Quick Silver Systems | Delivering Comprehensive Solutions | Sean Pitcher

While the company has smaller firms as its clients, multi-billion-dollar corporations use Mercury. What is the reason? Even these larger organizations cannot justify spending millions on a policy and claims platform to automate some of their niche or smaller lines of business. Still, they need automation to grow – a catch-22 even for the most prominent players. Quick Silver Systems addresses these challenges with the Mercury Platform, offering several licensing options to fit any goal – they have one trendy option that costs $0 for a full license in all 50 states! This allows the clients to modernize their operations, increase efficiency, and remain competitive in a dynamic insurance landscape while minimizing costs.

Unique Solution for Every Organization

The Mercury Policy Processing System offers a 100% web-based end-to-end solution by integrating all aspects of policy management into a single, cohesive platform. It handles everything from rating and quoting to binding and policy issuance, all within an accurate accounting-based transactional system. This comprehensive approach ensures data consistency, reduces errors, and provides real-time insights across the policy lifecycle. The best part is that Quick Silver Systems has used more than 18 years of insurance software experience to build this platform from the ground up with the latest technologies, and they leveraged their teams’ decades of licensed insurance experience to build one of the most comprehensive and easy to use systems out there.

“We understand insurance because most of our core team has worked in insurance at Carriers, MGAs, TPAs, and Agencies in “past lives” and it shows through the extensive features built into the Mercury Platform. We built a comprehensive platform that we would want to use ourselves,” explains Sean. “Our Claims System provides a 100% web-based end-to-end solution that covers the entire claims process, from first notice of loss to final resolution.” It offers automated validation, streamlined workflow management, integrated document handling, payment processing, salvage and subrogation tracking, custom payment plans, returns to work scheduling for workers’ compensation, and can handle any P&C line of business. The advantages include faster claims processing, improved accuracy, enhanced customer satisfaction, and better risk management through data-driven insights. Clients can even allow policyholders to self-report First Notice of Loss (FNOL) through Quick Silver Systems’ full-featured customer portal. Since their system is accounting-based and can set and track reserves, expenses, and total loss costs by feature and 1099 tracking, the data is ready to feed users yellow book, loss triangles, state statutory reporting, and bordereaux reports with clean, accurate data.

Enhancing for the Future

Quick Silver Systems continuously improves its platforms through regular updates, incorporating client feedback and staying abreast of industry trends. Their partnerships with leading technology providers allow them to integrate cutting-edge technologies such as AI and machine learning into the Mercury Platform, making the use of these cutting-edge technologies transparent to using the system – users often don’t even know that data is being supplemented or APIs are being used because the system incorporates these outside processes right into the design and flow on the screen. Quick Silver Systems already has over 20 providers’ APIs built into the system and continually adds more.

One of the company’s clients, a mid-sized property and casualty insurer, struggled with inefficient manual processes and an incomplete system. After implementing the Mercury Platform, they saw nearly a 70% reduction in policy processing time and a significant decrease in claims handling costs. The main challenge during implementation was ensuring seamless data migration from their legacy system, which Quick Silver Systems overcame through careful planning and our robust data conversion tools. Now, they have a full view of their legacy data from 10 years ago – all from within the Mercury System. This data view allowed the insurance company to sunset its legacy system, adding to the significant cost savings compared to running its legacy system in parallel, a solution offered by one of Quick Silver Systems’ competitors.

Quick Silver Systems is focused on expanding its service offerings to cater to a broader range of insurance types, including specialty and niche lines of business. They also target larger enterprises while maintaining their strong presence in the small to medium-sized insurer market. Geographically, they are looking to expand their presence in international markets, particularly in Canada and potentially South America.

One crucial insight that sets Quick Silver Systems apart is Sean’s deep industry experience. With decades of experience as a licensed insurance broker and as a VP in both an MGA and an insurance company, his team has an intimate understanding of the challenges insurance professionals face. This firsthand knowledge was instrumental in developing the Mercury Platform, as we built a system they would have wanted to use when they were “on the other side of the fence.”

“This practical approach extends to how we do business as well. Our contracts are written in simple, easy-to-understand terms, providing our clients peace of mind,” elucidates Sean. “For instance, we ensure that companies can own the source code if anything should happen to Quick Silver Systems as a software vendor. This transparency and client-first approach make our terms and conditions easy to accept, fostering trust from the outset of our partnerships.” Quick Silver Systems combines deep industry expertise, client-friendly business practices, and a long-term commitment to the insurance industry. This unique combination allows us to be a vendor and a true partner in their clients’ success, now and in the future.