WaterStreet: An End-to-End P&C Insurance Management Solution

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Gregg Barrett, WaterStreetGregg Barrett
The insurance industry is riding the wave of innovation with several modern technology solutions being introduced in the market, opening new horizons of service opportunities for insurance firms. These solutions provide greater opportunities for data collection that can lead to better risk identification and mitigation measures. Also, to improve efficiency as well as expand the business portfolio, the insurance carriers rely on various integrations and many third-party solution providers for policy management and other critical functions. However, managing the complexity of these integrations and several connected systems, while ensuring a seamless routine operation, can be an arduous task for the insurance carriers. Hence, they need to collaborate with a technology partner that brings in-depth know-how of insurance software, cybersecurity, and all the other things that matter for the management of an efficient policy administration system. Enters WaterStreet, a Montana-based company, which offers a cloud-based insurance management software suite along with policy management services for insurance companies. The company allows insurance carriers to effectively manage multiple processes such as policy administration, claims administration, reporting and analytics, billing and accounting, document management, and others.

WaterStreet offers a property and casualty (P&C) insurance software suite that seamlessly integrates policy, claims, and reporting across all business lines. The insurance software suite is built on modern, standards-based languages and an open and highly scalable architecture that provides customization and extensibility for insurance companies.

Besides, the company also offers a fully documented API and developer toolkit, allowing them to gain holistic access to all the third-party data in real time from WaterStreet’s platform.

We combine talent and technology to provide efficient technology solutions to our customers

On the other hand, WaterStreet’s team of insurance experts also renders business process outsourcing (BPO) services, enabling insurance carriers to streamline their workf low and stay on top of modern trends in the technology realm. “We combine talent and technology to provide efficient technology solutions to our customers,” states Erica Schatte, vice president of marketing at WaterStreet.

The company offers a single platform for carriers to manage the entire lifecycle of all of their product lines. It allows agents, underwriters, and other stakeholders to co-exist seamlessly and expedite decision making. Moreover, the software also provides automated workf low by configuring business rules using triggers and comprehensive underwriting rules with user-defined security levels. A case in point is a startup that leverages WaterStreet’s software as well as BPO services to streamline their business processes and enhance productivity. The startup’s partnership with WaterStreet, which started in 2012, enabled them to write 60,000 policies till 2018 with a premium of 80 million dollars. And, as per the recent trends, the premium is expected to go past 100 million by the end of this year. Also, WaterStreet helped the startup in geographical expansion by enabling them to extend their product offerings to Florida and Texas. “Our focus on delivering value to the customers makes us stand apart from other solution and service providers in the insurance industry,” extols Nathan DeSpain, vice president, WaterStreet.

With an experienced team of experts and a sheer determination to serve insurance firms with more transparency, WaterStreet is investing substantially in its research and development program to expand its product offerings. The company ensures that it is on top of the modern technological innovations such as the Internet of Things (IoT), telematics, usage-based insurance, and others to continue assisting clients with advanced technology solutions.

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Kalispell, Montana

Gregg Barrett

Delivers software and BPO solutions to insurance companies