Toronto, January 2007 Peel Mutual Insurance Company has successfully gone live with iter8 Incorporated�s leading-edge solutions to streamline electronic communication with its brokers.
Peel Mutual Insurance Company (Peel Mutual) has implemented communic8, part of iter8�s leading-edge Exception-Based Underwriting (EBU) Solution built upon a Business Process Management (BPM) platform. The company is planning a multi-phase broker communication strategy of which the first phase is now complete. This first phase, an electronic data interchange (EDI) download, was completed from inception to market in just 10 weeks.
communic8 EDI allows Peel Mutual to accurately transfer data from their auto and residential lines of business system to multiple broker management systems, with complete end-to-end auditing. The communic8 application comes prepackaged with transformation maps to the major broker management systems, giving insurance companies a competitive advantage in offering brokers choice in how they want to transact business.
�The big benefit from our point of view is that iter8�s solution is non-intrusive and allows us to use our company�s insurance operating system to communicate easily with brokers� management systems,� says Brian Bessey, Assistant General Manager, Peel Mutual Insurance Company. �As a broker-driven company, our goal is to increase efficiency and ease of doing business for our sales force.� He adds that the next phase of electronic communication will focus on upload of data from broker management systems to Peel Mutual�s insurance operating system.
iter8 EBU solutions will form the core technology for Phase II of the Peel Mutual strategy.
�We can help insurance companies achieve improved broker communication and straight-through processing of transactions in a short period of time � weeks, not months,� says Glen Piller, iter8�s President and CEO. �The bottom line benefits for insurers like Peel Mutual are accurate data transfer, easy maintenance and no transaction fees.�
Bessey notes that Peel Mutual�s decision to choose iter8�s solutions was prompted by the need for a complete Exception-Based Underwriting (EBU) solution that could be applied in stages. �We are looking at how we can quickly process applications that involve standard risks,� he says. �This will free up underwriters to spend time on more complex risks, while improving the efficiency and accuracy of our standard application processing. We are very excited about this stage of our partnership with iter8.�
About Peel Mutual Insurance Company
With its head office in Brampton, Ontario, Peel Mutual has been serving customers since 1876. The company offers a complete line of quality home, auto, farm and commercial insurance products at competitive prices through knowledgeable, service-oriented staff. As one of the oldest mutual insurance companies in Canada, Peel Mutual is owned by its policyholders.
iter8 is a market leader in offering strategic insurance solutions that are implemented on a Business Process Management (BPM) Platform. Our innovative combination of strategy, rules and workflow helps insurers reach their goals faster. We have a track record of successfully streamlining insurance processes, improving time to market and saving company�s money. Founded in 1999, iter8 has implemented proven, functional Exception-Based Underwriting (EBU), Claims Management and Data Management solutions for insurers ranging from leading multinational companies to highly profitable niche firms.
For more information, please visit www.iter8.com.