New business model accelerates medically underwritten insurance
application and sales processes
Toronto, June 18, 2001 – Worldinsure Limited
and its strategic information technology partner, Optus e-Business Solutions, today
announced they have built and launched an innovative e-commerce based platform capable of
supporting a streamlined, interactive application, approval, underwriting and policy
delivery system for life insurance agents, brokers and distributors. Optus e-Business
Solutions is the IT services business of Symcor Services Inc.
Worldinsure’s unique architecture includes a web-based
application that fully incorporates reflexive questioning, data collection, automated
rules-based risk assessment, sophisticated workflow and tracking, reporting and open
access for all process participants. The workflow and process tracking system also gives
end users real-time access to the status of applications and requirements. Optus
e-Business Solutions worked with Worldinsure on the technology framework and software
architecture to develop their solution using best-of-breed technologies from leading
vendors. They played a key role in the development of Worldinsure’s internal team and transfer knowledge.
“The Worldinsure solution dramatically improves the
way all medically underwritten products are bought and sold. It provides a value-added
solution for carriers who want to reduce costs and processing times and increase
productivity, and for brokers who want to automate the application process,” says
Bruce Pinn, Vice-President, Optus e-Business Solutions.
“Our e-commerce platform is the ideal medium to
improve the complex, interactive and paper intensive process of purchasing medically
underwritten products,” said John Hele, President CEO and founder of Worldinsure.
“Our modular solution enhances the human interaction between carriers, underwriters,
agents, brokers, distributors and their respective customers at all levels.”
The Worldinsure system can be customized to meet the needs
of a single carrier, or simultaneously unite multiple carriers with their agents, broker
networks and distribution systems. By serving as a business accelerator, Worldinsure
optimizes both agent and distributor productivity and the functionality of a
carrier’s existing systems without the need for complicated time-consuming internal
upgrades. The Worldinsure solution also offers a customer relationship management
component capable of integrating into each carrier’s available insurance software components.
For brokers, the Worldinsure solution means an automated
work flow process that saves time and money, and improves the efficiency and effectiveness
of the underwriting process. For example, the system can immediately compare a
person’s medical history and personal details with the specific requirements and
underwriting policies for each carrier, which dramatically reduces the time required to
process and approve applications.
All of Worldinsure’s systems, applications and user
interfaces are supported by customer service centres in Boston and Toronto, owned and
operated by Worldinsure. Case management, application tracking and live support are
provided by licensed, highly-trained life insurance professionals.
Canada is the first country to have access to
Worldinsure’s automated insurance processing solution, however Worldinsure is rapidly
establishing operations in the United States and plans to expand worldwide.
“Thanks to Optus e-Business Solutions’ technical
skills in building the systems, applications, user interfaces and infrastructure for the
Worldinsure solution, we developed a quality solution for Canada in record time – one
that we expect to be well-received globally,” said John Hele.
About Symcor and Optus
Symcor is a Canadian leader in providing business and
technology outsourcing services in three key business areas – Item Processing,
Customer Communication and Card Management. Symcor provides individualized product and
service solutions to customers in the banking, mutual fund, insurance, retail, telecom and
utility sectors. Symcor’s services include cheque, credit card and payment
processing, Web development, and a full range of customer bill and statement advisory,
design and presentment capabilities. Optus e-Business Solutions is Symcor’s IT
advisory business, offering web development and systems integration services for clients.
For more information, please visit www.symcor.com
Worldinsure Limited is an international provider of
automated insurance solutions for medically underwritten products. The company is
transforming the way medically underwritten products are presented, purchased,
underwritten and issued for distributors, and employers through one secure e-commerce
platform to streamline procedures, increase speed, lower costs and improve margins. The
integrated application process is supported by Worldinsure owned and operated customer
service centres. Founded in 1999, Worldinsure Limited is a privately held company
headquartered in Bermuda, with local fully operating subsidiaries in Canada (Toronto), and
United States (Boston). For more information, please visit
Communications & Investor Relations