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Employers Re uses Cover-All system to add new lines, new processing capability. Greg MacSweeney reports.
Not only did an acquisition by Employer's Reinsurance Corp.'s (ERC, Overland Park, KS) parent, GE Capital, take the reinsurer into a new line of business, but it also took it into uncharted water when it came to policy processing.
Before the 1997 acquisition of Coregis Insurance, a professional liability and P&C insurer, most policy rating, issuance and administration of ERC's professional liability reinsurance business was handled by its managing general agents (MGAs). After the acquisition of Coregis, however, ERC was saddled with Coregis' aging "year 2000 nightmare" of a policy rating system, says Phil Hargrove, vice president of information technology for ERC.
"With Coregis, for the first time, we had people that processed our business internally," says Hargrove. "The rating system that Coregis was using was outdated and had year 2000 problems....