Technology Innovator Awards 2022

Apr21077 Best Insurance Policy &Claims System 2022 (North America): Quick Silver Systems Quick Silver Systems Inc was founded in 2018 by Sean Pitcher with Yohan Arteaga serving as a lead developer and architect for the core system. However, we’re already jumping wildly ahead of ourselves! Let’s begin by looking back to way before it all started. Sean Pitcher started his career in insurance at Service Insurance in Bradenton FL as a developer writing rating solutions for home and condo owners, eventually finding himself the VP of IT at American Strategic Insurance in St. Petersburg Florida where he inherited various software platforms for various lines of business. By July of 2001, having become frustrated with the status of systems being sold to the insurance industry, Sean took his life savings, including cashing in his $401k, and formed a company called Maximum Processing Inc for roughly two years he built a policy and claims system from scratch in the back bedroom of his home with the help of one other developer. By 2016, that initial software had become what is known today as the Stingray System and was utilised in more than 28 live implementations of various lines of business and solutions. In addition, Sean’s company had grown from two people in his back bedroom to roughly 130 people in office locations in Florida and North Carolina. In addition, he had opened two remote offices, one in Russia and one in China, bringing the total worldwide headcount to roughly 150. Then, in mid-2016, Sean was approached by a large multi-national to purchase the company, and since he owned the majority of the company, he decided to sell everything, including the buildings in both US locations, and he sat back to enjoy his retirement… for a short period of time! After the non-compete from the sale of Maximum Processing Inc expired, Sean realised that he actually hated being retired and decided to re-enter the insurance business by building another system from scratch utilising the newest technologies and fixing all of the things he didn’t like about the prior systems, based on his experience over the last 18 years in insurance and software. This new system is called the Mercury Policy and Claims Processing System. In addition, in the process of building the Mercury System, Sean went back to several of the very best people he had worked with over the years at Maximum Processing and recruited many of them to join the team at what was nowQuick Silver Systems. The Mercury Policy and Claims Processing System is built with Node.js and is 100% web-based, allowing secure access from any internet enabled device including cell phones, tablets, laptops, and desktops from anywhere in the world, and it is sold in a variety of ways each meant to meet a specific client’s need. “We offer SaaS (Software as a Service) which is our main way to offer the system for start-ups and small to medium sized insurance companies without a dedicated development staff,” states Sean, speaking of his Coming out of retirement in order to set up a new company, Sean Pitcher looks back over the last few years at his journey with Quick Silver Systems Inc (Quick Silver). He talks to us about the firm’s approach to innovation, as well as why he’s bucking the trend for remote working, in the wake of the company being named in the Technology Innovator Awards 2022. creation. “We also offer a full license where you can still utilise our team for implementation, but this license also includes access to the source code so a client’s in-house development team can work on the system if or when necessary.” Sean and his dedicated team’s philosophy is to deliver an experience that they would want if they were purchasing a system for themselves. For example, no hidden agendas, no fixed agreements or contracts, real-time communication, clients own their own data, bug fixes are free, and clients always have access to Sean’s contact details. It is these unique points which help the firm differentiate itself amongst its competitors. Sean believes that the product more than speaks for itself and states that the best way to meet new clients has been word of mouth so far. As a fairly new entity, not many people are aware of Quick Silver’s existence still, but Sean is determined to change that. Targeting small to mid-sized insurance companies or start-ups that want to get to market quickly without many of the initial cost constraints of competing systems means that the Mercury System is ideally placed as it provides everything with no additional or hidden costs. Clients can choose to build anything from a simple real-time rating system to a full-blown end-to-end policy and claims processing system. Working within such a fast-paced and ever-evolving industry, it is of utmost importance that Sean and the team ensure that Quick Silver remains on the cutting edge of new developments in order to always meet clients’ needs. For Sean, innovation is all about adaptation and that adaptation must come from all sides of the business, including its clients. This is done predominantly through the Mercury System being fully customisable, so rather than forcing a client’s business process into a rigid system, the Mercury System is naturally made to work the way clients want it to. “It was built from the ground up to be modular and extensible,” elaborates Sean. “Not onlydoweaddownourAPI callsaswesee the industry stretching into new areas but often our clients drive our innovations to the system as well. Some of the best ideas have come fromour clients who have driven us to implement unique processes or data calls – so far we haven’t run into any innovation that we couldn’t implement!” Internal innovation however starts with utilising the latest technologies and agile development processes, including code automation, functional testing, and artificial intelligence, during the development stage to help the developers complete their coding with the help of AI. Meanwhile, innovations in communication and documentation have challenged the old business models with new thinking, new competitors, and new ways of collaborating in real-time from anywhere in the world. Therefore, Quick Silver’s documentation and processes have adapted to implement the latest ideas on improving efficiency, visibility, and stakeholder access. Oct 2659