Yachtmaster Insurance Services
Yachtmaster Insurance Services is a specialist yacht insurance broker and underwriter based in Suffolk. Operating in its current form since 2003, the company prides itself on providing a high quality and efficient service to several thousand yacht owners nationwide.
Yachtmaster was already using a bespoke software solution to manage their business operations. When Financial Service Authority (FSA) regulations were introduced that required Yachtmaster to record a history of the transactions and amendments against an insurance policy holder – functionality that the existing solution did not support – Yachtmaster decided it was time to upgrade the system.
In addition to providing compliance with FSA regulations, Yachtmaster were also looking for a system that would enable them to efficiently manage their day-to-day insurance business operations, which included:
- issuing new policy quotations;
- mid-term adjustment to existing policies;
- issuing policy renewals;
- management of payments and receipts;
- analysis of business performance.
Yachtmaster evaluated mPACS from Mandon Software alongside a number of other insurance software solutions. mPACS was selected as the preferred solution for the following reasons:
- the system capabilities matched Yachtmaster’s requirements;
- Mandon Software had experience of working with other insurance brokers in the Small Craft industry;
- the implementation costs met Yachtmaster’s budget.
The first step was to install mPACS on a new server. Data transfer then began, some of which was automatic such as the transfer of contact information. For the first 12 months of operation, Yachtmaster maintained both the old and new system, transferring individual policy details onto mPACS as the policy came up for renewal.
It was also necessary to integrate mPACS with Yachtmaster’s SAGE accounting system.
To meet Yachtmaster’s specific requirements, some bespoke system development was required. Mandon Software’s Managing Director and creator of mPACS, David Allaway, worked closely with the Yachtmaster team to understand their needs and to then customise the system so that they were met. Changes included:
- removing fields from the system to simplify the user interface;
- integrating email capabilities so that the system also became a communication tool, recording an audit trail against each account;
- functionality enhancements to manage the complex task of rating risk.
These developments led David Long, managing director, at Yachtmaster to believe that “mPACS has been improved such that it may be one of the best specialist insurance software solutions available”.