September 4, 2002: CGU Group Canada Ltd., one of Canada’s leading property and casualty groups, has chosen iter8 Incorporated to deliver a technology solution that will simplify regulatory filings.
The iter8 regul8 solution allows insurers to submit accurate regulatory information, while giving business users the ability to adapt to external reporting requirements. Early results of the CGU project, which was delivered on time and on budget, show a significant improvement in accuracy, together with substantial cost savings far beyond the business case prediction.
The regul8 system enables numerous manual routines to be replaced by a single application. Business users can modify the application within days to new submission requirements. Traditional reporting practices typically take months, if not years, to adapt to data changes required by regulators and other groups, such as the Insurance Bureau of Canada.
Using a browser-based error correction application, regul8has virtually eliminated manual practices, including “green sheet” error correction and reconciliations, for CGU.
“CGU Group Canada Ltd. chose this supplier because they understood our statistical reporting needs,” says Gerry Lee, Vice President, Information Management Services at CGU Canada. “They developed a customized solution using an open architecture, which improved the process.”
The advantage is that insurers can confidently submit regulatory data now and into the future, says Glen Piller, iter8 president and CEO.
“With regul8, companies save time and money through improved data quality, increased flexibility in adapting to changed reporting requirements, and significantly lower deficiency fees,” says Piller. “This is a solution that can be implemented in a short time frame, eliminate many of the inefficiencies of manual regulatory submissions, and save insurers money.”
CGU Group Canada Ltd. is one of the largest property and casualty insurance groups in Canada with annual premiums in excess of $2.2 billion. The company is a wholly owned subsidiary of UK-based Aviva plc (formerly CGNU plc), the world’s seventh largest insurance group.
CGU Group Canada Ltd. builds on a heritage of financial strength and stability to offer a wide variety of insurance products that Canadians trust. To fulfill its commitment to providing excellent products and services, it has five companies operating under its umbrella: CGU Insurance Company of Canada, Pilot Insurance Company, Traders General Insurance Company, Scottish & York Insurance Co. Ltd. and Elite Insurance Company.
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 with 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.