Keal Technology proudly announce the delivery of real-time, round-trip, policy change capability that starts and ends in Keal’s broker management system.
TORONTO, Ontario, Canada – September 26, 2012 – Keal Technology, software provider for Canadian Insurance brokers, proudly showcased the first real-time, round-trip, policy change transaction to their Broker community during Keal’s annual users’ conference on September 20th, 2012. This realtime transaction is possible through keal connect, Keal’s Single Entry Multiple Company Interface (SEMCI) solution.
Keal’s real-time policy change solution allows a Broker to process a fully-underwritten and Brokerapproved endorsement transaction in the Insurer’s Policy Administration system, without leaving Keal’s broker management system (BMS) sigXP and without insurer involvement. Currently, one insurer is piloting keal connect. Keal is working with other Insurance partners to make automated policy change available for their mutual Broker clients.
After a very successful test, Jeff Ives, President of Ives Insurance stated, “The keal connect service is a game changer for the industry. My CSR’s, having had a lot of experience with other systems, can see their productivity significantly improving.”
Pat Durepos, President of Keal Technology commented, “Our studies indicate that on average 30% of all broker related transactions are pure policy changes. Policy change transactions consume significant time and account on average for less than 1% of brokers’ revenue. The keal connect impact is significant for the market as it will not only deliver required workflow gains and increased profitability to our Broker network, but also enhanced efficiencies to Insurance Company partners. We want sigXP brokers to have a seamless integration to insurers, starting and ending within their BMS, and keal connect offers this.” Keal is committed to working with the provincial associations and IBAC to ensure the new processes meet existing IBAC Data Exchange principles. Upon seeing a demonstration of the real-time policy change solution, Brenda Rose, an IBAC Technology Champion, stated that “IBAC is encouraged by what we saw.”
Randy Carroll, Chief Executive Officer of the IBAO adds, “The IBAO strongly endorses automated endorsements between BMS and insurers that meet CSIO standards and IBAC guiding principles. The keal connect model will generate a more real-time consumer experience and greater efficiency for brokers. The IBAO strongly encourages Keal to continue to move forward with its stated plan to bring innovative technology solutions to the Broker network. “
Also announced at Keal’s users’ conference was a partnership between Keal and Intrinsync�, a Toronto real-time IT solution provider. Intrinsync’s technology will ultimately provide the Broker the capability to offer their customers, the policyholder, on-line service and purchase options. The use of Intrinsync’s technology will enable a modern approach to consumer service while maintaining the Broker’s control over all transactions.
Colin Simpson, President and CEO of Intrinsync commented, “There are some great technology solutions in use out there but we need to be able to efficiently transact business end to end across the market, as is currently possible in other industries. We ultimately need to give Brokers the capability of servicing their customers on line, 24/7, all the while maintaining their advisory role and local personal touch. Given our current plans, this will be achievable by the end of next year.”
Keal is a 100% Canadian software application developer exclusively servicing Canadian insurance and financial brokerages, in both official languages. Keal offers brokers an end-to-end integrated suite of management systems to streamline workflows and increase profitability. As a Microsoft Gold Certified Partner and Citrix Ready Partner, Keal products are technologically advanced and flexible, utilizing SQL architecture. Products include: broker management system, sigXP; commercial management system, comXP; document management and scanning, dokXP; life insurance management, lifeXP; and premium financing management, premiumXP. Keal was the recipient of a 2010 Insurance-Canada Technology Award recognizing the integration between sigXP and blueButler call recording software. Keal offers workflow consulting using industry best practices and partners with vendors and insurers to strengthen Canadian brokers. Keal is headquartered in Concord, Ontario with offices across the country. For more information visit www.keal.com.
Intrinsync is a unique company that brings a new and exciting approach to solving some of the industry’s efficiency challenges. A Toronto based company; its mandate is to develop real-time IT solutions that will improve the sustainability of the Independent Broker Network by making the brokerage of the future more competitive.