Toronto, October 2007 – iter8, an insurance software solutions vendor, is pleased to announce that North Waterloo Farmers Mutual Insurance Company (North Waterloo) has committed to implement the iter8 Broker Communication and Connectivity and Automated Exception-Based Underwriting solutions.
North Waterloo has achieved steady growth over the past several years, more than doubling gross written premiums from the year 2000, and far exceeding industry averages. The company recognizes that to sustain this growth and provide the necessary customer service, the software suite from iter8 is necessary.
Carlos Rodrigues, President and CEO of North Waterloo, commented, �Investment in iter8 software and services will enable us to do more. We can automate a significant amount of our underwriting activity. We�ll also improve our competitive position with our channel of independent brokers as we make it easier for them to transact business with us.�
iter8 software automates and manages the underwriting process. This includes broker connectivity solutions, automated exception-based underwriting, workflow management, underwriting rules management and third party data integration. For broker solutions the iter8 �communic8� module connects brokers to the North Waterloo Policy Administration system via web based, real-time access. For many brokers they can fully complete all elements of new business from quoting to policy binding, as well as policy changes within their Broker Management System, using the capabilities of communic8.
iter8 software pushes underwriting rules to the broker office, or the �point-of-sale�, via a web based interface, improving underwriting efficiency and enhancing customer service levels, via providing information where needed, when needed, and enabling right-time decision making. Accuracy is improved, consistency is attained and costs are better managed.
Glen Piller, President of iter8 added, �We are very pleased to be working with North Waterloo as they are clear industry leaders in every aspect of their business. They have chosen to work with iter8 to support their strong growth and improve underwriting efficiency. The iter8 automated exception-based underwriting solution will automate a targeted 80% of personal LOB transactions, and enable underwriters to focus on �exceptions� where they add a high level of value.�
iter8 is a market leader in offering smart insurance solutions to increase competitiveness and profitability. 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 automated 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
About North Waterloo Farmers Mutual
North Waterloo Farmers Mutual Insurance Company provides home, farm, commercial, and auto insurance across Ontario. For over 130 years they have developed a reputation for excellent service by providing exceptional customer service and a commitment to the independent broker distribution channel. Visit www.nwfm.com