iter8 Inc. will provide broker connectivity solution as a first step in Trillium Mutual�s efforts to enhance independent broker channel
Toronto , June 2007 iter8 is pleased to announce that Trillium Mutual Insurance (Trillium) has committed to move forward on the licensing and implementation of communic8, part of iter8’s leading-edge Automated Exception-Based Underwriting (EBU) Solution. This is Phase I in a larger EBU project that will automate personal property and automotive underwriting activity.
Trillium has developed a distribution channel made-up of independent brokers based upon relationships built over many years. To deliver superior customer service to end-users and to the broker channel Trillium required new technologies. Joe Dietrich, GM and CEO for Trillium explained, �Our goal is to improve the ease in which a broker can do business with Trillium. In this way we will strengthen our relationship with our brokers, and thereby improve overall service levels to our current and prospective insurance customers. We�ll also improve our operating efficiency and control operating expenses.�
Trillium plans a multi-phase approach to reach this goal. The first phase is to implement communic8, a critical module within the iter8 EBU solution, which will handle EDI download between Trillium and their brokers. Trillium will integrate transactions between these partners ensuring data quality is maintained; batch interaction is completed; audit capabilities are imbedded (allowing Trillium to proactively manage distribution issues); industry standards are followed and practiced, and duplicate entry is eliminated.
Additional phases will involve the completion of Automated Exception-Based Underwriting. Glen Piller, the President at iter8 stated, �Automated Exception-Based Underwriting will automate a large percentage of the new customer, renewal customer, and policy update work, enabling the Trillium underwriters to concentrate on underwriting exceptions, not handling paperwork.� Piller added, �it is not uncommon for insurers to automate 70% of their automotive and property transactions, and greatly improve overall operating efficiencies.�
The initial phase of the implementation will begin immediately, with completion expected for the latter part of the year. Subsequent phases will then begin, with work anticipated to take 9-12 months for completion.
When the full EBU solution is in place functionality of the underwriting process will be pushed to the point-of-sale with sales & service workflow through connected broker systems to company systems. Underwriting rules will be defined and automated, and implemented in different places and distribution channels. The traditional linear process of underwriting is replaced with a customer-facing sales and service transaction and information gathering process. The result, manual touch points are reduced, costs are better managed, timing is accelerated, customer service enhanced.
About Trillium Mutual Insurance Company
Trillium Mutual Insurance is a new Company with Strong Roots. Formosa Mutual and Elma Mutual amalgamated in January of 2004 to form Trillium Mutual Insurance. We have a very strong history of providing insurance in Rural Ontario for 200 years combined. Trillium Mutual is now the second largest farm mutual Company in Ontario. Trillium Mutual is a progressive company that provides professional insurance solutions and relationships built on trust. Visit www.trilliummutual.com
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. Visit www.iter8.com.