Unica Insurance adds real-time policy change to brokers for changes to property line of business
Dec. 20 2012 – iter8, a leading software solutions provider to the insurance industry, is pleased to announce that real-time policy change for personal property line of business is live at Unica Insurance (Unica). Real-time policy change, an activity in which a broker starts and ends a policy change transaction within their broker management system (BMS) in a fully integrated real-time manner, is operational using iter8’s insurance transaction platform comprising communic8 real-time™ and collabor8 as a cornerstone. iter8 has worked with Keal Technology and their sigXP and keal connect solution to extend iter8’s insurance transaction platform installed at Unica to provide real-time policy change to property.
The complete solution will handle policy change transactions for all compliant broker management systems, consistent with IBAC guiding principles and CSIO standards. 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. Unica has rolled out this new capability to their brokers.
According to Katherine Evans, CFO at Unica Insurance, “This is another critical piece in our efforts to deliver an advanced technology solution to our brokers. Our brokers spend a great deal of time and effort in processing policy changes. This represents a significant improvement for them and will result in savings in dollars and time.”
Real-time policy change requires many systems to work together to provide improved customer service and time savings. The insurance transaction platform from iter8 acts as a key component to ensure transactions are complete, accurate, compatible and, most importantly, safe for the Policy Administration System. For the first time brokers can choose to carry out policy change transactions of any complexity in the portal or by using keal connect services from their BMS. Regardless of where brokers decide to interact it is done in real-time.
Paul Reed, CTO at iter8 commented “Unica completed real-time policy change for personal automobile in October of this year. Using the same iter8 platform and core technology they successfully added personal property in less than 8 weeks. This is the power of the iter8 solution. By building in mechanisms for controlled change and implementing core components that could be re-used and re-purposed, iter8 enabled fast rapid change. Unica did it right.”
About iter8
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.
A market leader in the Canadian market, iter8 has a track record of successfully streamlining insurance processes, improving time-to-market, and saving companies’ money. iter8 has helped countless insurers in successfully integrating brokers, developing web services, and enhancing underwriting. When it’s worth doing, it’s worth doing right, and iter8 strives to always do it right. Visit www.iter8.com.
