National General Holdings's Comment on Supply Chain
We rely heavily on technology and extensive data gathering and analysis to evaluate
and price our products accurately according to risk exposure. In order to provide
our policyholders and producers with superior service and realize profitable growth,
we have substantially upgraded our information technology capabilities in recent
years. In 2010, we started development on our new P&C policy administration
system named “NPS.” On a limited basis, we launched NPS in January
2011 and as of February 2014, all of our P&C policies are administered on
the system. NPS is based on advanced server-based technology allowing quicker
processing and the ability for enhanced scalability. This new system reduced cost
by eliminating our three costly legacy mainframe based systems and allows for
increased straight-through automated processing, removing the need for expensive
back office processes as well as providing enhanced self-service functionality.
Since inception, we have reduced our information technology operating expenses
significantly. We have integrated our new policy administration system across
all lines of our P&C business, retired the three legacy systems and have significantly
incorporated our RAD 5.0 underwriting pricing tool into this system. Our goal
is to continue to make strategic investments in technology in order to develop
sophisticated tools that enhance our customer service, product management and
data analysis capabilities.
RAD 5.0 is an underwriting pricing tool that more accurately prices specific
risk exposures to assist us in profitably underwriting our P&C products.
Our RAD 5.0 technology offers significant advantages over our prior underwriting
pricing system by employing numerous additional components and pricing strategies
such as supplemental risk and improved credit modeling. We believe the RAD 5.0
underwriting pricing tool will facilitate better pricing over the lifetime of
a policy by employing lifetime value modeling, elasticity modeling and optimized
pricing.
In our lender-placed insurance business, we use a proprietary insurance-tracking
system to monitor the customers mortgage portfolios to verify the existence
of insurance on each mortgaged property. We believe we can leverage our technology
expertise to operate the business under a more efficient cost structure.
Consistent with our niche, technology-driven focus, we have an arrangement
with a managing general agency that has developed advanced vehicle telematics
technology that monitors miles driven and other driver behavior, enabling us
to leverage this technology to offer lower cost, low mileage products with less
exposure.
National General Holdings's Comment on Supply Chain
We rely heavily on technology and extensive data gathering and analysis to evaluate
and price our products accurately according to risk exposure. In order to provide
our policyholders and producers with superior service and realize profitable growth,
we have substantially upgraded our information technology capabilities in recent
years. In 2010, we started development on our new P&C policy administration
system named “NPS.” On a limited basis, we launched NPS in January
2011 and as of February 2014, all of our P&C policies are administered on
the system. NPS is based on advanced server-based technology allowing quicker
processing and the ability for enhanced scalability. This new system reduced cost
by eliminating our three costly legacy mainframe based systems and allows for
increased straight-through automated processing, removing the need for expensive
back office processes as well as providing enhanced self-service functionality.
Since inception, we have reduced our information technology operating expenses
significantly. We have integrated our new policy administration system across
all lines of our P&C business, retired the three legacy systems and have significantly
incorporated our RAD 5.0 underwriting pricing tool into this system. Our goal
is to continue to make strategic investments in technology in order to develop
sophisticated tools that enhance our customer service, product management and
data analysis capabilities.
RAD 5.0 is an underwriting pricing tool that more accurately prices specific
risk exposures to assist us in profitably underwriting our P&C products.
Our RAD 5.0 technology offers significant advantages over our prior underwriting
pricing system by employing numerous additional components and pricing strategies
such as supplemental risk and improved credit modeling. We believe the RAD 5.0
underwriting pricing tool will facilitate better pricing over the lifetime of
a policy by employing lifetime value modeling, elasticity modeling and optimized
pricing.
In our lender-placed insurance business, we use a proprietary insurance-tracking
system to monitor the customers mortgage portfolios to verify the existence
of insurance on each mortgaged property. We believe we can leverage our technology
expertise to operate the business under a more efficient cost structure.
Consistent with our niche, technology-driven focus, we have an arrangement
with a managing general agency that has developed advanced vehicle telematics
technology that monitors miles driven and other driver behavior, enabling us
to leverage this technology to offer lower cost, low mileage products with less
exposure.
Sources:
National General Holdings Corp 's official press releases and regulatory filings; CSIMarket.com's supply-chain research; and the financial filings and press releases of other companies cited in this report.
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