BAP will streamline claim expenses while providing Citizens advanced analytics
LAKELAND, FL, October 5, 2021 – VIP Software, a claims expense management and advanced analytics platform provider for the insurance industry, is pleased to announce Citizens Property Insurance Corporation has contracted VIP Software’s vendor management platform, BAP, for vendor invoicing.
Citizens Property Insurance Corporation plays a crucial role in Florida’s property insurance marketplace by providing property insurance protection to people who are in good faith entitled to obtain coverage through the private market but are unable to do so. As one of Florida’s leading insurers of Florida homes and businesses, Citizens strives to ensure that their customers receive service that is comparable to private-market standards.
VIP Software’s claims expense management platform is engineered to seamlessly integrate into Citizens’ XactAnalysis estimating platform, accelerating the implementation process, and ensuring an accurate and efficient user experience. The BAP platform’s adoption among other carriers and vendors was an important consideration for Citizens.
VIP Software enables property and casualty insurance companies to scale their businesses accurately and profitably by providing innovative software solutions backed by white glove service and a commitment to our customers’ success. Our vendor agnostic solutions enable customers to take advantage of holistic data from across the organization to significantly impact P&L, such as accurate expense reconciliation, expense allocation, loss forecasting and reserve management. VIP Software provides consistent vendor invoicing, advanced analytics, straight through processing & automated SLA management.
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Citizens was created by the Florida Legislature in August 2002 as a not-for-profit, tax-exempt, government entity to provide property insurance to eligible Florida property owners unable to find insurance coverage in the private market. Citizens is funded by policyholder premiums; however, Florida law also requires that Citizens levy assessments on most Florida policyholders if it experiences a deficit in the wake of a particularly devastating storm or series of storms.
Citizens operates according to statutory requirements established by the Florida Legislature and is governed by a Board of Governors. The board administers a Plan of Operation approved by the Florida Financial Services Commission, an oversight panel made up of the Governor, Chief Financial Officer, Attorney General and Commissioner of Agriculture.