May 29, 2012 – Toronto, Ontario. Today, the Insurance Brokers Association of Ontario (IBAO) is supporting the SCM Risk Management Services’ (RMS) recent announcement that effective immediately, a number of insurance companies will now be accepting iClarify residential property replacement cost value for quoting and underwriting purposes.
“IBAO supports this major improvement in workflow,” stated IBAO CEO Randy Carroll. “It is encouraging to see that both companies and brokers will realize significant workflow improvements by using a product offering like iClarify. Brokers have been looking for a support solution for years that would allow them to focus on talking about insurance with their customers versus spending so much time asking Insurance to Value questions.”
According to RMS’ recent announcement, iClarify’s proprietary methodology creates replacement cost base rates from thousands of actual total losses experienced across the country. These base rates are then regionalized and updated accordingly based on contractor feedback from 200 cities and towns across Canada, resulting in an accurate replacement cost without having users perform a time-consuming calculation. Further, iClarify enables front-line insurance professionals to quickly and efficiently validate and update key construction features on any residential homeowner property, and to subsequently regenerate an accepted replacement cost value-all within seconds.
“Our understanding is that this new system will reduce an 18 minute process down to as little as 2 or 3 minutes. It is a huge step in the right direction,” concluded Carroll. Brokers may now access the iClarify replacement cost evaluator by contacting Compu-Quote and requesting that the RMS ITV platform be loaded to their system. Likewise, they can also contact iClarify directly by emailing [email protected] or by calling 1-800-268-8080. Brokers can visit www.iclarify.ca to watch a video about the tool and to learn more.
About The Insurance Brokers Association of Ontario (IBAO)
The Insurance Brokers Association of Ontario (IBAO) is a ‘not for profit’ association that represents and serves the interests of over 12,000 independent Property & Casualty Insurance Brokers in the Province of Ontario. For information about IBAO, visit www.ibao.org or www.ibao.org/blog to receive timely news and information updates. You can also follow IBAO on Twitter or join the IBAO Facebook Fan Page.