The Economical Insurance Group partners with SCM Risk Management Services to become the first Insurer Development Partner of the RMS Insurance to Value Data Validation Service.
September 2009 – Waterloo, Ontario – The Economical Insurance Group® (TEIG®) is pleased to announce that it has become a development partner of the RMS ITV data validation and indexing solution.
TEIG has committed $150,000 toward the research and development of this brand new ITV utility, and will work closely with RMS during the various development phases of the project. The new solution will be designed to dramatically enhance the property quote workflow process for insurance brokers and agents across Canada while helping insurers accurately assess insurance to value levels nation wide.
“We believe the RMS solution will provide brokers with a practical, common sense approach that will dramatically enhance accuracy in regards to insuring to value”, said Noel Walpole, President and CEO of TEIG. “Clearly, no one in Canada has as much data on regional construction features and the accurate cost of claim amounts of total loss reconstruction than RMS.”
TEIG is the first insurance company partner to come forward to support RMS in the development of what is anticipated to become a leading industry-wide solution.
“We are delighted to see the first insurance company commit to this exciting partnership,” says Randy Carroll, Chief Executive Officer for IBAO. “Many of our brokers have had a long standing relationship with TEIG, and it is great to see they also believe in the value of improving overall policy efficiencies for everyone using modern technology solutions. We look forward to working together.”
“We applaud The Economical Insurance Group for its leadership to help solve the ITV problem for the industry and the broker distribution channel” said Greg McCutcheon, President of RMS. “We welcome this partnership and hope other insurers will follow TEIG’s lead to support this initiative.”
The development of a portfolio indexing utility, which began in May 2009, will be designed to update existing personal property portfolios to accurate claim replacement cost levels and re-evaluate/update portfolios at the time of renewal. In partnership with Compu-Quote (www.compu-quote.com) and ILOOKABOUT CORP (TSX VENTURE:ILA), RMS will deliver an enhanced broker interface that will validate policy quote data received from insurance customers and also provide street or satellite view images of the property being quoted.
About The Economical Insurance Group
The Economical Insurance Group, founded in Waterloo, Ontario in 1871, is one of the largest property and casualty insurers in Canada with $1.9 billion in premium volume and $4.4 billion in assets. Canadian owned and operated, The Group provides a wide range of insurance products throughout North America. Members of The Group are Economical Mutual Insurance Company (including the Western General Farm Division), Waterloo Insurance Company, Perth Insurance Company, The Missisquoi Insurance Company, Federation Insurance Company of Canada, Family Insurance Solutions and The Mattei Companies.
The Insurance Brokers Association of Ontario (IBAO) is a voluntary membership organization serving the interests of more than 10,000 independent insurance brokers across the Province of Ontario. Working together, we are able to build and maintain a business environment that allows individual brokerages to thrive. www.ibao.org.