Solartis was founded in 2004 in California by Siby Nidhiry and Nick Richardson.
The early years were hard going as insurance companies were risk adverse on the concept of moving from an on premises to a cloud environment. But slowly the tide turned, and insurance companies began to experiment with SaaS and license the Solartis product for their specialty and non-admitted products. The focus was primarily on distribution where the carrier wanted either the MGA, the retail agent, or the customer to perform many of the processing activities. In these cases, it made sense to use a SaaS delivery method. Solartis had the functionality and the capability to implement distribution far quicker and less expensively than their internal IT or the other vendors in the market at the time.
Fast forward to 2023, Solartis provides technology and services to P&C insurance companies, MGAs, and risk retention/captives in North America. Solartis employs 1500+ people in two divisions; Solartis Automation which offers the Solartis Insure Platform and Solartis Administer which provides outsourced business process support for carriers and MGAs on their legacy systems from our locations in Southern India.
Our philosophy at Solartis is to constantly push forward to solve a “better” set of policy administration problems for our insurance customers. We have re-architected the Solartis Platform from scratch 3 times in the last 15 years as developments in information technology have enabled us to improve functionality, performance, and cost-effectiveness. The most recent examples have been our evolution to:
- Microservices architecture
- Fully configurable insurance product management for use by business analysts instead of requiring software engineers
- Standardization on BPMN for business rules, rating, and workflow
- Automated Application and Microservice monitoring for alerting and self-healing of failures and performance issues
Solartis electronically consumes the ISO Commercial Lines Content. The ISO Commercial LInes content is an immense library of insurance product data tables, rating algorithms and business rules that is being continually updated as new ISO Circulars and Filings are implemented. Other vendors rely on large internal teams of business analysts, configuration and software engineers and testers to interpret and implement the ISO Commercial Lines Manuals and Filing/Circular updates. By automating the process, we have cut time, cost, and the chance of errors.
The Solartis Platform is unique and provides tremedous benefits to its users. Our 120+ microservices supports the full policy life cycle process, are fully configurable and can be licensed individually or as an orchestrated set. Our platform is designed for integration and we currently integrate with carrier and vendor APIs, multiple payment gateways, claims systems, and third-party data and content providers.