iter8 to provide automated exception-based underwriting software solution
February 2008: (Toronto) – iter8 Inc., an insurance solutions software developer, is pleased to announce that Trillium Mutual Insurance (Trillium) has formalized arrangements to strengthen their personal lines underwriting with a full automated exception-based underwriting solution, using iter8�s market leading software.
Trillium insurance products and services are sold through an independent broker channel, built over many years. This channel is crucial to the success of Trillium, and ensuring the efficiency and effectiveness of the channel is a top priority for Trillium. To this end, Trillium entered into a first phase agreement with iter8 in the summer of 2007 to undertake key EDI download functions, and has now extended the arrangement to cover a full exception-based underwriting solution.
With this latest action Trillium has greatly expanded their investment in the underwriting process and broker channel. Using iter8 software and professional services, working with the implementation team from Trillium, plans are in place to:
- Automate underwriting rules and move access to the point-of-sale such that the majority of personal lines new business, renewal business and policy changes can be handled quickly and completely
- Expand underwriting desktop to enable the Trillium underwriting team to focus on exceptions, and apply their depth of knowledge to underwriting issues, not administrative concerns. This will also streamline workflow and replace the traditional linear approach to underwriting and introduce a customer-facing sales approach
- Integrate to broker management systems so that independent channel partners can submit new business and policy changes directly
- Introduce a broker facing web portal to improve levels of customer service
According to Joe Dietrich, General Manager and CEO of Trillium, �this represents a major commitment from Trillium, which we are undertaking in order to better manage our costs, greatly improve our broker channel responsiveness, accelerate the speed with which we process transactions, reduce manual touch points and ultimately improve service levels to our customers.� He added, �We chose iter8 to work with us as we implement these changes, because they are a company we can trust, and will deliver as promised, on-time and on-budget.�
This is echoed by Glen Piller, President of iter8, �we are confident that the iter8 automated exception-based underwriting suite will provide concrete, meaningful benefits to Trillium in terms of improved prospects for business growth, improved customer and broker service, and cost containment. Trillium is a company that has built their business through a personal touch with both brokers and policy holders. The iter8/Trillium agreement will provide technology to support this approach, and provide a tool to strengthen Trillium�s market presence.�
Implementation is projected to begin immediately, and be developed in phases throughout 2008.
For more information, please visit www.trilliummutual.com or contact:
Joe Dietrich, General Manager,
Trillium Mutual Insurance,
[email protected] or (519) 367- 5001 x 237
About iter8
iter8 is a market leader in offering smart insurance solutions to increase competitiveness and profitability. The innovative combination of strategy, rules and workflow helps insurers reach their goals faster. iter8 has a track record of successfully streamlining insurance processes, improving time to market and saving companies money. Founded in 1999, iter8 has implemented proven, functional automated exception-based underwriting, 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
