Toronto, September, 2002 – AIM Underwriting Agencies Limited, a London, England-based underwriting management company, has introduced a leading technology application developed by iter8 Incorporated.
The Web-based underwriting management system has the capability to capture information, rate and underwrite a policy, create a declaration page, download and upload information to and from broker management systems using EDI, create reports and submit data to regulatory bodies
In Canada, AIM writes a substantial amount of property and casualty premium across the country for a major domestic carrier
AIM’s CFO Tom Selbey says the company hired an independent consultant to review the most progressive information technology systems in the marketplace for its Canadian operations.
Selbey says the “iter8 system takes raw data from retail brokers via the Internet, collates the information into the reporting format that insurance companies require and, perhaps most importantly, translates the data into the proper reporting format for regulators.”
iter8 hosts and maintains the Web-based solution, which is completely secure and accessible only to AIM personnel and registered users.
AIM’s Managing Director Stuart Lee says Canada represents one of the most complex regulatory environments in the world. “It is a time-consuming and onerous process in that companies have to report to insurance authorities the most minute of details,” he says. “The iter8 solution has made the process simple, functional and flexible.”
Knowing the regulatory insurance market in Canada, Lee says iter8’s application could have broader relevance to other domestic firms, such as MGAs, small to mid-size insurance companies and underwriting agencies. There may even be some opportunity to extend the AIM solution to other areas of the insurance world. “With some fine-tuning, this system could easily apply to other countries that are less regulated,” Lee says.
“We have absolute confidence in this system,” Selbey says. “This is a fully functional underwriting management system that works nicely with a wide range of broker management systems. It offers the right amount of flexibility and ease of use to address our unique needs as an underwriting agency.”
“This solution is another example of how we can customize technology applications to address specific needs,” says Glen Piller, president and CEO of iter8 Inc. “Insurance companies, regardless of size, face the same hurdles in terms of technology development, costs, functionality and maintenance. We can help overcome those hurdles.”
About AIM Underwriting Agencies
Founded in 2000, AIM Underwriting Agencies Limited is a London, England-based consortium management company whose objective is to introduce, underwrite and manage a portfolio of business on behalf of strategic partners, focusing on property and casualty classes. AIM takes responsibility for both the underwriting and management of the portfolio, therefore reducing the primary carriers’ own expenses.
Headquartered in Toronto, iter8 is a key provider of online and back office business solutions for the insurance industry. iter8 enables insurance companies to provide their distribution channels the capability to quote, bind, sell and make policy changes online in real time, while consistently applying their underwriting and rating rules. For claims, iter8’s solutions allow insurance companies to achieve superior results in loss ratios, expense costs and customer service by automating claims rules and workflow. Through iter8’s innovative Definition Driven Development (D3) methods, insurers can solve the maintenance and integration issues that multiple technologies and programming languages create, ensuring rapid implementation and quick return on investment.