For the First Time, Individual Life and Health Insurance Products Together with Wealth Products are Available on a Single Application
TORONTO, ON � December 5, 2006 � “The insurance distribution market is undergoing significant and fundamental change and we are working at the forefront to provide the insurance distribution sector with technology they need to gain competitive advantage,” said Carmine Tullio, president and chief executive officer of Univeris, the leader in enterprise wealth management systems. “We have been developing our insurance product from the ground up in consultation with all levels of the insurance industry including Managing General Agencies (MGAs) and Carriers. Our goal is to develop a world-class platform and new standard in the insurance industry using a comprehensive suite of best practices from across the industry. In addition, we wanted to leverage the ten years of wealth management experience and usage by 15,000 plus advisors licensed on the Univeris wealth platform. The key was to create the first complete system for insurance administration, without needing extra add on tools, and to answer the key issues facing MGAs.”
Added Tullio, “We feel that this sector has been short changed by technology and three of the top issues we wanted to help the industry tackle are: to improve process workflow and operational efficiencies with the goal of reducing costs; to stop the drowning in overwhelming paper-based and administrative steps; and to bring a new client-centric practice management application to Brokers to help them grow their businesses.
Today, most MGAs, National Agencies and Carrier Distribution Networks sell both wealth and insurance products to their clients so consolidating these through a single application makes the most competitive and economic sense while also providing opportunities for strategic growth. “Over 50% of the advisors using our platform are dual licensed to sell insurance and mutual funds so adding insurance to our platform is a natural fit for Univeris” adds Tullio.
The Univeris platform and its insurance module will also track all broker licensing and contracting with Carriers. Brokers will be able to produce consolidated client reports that detail all wealth and insurance information on a single statement so that the full financial picture of clients emerges. The insurance module will also allow MGAs to produce consolidated commission statements that combine both MFDA and insurance business. Already in full development with charter clients, the insurance module will officially launch to the insurance distribution sector in June 2007.
Univeris, headquartered in Toronto, Canada, is a privately held company and is the leader in enterprise wealth management for the Canadian market. Founded in 1991 by Carmine Tullio, president and chief executive officer, Univeris has over 60 staff, 23 clients representing over 15,000 advisors with some CDN $64 billion in assets under administration. It offers the most comprehensive enterprise wealth management platform with fully integrated manufacturing, product distribution, plan administration, compliance, channel management and practice management for financial advisors in the banking, credit union, insurance and investment dealer sectors. The corporate website is www.univeris.com.