Insurance companies seek out Park City company
July 27, 2012
Castle Bay Consulting Corporation, a Park City-based firm specializing in advisory work in the insurance market, has been busy helping major insurance companies move into the future, selecting software systems and replacing older technologies still in use. Glatfelter Insurance Group, which covers more than 25,000 Americans, recently retained Castle Bay to find a new correspondence system for the insurance company, one example of what Castle Bay is doing for insurance companies nationwide.
Castle Bay founder and CEO George Grieve helped coin the phrase ‘legacy replacement,’ meaning getting rid of the old, paper-based technology and replacing outdated systems with new software for companies. Castle Bay has been in Park City for more than 15 years, before insurance companies were clamoring to change their systems from paper to electronic, and Grieve with his 25 employees has carved a niche for his boutique consulting firm.
"When an insurance company decides to replace a software system, they have to decide whether or not to buy it or build it," Grieve said. "If they decide to buy it, they are left with a lot of questions like ‘Where can I find this,’ ‘Who can I trust’ and ‘How do I get a good deal?’ That’s what we do for these companies. We’re experts in the software marketplace."
Working with major companies such as Geico, USAA and Hartford Insurance Group, Castle Bay has worked with national insurance companies smaller, local companies from coast to coast. Whether Castle Bay is facilitating the entire project from finding the right software to implementation or simple offering consultation advice after implementation, business is booming.
"We were one of the original companies to do this," Grieve said. "When I started this business 15 years ago, there wasn’t a name for what we did. Now it has become known as legacy replacement."
"Many of these insurance companies have been running on that system even in the last five or 10 years," he added. "Now there is this huge wave of insurance companies replacing their systems. We happened to be out in front."
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With complicated systems in place serving thousands, and in some cases millions, of clients, insurance companies are wary selecting a new system to track such large numbers. A business based in paperwork, making the switch has the potential to raise concerns ranging from security to accuracy, Grieve said. But demand is higher than ever, he added, with more insurance companies looking to make the switch.
"If you’ve been sitting in your IT Department for 15 years doing bits and pieces of software code, the size of these project can be enormous in comparison," Grieve said. "These guys climb little hills every day and once every 20 years when the software is being updated, they have to climb Mount Everest. We help guide them up the mountain."