Riptide Insurance Company: Beating the Tide

by Benjamin Moreland, October 17, 2012
Case Studies
North America

Abstract

This case study describes how Riptide Insurance Company was able to expand quickly into a new market leveraging Oceanwide’s Bridge solution.

“Riptide Insurance” is a pseudonym for a specialty insurer that prefers not to be named explicitly. Its parent company is a global specialty property/casualty insurer, with divisions in the US and Canada, writing more than 30 lines of business. Riptide Insurance wanted to quickly expand into the yacht business with a new specialty product that could not be adequately supported by its existing legacy system or its parent company’s solutions. The new market required an expedient implementation, due to the seasonal nature of the yacht business, which the company was able to achieve.

In the report, Riptide Insurance Company: Beating the Tide, Celent describes the business challenges Riptide Insurance faced in entering a new market as well as its approach and partnership with Oceanwide. Leveraging a combination of people, process, and technology solutions, Riptide was able to meet its tight delivery timeframe (eight weeks) and exceeded its original business expectations.

Riptide Insurance partnered with a vendor that had strong insurance knowledge and experience. Combined with its own yacht insurance expertise, they used an agile approach to development; and leveraged a strong SaaS-based distribution solution.  This enabled Riptide Insurance to focus on the business aspects of delivery, with rapid testing cycles and no long delays due to infrastructure procurement or setup.

Specialty insurers require flexible, component-based systems that allow them to quickly tailor their business requirements to an easy-to-use production solution.

“Riptide Insurance was able to leverage a mature, SaaS-based configuration-based distribution solution that allowed them to focus on the business aspects of the system instead of the traditional IT infrastructure costs and delays,” says Ben Moreland, Senior Analyst with Celent’s Insurance Group and author of the report, “They never would have made their tight eight week deadline without using a SaaS solution and a vendor with strong insurance expertise, specifically in the marine line of business.”

This 14-page report contains five figures.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

2

Building the Hull for Speed

4

 

Business Approach

4

 

Solution Approach

5

 

Current Status

7

The Yacht Insurance Solution

8

 

Oceanwide Bridge

8

 

Riptide Insurance System

9

 

Lessons Learned

11

Conclusion

12

Leveraging Celent’s Expertise

13

 

Support for Financial Institutions

13

 

Support for Vendors

13

Related Celent Research

14

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