VirtGate is the single best solution for the challenges faced by today�s MGA and and in turn provides a superior service experience for Advisors
Toronto – March 3, 2004 — CoVirt Inc. (Canada) (�CoVirt�) announced today that CoVirt now supplies VirtGate to three more Vancouver-based life insurance Managing General Agents (�MGA�s�).
VirtGate is a multi-channel insurance advisor and policy management service delivered through the Internet. There is no connection between the MGA�s other than having offices in the Vancouver area and just happening to recently switch to VirtGate. This brings to five the total number VirtGate sites in production with a center of operations in the Vancouver area. The three new VirtGate MGA�s are:
- Credential Insurance Services Inc. (�Credential�)
- Global Pacific Financial Services Ltd. (�Global Pacific�)
- The Trowbridge Financial Network Inc. (�Trowbridge�)
Bob Hickman, Vice President Technology at Credential, said �VirtGate�s technology can help us get closer to our credit union representatives, improve speed-to-market, streamline interactions, reduce errors, and achieve operating efficiencies. We will use VirtGate in a multitude of initiatives — in marketing, through expanded distribution systems, improved market research function and product enhancement. In sales, through improved advisor communications, document management and prospect generation.�
Bob Trowbridge, president at Trowbridge says, �Our advisors are looking for information, interaction, transaction, convenience, integration and collaboration. They want the right information at the right time, delivered through the right channels, 24-hours a day. They also want the information to be personalized and want to be able to reach us if they have a question or need additional help. VirtGate�s technology allows us to improve our personal connection with advisors and forms the launching pad for expansion.�
Tracey Cambridge, Vice President at Global Pacific, concurs and said �Everyone in the life industry has a web site, but most of these sites are not fulfilling the needs, let alone the dreams, of advisors. We chose CoVirt due to their insurance and financial services expertise and found VirtGate to be the best for insurance-specific transaction capability. We now look forward to the addition of investment-oriented capabilities and the delivery of the holy grail of integrated solutions — a combined insurance and investment client statement.�
Tim Fitzpatrick, President at CoVirt, concluded, �West coast MGA�s have long been at the forefront of driving change in the life insurance distribution environment. We are proud to welcome three such successful operations to the VirtGate family. In the case of Credential, once again a publicly-traded company went through an extensive selection process and chose VirtGate. This is yet another powerful affirmation for CoVirt and VirtGate.�
When asked about VirtGate�s meteoric rise as the de facto standard for MGA�s, Fitzpatrick responded, �VirtGate delivers today what others only hope to provide tomorrow. We started with the single best solution for the challenges faced by today�s MGA and wrapped it up in a superior service experience for the advisor. Then we drastically extended the offering by including VirtFusion with VirtGate. VirtFusion is CoVirt�s robust data connectivity and integration technology used for importing and exporting feeds to and from other MGA trading partners such as carriers.�
Outsourcing is emerging as a key business strategy that enables all businesses to drive down costs, increase efficiency and focus on their core functions. Fitzpatrick explained the VirtGate value proposition for MGA�s by saying �Our MGA clients realize that the capital requirements for creating a home-grown alternative would run into the millions of dollars and entail a multi-year development schedule. On top of equipment, software, maintenance and bandwidth costs, all of which is all included with VirtGate, with a home-grown system the MGA would still have to continually improve their system. All of this costs hundreds of thousands of dollars annually and all to support a proprietary system in a new era where the exact opposite of standards-driven connectivity and customer experience are the keys to success. VirtGate delivers much more at a fraction of the price, allows MGA�s to focus on their insurance business as opposed to system development, and in turn the MGA�s deliver sensational support to their advisors.�
About CoVirt:
CoVirt designed and supplies VirtGate, a total integrated solution for advisor and policy management to a rapidly growing list of MGA�s. VirtGate provides superior advantages that turn the agency web site into a sales and service pipeline, allowing VirtGate MGA�s to focus on the fundamental core expertise that drives their success. VirtGate is much faster than typical internal LAN-based software and MGA�s can tie as many offices, trading partners and users together as they wish � all with no additional user fees. VirtGate includes integrated online document management where any type of document may be posted to the advisor record, policy record, or to the public library within seconds. VirtGate is fantastically cost-effective, yet worry free. All that is needed is a standard web browser and access to the Internet — nothing is installed on the user’s machine nor does the MGA have to maintain a server. VirtGate increases efficiency immediately and allows MGA�s organizations to better serve their advisors and customers. For more information, to www.CoVirt.com.
