June 24, 2003 (Windsor) � Compu-Quote Inc. has transformed the insurance quoting process with a simple, easy to use Web-based rating engine that brokers can access with a standard Internet connection.
OmniRater is the Web-based version of Compu-Quote�s popular Win 32 rater, used by more than 2,000 brokerage offices with access to 700 insurer rating plans across the country. OmniRater allows a broker to quote and download data anytime and anywhere a Web browser is available. With this version, brokers get access to multiple company plans for individual rate comparison, automated rate updates and, bottom line, a better chance to bind the policy. Brokers can access the service for as little as $25 per month, in addition to current membership fees.
�Our broker clients will only pay a nominal access fee for Web access to enhanced comparative rating information,� says John Savage, president of Compu-Quote. �The advantages of OmniRater include 24×7 availability, more comprehensive rate comparison, automatic rate updates (no more updating), access to additional carriers and quote download to their desktop AutoRater service.�
Compu-Quote has teamed up with iter8 Inc. to take quoting even further into the insurance transaction process. Up until now, most rating engines stopped after the broker received the quotes and selected the preferred rate from an individual carrier. Brokers traditionally had to turn to an awkward combination of manual re-keying, EDI, fax and telephone to bind coverage.
With a system known as communic8, the broker can transfer seamlessly from the OmniRater service to the broker management system. communic8 is a complete solution for AL3 upload and download. It includes standard maps and has an interface that allows data to be transported through the CSIONet network to the majority of broker management systems. The application receives and automatically transforms data from OmniRater to the proper format required for the broker management system, eliminating the costly task of rekeying information.
The OmniRater service also features other iter8 technology that allows it to employ the same set of business rules as the insurance company front and back-office systems. This means that quoting services, Web policy administration and back-office policy management systems can be linked with the same underwriting rules or �filters,� thus reducing errors and improving data quality.
�We think this takes the rating process to the next level,� says Glen Piller, president of iter8 Inc. �It allows brokers to continue on with the transaction process, while giving brokers and their markets an efficient and seamless link to incoming policy applications.�
The OmniRater service, including all features of communic8, is now available to property and casualty insurance brokers and insurance companies across Canada.
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.compu-quote.com.
Headquartered in Toronto, iter8 Incorporated 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.
For more information, please visit, www.iter8.com.
For more information, please contact John Savage, president of Compu-Quote at (519) 974-7283, ext. 236 or [email protected] or Tim Scurry, iter8�s vice president of sales and marketing at t[email protected] or (416) 364-6306.