Toronto, CANADA, October 20, 2003 — illustrate inc, a leading developer of policy illustration solutions to the Canadian life insurance industry today announced that the CUMIS Group Limited has selected illustrate inc to provide its agency distribution channel in Canada with a flexible point-of-sale illustration system.
Having introduced an increasing number of products recently, the CUMIS Group required a policy illustration system to support their new and existing products and that is easily customized as additional products are introduced. The CUMIS Groupsexisting desktop and web-based illustration system, originally developed in house with limited functionality, no longer met their growing needs.
“In order to bring our new products to market quickly,” said Tina Bellavia, Director, Individual Insurance Products, “we required a solution that would give us the flexibility and speed we need without extensive and costly customization efforts each time a product is introduced.”
The evaluation process introduced the CUMIS Group to illustrate inc, who has worked extensively with current CUMIS business partners. “Their reputation for on time and on budget delivery of first-rate products and services was impressive. The modular design of the illustrate inc system components and toolsets means that the flexibility and power to support our portfolio and modify our system quickly and easily as we roll out new products and product changes can be completely in our hands”, added Bellavia.
The CUMIS Group has negotiated a license and service agreement with illustrate inc for illustrates calculation engine, term business module, ultimate report engine viewer and pdf component to support the companys existing term and 20-pay products, new critical illness and preferred term products and with the option to license other components in future. With the new illustration system, the distribution channel will have access to a standalone desktop application as well as a browser-based application, both of which utilize the same tools, engines and user interface.
“We are excited to be working with the CUMIS Group. We are confident that the implementation of this new illustration system will provide CUMIS with a flexible, intuitive tool that has extensive functionality and capability to support their growing product portfolio and distribution channel.” said Zahir Dhalla, President of illustrate inc. “The CUMIS Group will be our first customer implementation of the web-based system along with the desktop version. We are working extremely closely to ensure that its integration with their current web-based field support tools is smooth and seamless. The CUMIS Group recognizes the power of these solutions and is leveraging our technology to further their mission of providing the best products and services to their customers,” he added.
About CUMIS Group
The CUMIS Group markets a diverse portfolio of insurance and other non-financial services to Canadian financial co-operatives, credit unions and caisses populaires and their members. The principal companies are: CUMIS Life Insurance Company, CUMIS General Insurance, Canadian Northern Shield Insurance Company, MemberCARE Financial Services Limited, CUMIS Services Limited and WESTCU Insurance Services Limited and 50 per cent ownership in several B.C.-based property and casualty insurance agencies. The CUMIS Group is a partner in the Credit Union Insurance Services (CUIS) program, a joint marketing venture between the CUMIS Group and The Co-operators. For more information, visit the companys web site at: www.cumis.com.
About illustrate inc
Founded in 1989, illustrate inc is a leading software and service provider for the Canadian life insurance industry. illustrate incs mission is to assist Canadian life insurance companies meet their sales and service needs through the design and delivery of modular policy illustration solutions using advanced technology. The modular design of its Ultimate Engines for new business and inforce illustrations coupled with powerful development tools allow for the efficient delivery of easily customizable solutions.
illustrate inc is a privately held company headquartered in Toronto. The illustrate inc team includes actuarial staff, systems design and architecture specialists as well as experts in insurance administration system functionality, insurance product design and taxation and compliance issues. The company understands the unique needs of the life insurance industry and specializes in solving complex sales distribution and policy illustration issues. Working in partnership with leading insurers, illustrate inc has established a reputation for delivering innovative policy illustration solutions on time and within budget. For more information, visit the companys web site at www.illustrateinc.com.