product relevance is what enables insurance companies to be able to compete successfully. “While considering migration to new technologies, such companies need to understand that there is no “cookie-cutter” solution that can resolve all issues for all companies. For example, underwriting software needs can vary between demographics and types of insurance coverage offered,” begins Colin Moulton, VP of Product Development at CHSI Technologies.

Having led numerous product development projects for more than a decade, Moulton recognizes the critical need to educate, train, and guide companies to keep pace with the rapidly changing digital insurance realm. While the insurance sector consistently augments its portfolio of services, “How does one make a square peg fit into a round hole, like it was meant to do so all along?” asks Moulton. “Every customer is unique and has different requirements. At CHSI Technologies, we provide insurers with the right solution to ensure that their uniqueness stands out and is not lost on the marketplace, while enabling them to stay true to their organizational goals. If we don’t have the right solution, we’ll refer them to another technology provider that may be a better fit for their needs.”

Built for and named after ‘Commitment, Honesty, Service, and Innovation’, CHSI caters to the policy and underwriting needs of small and mid-market insurance companies, leveraging a thorough understanding of P&C and workers comp insurance processes. Governed by the mission to level the playing field for small and mid-market insurance companies by providing access to the highest quality technology solutions, the company identifies underserved markets, deploys their technology, and provides on-demand services to deliver true value to the clients.

We provide insurers with the right solution to ensure that their uniqueness stands out, while enabling them to stay true to their organizational goals

Designed specifically for Tier 3 and 4 P&C and workers’ comp insurers, municipal risk pools, captives, and self-insured groups, the company builds and delivers affordable modular software as a service (SaaS) insurance software—CHSI Connections®—aimed at improving policy admin and underwriting efficiencies while better integrating brokers and policyholders. As a technology provider that specializes in helping insurers that have yet to experience the efficiencies of modern technologies, CHSI delivers affordable digital-age solutions to both tech-savvy insurers as well as those that operate still using paper/Excel spreadsheets.

Bringing out the Uniqueness

At the core, CHSI Connections is a powerful policy administration system comprising of a rules-based, multi-state underwriting module. In an effort to enhance the productivity and capabilities of insurance carriers, Administrators, partners and brokers, Connections’ web-based system, as the name suggests, ‘connects’ disparate sources of information, facilitating access to policy information, underwriting, claims data, analytics, commissions, forms, schedule management, and account statements—all in real time. From Client Relationship Management (CRM), to payment processing, CHSI Connections covers it all.

CHSI’s team is driven to tackle complex problems, deliver innovative, hosted insurance solutions, and provide expert guidance to underserved markets. “Insurers expect more than the standard run-of-the-mill underwriting Q&As to write effective policies,” explains Moulton. However, insurers are fastidious about integrating compelling features or services into their existing underwriting packages. Hence, every insurance company’s relevance depends on that ‘special sauce.’

"Insurers expect more than the standard run-of-the-mill underwriting Q&As to write effective policies"

The secret behind CHSI’s success is accredited to its client on-boarding process, which involves identifying the expected end result of an offering. It enables CHSI to determine and act upon the insurer’s exact input and software coding requirements within the CHSI Connections solution (data that needs to be captured and reported, location of data storage, and underwriting requirements). This on-boarding process helps CHSI empower clients by effectively capturing precise information and making it reportable for its users. In addition, CHSI’s onboarding process includes a review of the client’s current processes to identify the change-opportunities in workflows that will increase efficiencies and lower admin-costs. It helps startup clients deliver professional-grade services and performance by working with CHSI to tailor its Connections software solution according to the client’s unique requirements.

While delivering a solution for underwriting, CHSI focuses on the client’s business workflows and identifies the minute details that enable CHSI Connections to be a snug fit with the client’s backroom operations. On the CRM side, CHSI goes a step ahead of the conventional offerings and retains a common directory for storing basic information found in most policyholder demographics. “Our strategy from the outset has been to be a single-source technology provider, enabling total control over quality from production to delivery,

Colin Moulton, VP of Product Development, CHSI TechnologiesColin Moulton, VP of Product Development
aimed at controlling the product evolution to fit the customer needs and solve pain-points,” Moulton adds. As a result, CHSI prices Connections in a modular fashion, enabling the customer to license only those features and components that best serve their current objectives.

Hosted on Microsoft’s Azure cloud, any data traversing through the software undergoes encryption, and comprehensive compliance and assurance programs, which guarantees the data’s availability and safety. This approach ensures that small insurers can stick to their core competencies while enjoying the benefits of having digital technologies that operate as integrated workforce multiplier, in other words, higher, easier output at a lower cost of operation.

Enter Insurance Excellence

CHSI Technologies has several initiatives in development aimed at delivering high-value solutions at a fraction of the competition’s costs. For example, it is finishing a new product offering called “Connections Captive Manager”, which is an extremely affordable streamline version of Connections redesigned by Captive Administrators for Captive Administrators and their particular policy data capture needs.

Also, CHSI Technologies recently provided one of its carrier clients, Synergy Insurance, with a single-source data and policyholder portal for billing, underwriting, and policy issuance. This reduced the time required to generate new policies, and saved costs at the push of a button. This particular use case reveals the unparalleled performance of CHSI Connections within an insurance operation to solve clear-cut problems, create efficiencies in both workflow and revenue-generation that can be shared across specific business units and departments, and deliver demonstrable improvements enterprise-wide.

Setting a Trajectory for the Future

2018 has been a great year for CHSI Technologies in terms of product-feature development as well as growing its customer base. CHSI capped the year by creating a “User Advisory Group” made up of customers, and delivering new technology solutions aimed at solving the pain-points of its insurance customers.

As an early provider of SaaS, CHSI is known for delivering cloud-based underwriting solutions with mobile capabilities that enable underwriters to use mobile devices for curating policies. By delivering cloud solutions, CHSI eliminates the procurement of additional hardware or software, and ensures that every client is using the latest software version. Furthermore, CHSI Technologies’ innovation-driven team strives to harness the benefits of artificial intelligence (AI) to streamline underwriting and revolutionize the way insurers operate. The solution’s built-in AI will be able to process customer submissions and automatically display the associated risks. With a large team of trained staff, CHSI now plans to extend its innovative offerings to more clients across the globe. “To this end, we encourage our technologists to step out of their individual comfort zones and learn/do something cool and new related to technology or business,” adds Moulton.

- Arijith Sarkar
    December 18, 2018