iter8 software solutions help North Waterloo Farmers Mutual Insurance roll-out broker connectivity and begin work on new modern broker portal
May 12, 2009, Toronto: – iter8 Inc., an insurance solutions software developer, is pleased to announce North Waterloo Farmers Mutual Insurance Co. (North Waterloo Farmers Mutual) is now live with their broker download project for Automobile and Property lines, and has begun implementation of a modern connected portal.
North Waterloo Farmers Mutual has completed the download portion of the multi-phase project, using the iter8 broker connectivity software solution, communic8®. This phase involved several key partners, including iter8; Mutual Concept Computer Group Inc. (MCCG) � supplier of IBS v5, the Policy Administration System used by North Waterloo Farmers Mutual; Applied Systems, Zycomp Systems Limited, Keal Technologies, and Custom Software Solutions Inc. � suppliers of Broker Management Systems (BMS) used by North Waterloo Farmers Mutual�s independent brokers; and the Centre Study of Insurance Operations (CSIO) � the Canadian standard setting body for Electronic Data Interchange and XML standards for both Personal and Commercial Lines. Because of their strong relationship with North Waterloo Farmers Mutual each partner was able to work together smoothly and effectively to meet North Waterloo Farmers Mutual�s aggressive deadlines.
The EDI Download phase involved the creation and CSIO standards certification of a download stream to all the North Waterloo Farmers Mutual Broker Management Systems. An initial priority of North Waterloo Farmers Mutual was to electronically provide complete policy information directly to the broker�s BMS systems.
Josie Gaffney, Vice President and CIO at North Waterloo Farmers Mutual is extremely pleased with the results of this first phase. �Results to-date have exceeded our expectations� she commented, �our EDI downloads are trusted by the brokers, data quality is high, and the communic8 process is straight-forward and easy-to-use. We benefited greatly from the expertise and support provided by iter8 and MCCG.�
North Waterloo Farmers Mutual began the project with download to help save broker�s time and money. The next phase will involve working with iter8 and MCCG to complete full broker connectivity by providing a modern connected broker portal � using iter8�s collabor8® software solution. It will benefit both brokers and North Waterloo Farmers Mutual, as will subsequent phases to add new business, policy inquiry and policy change. North Waterloo Farmers Mutual brokers will be supported with single sign-on and single data entry for accurate, complete and eligible transactions with straight-through-processing.
North Waterloo Farmers Mutual recognizes the importance of strong broker relations. This has been critical in their strong growth in which premiums have almost tripled since 2001. The implementation of broker download, a new modern connected broker portal, and a streamlining of underwriting processes will further enhance their growth opportunities and overall service to brokers and policy holders.
About North Waterloo Farmers Mutual Insurance Company
North Waterloo Farmers Mutual Insurance Company provides home, farm, commercial, and auto insurance. With over 134 years of experience, North Waterloo Farmers Mutual has developed a wide array of insurance products to provide peace of mind to our policyholders.
Originally established as a fire insurance company for the Northern townships of Waterloo County, North Waterloo Farmers Mutual has continually expanded its scope and geographic service area, and grown to become one of the largest farm mutual insurers in the country, and is the only farm mutual writing throughout the Province of Ontario. North Waterloo Farmers Mutual actively supports an independent broker network through which all products and services can be accessed. For more information, please visit www.nwfm.com.
MCCG is an innovative software provider which has a fully integrated insurance back office solution (IBSv5) successfully implemented in a number of farm mutual insurance companies across Canada. Its proven track record can be attributed to a focus on client requirements and product quality. MCCG, established in 1993, is wholly owned by Canadian Mutual Insurance Companies with the mission of providing flexible software solutions to its clients. For more information visit: www.mccg.net.
iter8 Inc. is a software solutions provider to the Property and Casualty Insurance Industry, its products designed to increase profitability by solving problems – centered on Agent Portals, Agent Connectivity and Underwriting Operating Excellence – through smart innovation and proven expertise in both the insurance business and in technology, implementation, and service.
A dynamic, creative company, iter8 has a track record of successfully streamlining insurance processes, improving time-to-market, and saving companies money. For more information, please visit www.iter8.com.