April, 2003 (Toronto) – A new offering from two leading information technology services providers gives property and casualty insurers the ability to implement a fully functional insurance portal.
collabor8 is a joint development from Compu-Quote and iter8 that allows insurance carriers to perform policy change and write new business real-time in a Web-based environment. It is the first example of a demonstrable policy change portal live in Canada.
The collabor8 portal solution addresses many of the obstacles facing insurers with the proliferation of new distribution channels and process automation. These challenges include dramatically increased maintenance costs, difficulty integrating all channels (fax, EDI-upload, email, direct entry, CSIO & other portals) and increased risks associated with systems failure.
collabor8 represents the final piece of the automated distribution puzzle. It provides a central repository of business intelligence rules that can be deployed to and accommodate all distribution channels. The ability to quickly create, edit, test and maintain business rules minimizes changes to back-office systems and solves many maintenance issues. Pre-built capabilities eliminate the need for insurers to build systems from scratch. End to end fully underwritten and rated policy change and new business is achieved by including the retrieval, merging and rules application of any source third party report data (such as Global API).
The joint offering from Compu-Quote and iter8 “gives insurers Web-based policy change and new business capability that doesn’t exist anywhere else in the marketplace,” says John Savage, president of Compu-Quote Inc.
“This is a powerful solution that puts new business and related policy transactions on a fully functional portal,” says Glen Piller, president of iter8 Inc. “Individual insurers can take advantage of this now with their current legacy systems.”
“One of the prime benefits of this partnership is the speed in which we can deliver functionality,” adds Piller. “The implementation process for a typical p&c insurer portal would be a fraction of the time that it would take to build from scratch. With collabor8, brokers could start using a streamlined end-to-end policy change and new business capability on a company portal within months, as opposed to the years projected for other solutions.”
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 (D�) methods, insurers can solve the maintenance and integration issues that multiple technologies and programming languages create, ensuring rapid implementation and quick return on investment.
Compu-Quote Inc. has pioneered the development of rating software, providing rating and underwriting services to the Canadian property and casualty insurance industry since 1983. Compu-Quote offers its services in all provinces and territories in both English and French. Its family of automated rating products are integrated with all of the leading broker management systems and computer operating platforms.
For more information, please visit www.iter8.com.