For the last several years, the insurance distribution market has been experiencing significant and fundamental change. Through this period of insurance distribution evolution, both Managing General Agencies (MGAs) and Brokers have lacked the technology needed to provide competitive advantage and help grow their businesses.
�Our single-application wealth platform has been used by major Canadian financial services providers and their financial advisors for over 10 years and now we are able to bring our platform to the insurance market,� said Carmine Tullio, President and CEO of Univeris, the leader in enterprise wealth management systems. �Over half of the financial advisors using the Univeris wealth platform are dual-licensed to sell both insurance and mutual funds, so this is a natural fit for us.�
Added Tullio, �We have consulted with all aspects of the insurance industry including National Carriers, MGAs, Brokers and Paramedical Providers to ensure we tackle the key sector issues. Also, we are a member of CLIEDIS (Canadian Life Insurance Electronic Data Interchange Standards) to determine the industry guidelines and standards and create consistency across the insurance distribution market with our technology solution.�
Some key benefits to this platform for MGAs and brokers are;
Management of insurance and financial products from individual life and health insurance policies, to RSPs, Mutual Funds, GICs, Seg Funds and more all through a single online and real-time application designed specifically for brokers
Administration book-of-record including tracking of forms from client to carrier in real time to where the application is completed, signed and accepted from client to agent to carrier
Consolidated client statements and commission statements
Compliant with electronic standards with FundSERV and CLIEDIS
Canadian Insurance Transaction Standardization (CITS) ready
�These benefits and a host of others allows MGAs and Brokers to streamline their operations, improve client interactions and build their insurance practices all from one central application� said Tullio. �The platform�s Practice Management front-end for Brokers allows them to efficiently deliver service at a more strategic and efficient level.� Added Tullio, �And Univeris continually evolves its platform, adding the best practices of all Univeris� clients so it features the best that the industry as a whole offers.� (www.univeris.com).