Start and end in the BMS becomes a reality
October 1, 2012 — iter8, an insurance solutions software developer is pleased to announce that real-time policy change, an activity in which an independent broker starts and ends a policy change transaction within their broker management system (BMS) in a fully integrated real-time manner, is operational using communic8 real-time™ as a cornerstone. communic8 real-time represents a critical piece of a real-time, single-point solution to handle policy change that starts and finishes within the broker management system that is completely integrated to the carrier policy administration system.
The complete solution handles policy change transactions for all compliant broker management systems, such as those using IBAC transactions. Policy changes are made within the BMS, uploaded to the carrier, integrated to the core carrier systems, whereby the policy records are updated, and then returned to the BMS for final approval and update. The first implementation is from Keal Technology’s BMS sigXP, through their keal connect solution; to the Unica Insurance Policy Administration System confirming data integrity, performance and completeness.
Paul Reed, CTO at iter8 commented, “The policy change transaction is very complex and challenging for carriers to handle correctly. Any number of changes can be performed in the BMS and transferred in one transaction. Various comparisons must be performed by the carrier to determine dislocations, what the broker intended to change and what must be changed. Additionally, data latency, change eligibility, security, audit, rating, underwriting, automated underwriter notes, underwriter participation and transaction integrity are required and further complicate the process. communic8 real-time addresses all these complexities with pre-built configurable mechanisms.”
Real-time policy change, in a true “once and done” manner, requires many systems to work together to ensure broker distribution carriers can effectively compete with direct writers. communic8 real-time, the broker connectivity hub from iter8, acts as a key component to ensure transactions are complete, accurate and compatible.
Katherine Evans, CFO at Unica Insurance, a La Capitale Insurance Company, is extremely excited about the success of this project. “We are committed to investments in technology to help our broker partners. This represents a major investment for us that will produce significant rewards. Brokers can make changes to policies from their broker management system in real-time, in an easy, straight-forward manner.”
iter8 Inc. is a software solutions provider to the Property and Casualty Insurance Industry, its products designed to increase profitability by solving problems through smart innovation and proven expertise in both the insurance business and in technology, implementation, and service.
iter8 has a track record of successfully streamlining insurance processes, improving time-to-market, and saving companies money. Visit www.iter8.com.