Success in Auto EDI upload and download turns iter8 Inc. focus on new Property Sales and Service Portal offering
Toronto, February 2007. York Fire and Casualty Insurance Company (York Fire) has completed the successful implementation of iter8 Incorporated’s EDI upload solution which allows independent brokers using The Agency Manager (TAM) and Compu-Quote software to conduct business electronically with York Fire. This represents another successful project for iter8 and York Fire and paves the way for the next major initiative, the implementation of Exception-Based Underwriting for York Fire’s Property line of business.
York Fire is a dedicated supporter of the broker network and is committed to implementing effective solutions that will enable brokers to compete in an ever-changing marketplace. As insurance companies continue to expand their direct and affinity distribution channels, disrupting the existing broker network, it is essential that brokers are provided with the tools to focus on the value added differentials that will enable them to better service their communities. York Fire is a firm believer in the power of technology to deliver systems to its brokers that will streamline their processes and ease their way of doing business, thereby giving brokers more time to serve their customers within those communities. Using iter8 software and implementation resources, York Fire undertook a process to provide real-time integration of broker systems with its legacy system. The new solution is handled via the York Fire Gateway platform.
The Gateway platform has enabled York Fire to achieve underwriting consistency, reduce cycling of data and ensure straight-through broker to company processing of policies. This technology has the capability to quickly and easily manage customer, broker, carrier and external report data at the transaction level in real-time. Within the Gateway platform the iter8 EBU solution provided the functionality to link York Fire’s back-office systems to independent broker systems. This helped York Fire to expand its broker channel, retain high performing brokers, and ultimately improve customer satisfaction with its distribution channel members. While still in early stages, York Fire has managed to automate over 70% of broker transactions.
Insurance brokers who use TAM broker management system can now automatically connect to York Fire back-office systems. Through TAM’s “WARP” service, brokers get single click access to York Fire’s portal. This gives them a more streamlined process, integrated directly into the broker’s workflow and the existing activity tracking and logging systems.
Similarly, brokers who use Compu-Quote’s automated rating software can now connect directly to York Fire’s Gateway System quickly and seamlessly. The iter8 enabled integration of BMS, rating and company systems provides a solution for a wide variety of York Fire’s brokers.
“This is all about creating ease of use and improved service levels for our customer, the broker, through a singly entry process from broker management systems,” says Colin Simpson, Vice President and Chief Operating Officer, York Fire. “This not only frees up the broker CSR to better serve their customers, but provides shorter, more consistent turnaround times. The result is a business process model that will enable a broker to compete on an even technological footing with the direct writers and affinity distribution channels. This is going to be a critical element in the future preservation of the broker distribution network. iter8 has played a substantial role in enabling York Fire to put this solution in place within the timeframe projected, and on-budget. “
“Our Exception-Based Underwriting Solution, implemented on a BPM platform gives insurance companies like York Fire the huge advantage of identifying key processes and then using the right tools for automation,” says Glen Piller, iter8’s President and CEO. “We can show companies where the gaps are in the business processes and provide them with the latest technology solutions in underwriting, claims and data management.”
York Fire and iter8 have now begun work on a full EBU solution for the Personal Property line of business. This will involve full automation of the entire business process including New Business and Policy Change transactions, as well as Underwriting rule development and deployment and extending the existing sales and service portal offering to the broker. The project is scheduled for most of 2007, with completion slated for Q4.
About York Fire
A subsidiary of Kingsway Financial Services Inc., York Fire was founded in 1955. From its head office in Mississauga, Ontario, York Fire is the ‘standard’ insurance arm of Kingsway Financial, and offers insurance to protect customers’ homes, cars and businesses through more than 200 independent insurance brokers located throughout Ontario and Alberta. York Fire is committed to working with brokers to preserve and strengthen their hold on the distribution of P&C products in Canada. York Fire can be reached at [email protected]
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 on 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.