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Insurance | Technology
Financing Transforms Insurance Company's Core System Upgrade
Fast Facts
Surplus Management Amid Core System Replacement
An insurance company needed to replace their core system as it was pieced together and lacked integration—with separate software components for claims and underwriting. Although they initially planned on using cash for the project, they faced a challenge with the impact of non-admitted assets on their surplus position. This led them to consider financing for the system replacement and implementation.
While the insurance company initially planned on using cash, they wanted to avoid the impact on their surplus position.
"I am always pleased with the quality of service and professionalism of the First American team. Sonia and Mike are fantastic.”
– CFO, Insurance Company in Raleigh, NC
Custom Lease Helps Cash Flow and Impact to Surplus
First American provided the insurance company a 7-year lease with pledged collateral, effectively mitigating the impact on their surplus position while spreading the costs over time. The custom financing solution featured staggered quarterly lease schedules, optimizing both cash flow and policyholder surplus by aligning expenditures with reimbursement timings. Beyond the highly tailored structuring, First American delivered exceptional service throughout the process, ensuring seamless implementation and continuous support, which the client deeply valued.
Surplus Management Amid Core System Replacement
An insurance company needed to replace their core system as it was pieced together and lacked integration—with separate software components for claims and underwriting. Although they initially planned on using cash for the project, they faced a challenge with the impact of non-admitted assets on their surplus position. This led them to consider financing for the system replacement and implementation.
While the insurance company initially planned on using cash, they wanted to avoid the impact on their surplus position.
Custom Lease Helps Cash Flow and Impact to Surplus
First American provided the insurance company a 7-year lease with pledged collateral, effectively mitigating the impact on their surplus position while spreading the costs over time. The custom financing solution featured staggered quarterly lease schedules, optimizing both cash flow and policyholder surplus by aligning expenditures with reimbursement timings. Beyond the highly tailored structuring, First American delivered exceptional service throughout the process, ensuring seamless implementation and continuous support, which the client deeply valued.
"I am always pleased with the quality of service and professionalism of the First American team. Sonia and Mike are fantastic.”
– CFO, Insurance Company in Raleigh, NC
Statutory Accounting Benefits Enhance Financial Stability
Financing the replacement of the company's core system allowed them to leverage several statutory accounting benefits, improving their surplus and preserving cash. By opting to lease, the company reduced the impact of non-admitted assets on their balance sheet, thereby enhancing the policyholder surplus—a crucial metric for regulatory compliance and financial stability. Additionally, leasing preserved cash reserves by avoiding the large upfront expense associated with replacing the system.
$104,000,000+ in projects have been completed throughout their relationship with First American
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