PISCATAWAY, N.J., April 23, 2018 /PRNewswire/ -- ValueMomentum Inc., a provider of software and services to the insurance, healthcare and financial services industries, announced today that representatives of NSM Insurance Group (NSM) have been named the winner of the 2018 ITA Bridge Award, for the implementation of its mobile-friendly consumer-facing 4Paws Pet Insurance application.
"The ITA received more nominations for the 4th Annual ITA Bridge Award than we ever have in the past, the quality of the nominations this year was just as strong as the quantity of nominations which made it difficult for the judges," says Jim Daggett, executive director of the Insurance Technology Association. "The judging panel of the ITA Advisory Board ended in a split decision with two extremely strong nominations that shined bright, 4Paws Insurance being one of them that stood out in the crowd and received the nod for a win."
NSM Insurance Group identified the opportunity to write pet health and wellness insurance policies. In late 2016, NSM CEO Geof McKernan spearheaded a partnership with pet insurance expert and seasoned insurance executive Sandra Boucher, to develop a new pet insurance product under the 4Paws Insurance brand. Sandra Boucher and Mike Anselmo collaborated to produce NSM's first consumer-facing digital app for 4Paws Pet Insurance. The implementation included deployment of ValueMomentum's BizDynamics Digital Engagement Platform and the iFoundry Rating & Product Design solutions. The implementation was completed in less than 6 months.
Boucher and her 4Paws business team are based in Durham, N.C., while Anselmo's NSM IT team are headquartered in the Philadelphia metro area. The success of this project hinged on the geographically-dispersed teams working in close partnership. ValueMomentum joined forces with the two teams as a technology partner. The success is in large part attributed to inter-team communications that occurred daily – early morning and late afternoon – where the teams report progress and address any issues. At the end of each week, an all-hands conference call kept efforts across the various teams in sync.
Initially going live in 12 states on August 1, 2017, 4Paws closed out the year with 46 states plus Washington, D.C. in production. To date, NSM has received nearly 75% of quotes from mobile devices and has been able to convert over twice the number of quotes as compared to historical trends in this space. Regardless of the user's device, the technology platform supplies intuitive consumer and business user interfaces supported by highly available, reliable and resilient underlying systems.
NSM's CEO, Geof McKernan noted, "When we seek a new niche to serve, NSM looks for markets that offer renewable and sustainable growth. We see that in pet insurance and we are pleased that with 4Paws, Mike and Sandra have set the bar in effectively delivering the capabilities to make this a successful business for NSM."
"ValueMomentum congratulates NSM on the success of its 4Paws Insurance rollout and the well-earned recognition from the industry, validated by the ITA Bridge Award win. NSM recognizes the importance of an effective working partnership between business and technology teams, and the importance of digital technologies to enable product innovation, digital engagement and automation to achieve its goals for profitable growth in their target segments," said Abhijeet Jhaveri, CMO of ValueMomentum.
About NSM Insurance Group
For more than 27 years, NSM Insurance Group has been an industry leader in the development, implementation, marketing and underwriting of industry-specific insurance programs. The company's insurance programs include social services and behavioral health; CAT driven property; collector cars; workers' compensation; staffing; sports and fitness; breweries and wineries; professional liability for architects and engineers; and pet insurance. NSM Insurance Group is aggressively seeking to acquire additional program managers and niche specific insurance businesses. For more information, contact Bill McKernan at 610-808-9561 or visit https://www.nsminc.com/.
ValueMomentum provides software and services to Insurance, Healthcare & Financial Services firms. Customers choose ValueMomentum due to the company's track record of delivering value and driving the momentum of customers' business initiatives. ValueMomentum accomplishes this by applying a time-tested formula of combining strong technical expertise with deep industry experience. For more information, visit www.valuemomentum.com.
SOURCE ValueMomentum, Inc.