Island Insurance Company, Ltd., Hawaii's largest locally owned and managed property and casualty insurance carrier, announced the introduction of CyberComp, a web enabled workers' compensation product that will add the power and speed of the internet to its existing suite of products targeted at small and mid-sized businesses.
CyberComp, is managed by Swiss Re's Commercial Insurance and owned by Swiss Re, one of the world's leading and most diversified reinsurers offering a wide variety of reinsurance products and services to manage capital and risk.
The addition of the CyberComp platform will enable Island Insurance agents to submit workers' compensation business identically to their current process, but with quicker response times and more pricing options than in the past.
"In today's competitive market, agents need to respond immediately and definitively in order to meet the specialized needs of their clients," said John Schapperle, President and Chief Operating Officer of Island Insurance. "Our enhanced small business workers' compensation offering will provide industry leading turn-around time to our agents along with a product rated A+(XV) by AM Best."
The CyberComp platform will also enable the electronic transfer of payments and produce loss runs, all at a click of a button. This will allow agents more time to work with clients and build their business rather than waiting for a decision on a policy.
"Swiss Re's Commercial Insurance is excited to align with a company with the talent and resources of Island Insurance," said Jeff Argotsinger, Senior Vice-President for Swiss Re. "We have worked together to bring a great product to market, but also to find new ways to help agents save time and reduce the cost of doing business."
Island Insurance's accelerated small business platform will be targeted at a wide range of companies, with premiums from $1,000 to $10,000 in more than 350 eligible classifications and in all major industry groups. For more information, please contact your local independent insurance agent.
Island Insurance Company, Ltd.
Island Insurance Company, Ltd. is Hawaii's largest locally owned and managed insurance carrier, offering a full range of property and casualty protection. Founded in downtown Honolulu in 1939, Island Insurance has been serving Hawaii's families and businesses for nearly 70 years and is the first and only Hawaii-Based company to be recognized as a Top 50 property & casualty insurance company in the nation by the Ward Group. Island Insurance has earned financial strength ratings of "A" (Excellent) from A.M. Best Company and an "A" (Strong) rating from Fitch Ratings. For more information, visit its website at: www.islandinsurance.com.
Swiss Reinsurance Company Ltd.
Swiss Re is a leading and highly diversified global reinsurer. The company operates through offices in over 25 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company's traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated "AA-" by Standard & Poor's, "Aa2" by Moody's and "A+" by A.M. Best.
Swiss Re's Commercial Insurance
Swiss Re's Commercial Insurance protects insureds with specialized needs in niche markets in the U.S. and Canada. Products include property and casualty insurance, professional liability insurance, excess medical expense and risk management services. Swiss Re's Commercial Insurance has served the primary insurance community since 1908 and is committed to providing service, creative solutions and security for its clients. Products are underwritten by Westport Insurance Corporation, North American Specialty Insurance Company and North American Elite Insurance Company.