Toronto, ON (Mar. 29, 2013) – On March 18, at the Insurance-Canada.ca Technology Conference in Toronto, Unica Insurance, with technology provided by Keal Technology and iter8, received a prestigious Insurance-Canada.ca Technology Award. The award recognizes Unica’s new automated real-time policy change solution available with Keal Technology’s Broker Management System (BMS), sigXP.
iter8 technology is deployed to integrate Unica’s policy administration system to Keal’s BMS, sigXP. Data is sent from sigXP through Keal’s connectivity tunnel called keal connect. Available to all insurance companies, keal connect is available at no charge to brokers and is seamless to sigXP users. Unica’s automated real-time policy change allows brokers to complete personal lines auto and habitational policy changes in real-time, starting and ending in Keal’s BMS, sigXP eliminating duplicate data entry.
Policy changes are made in sigXP. With a single click, the changes are sent using CSIO XML standards to Unica’s policy administration system where the policy records are updated in real-time. A review and confirmation screen, including the new premium, (if applicable) is automatically displayed to the broker for final submission without additional user intervention on either end. The entire policy change transaction takes less than 90 seconds, start to finish, and significantly reduces E&O exposure. The award winning solution is in use with multiple brokerages.
Pat Durepos, President of Keal Technology, said: “We are extremely excited to receive the Insurance-Canada.ca Technology Award. Our category was tough so this honour further exemplifies the significance of this revolutionary solution. Policy changes represent between 25-35% of broker transactions but account for 1% of commission volume. Automated real-time policy change allows brokers to compete with direct writers more effectively; offering consumers the information they want in real-time.”
Katherine Evans, CFO at Unica Insurance agrees, “We are committed to investments in technology to help our broker partners. Receiving the Insurance-Canada.ca Technology Award is added proof this solution is needed and will produce significant broker rewards.” She added, “We’re excited to bring more brokers online!”
According to Insurance-Canada.ca principal Doug Grant, the awards were developed to celebrate organizations that successfully utilize technology to improve their business. “Technology will be a key tool in helping insurance brokers build the relationships with and provide the service to people in their communities. Strong relationships, community engagement, quality service and choice offer a competitive edge,” says Grant. “Congratulations to Keal for a key role in the winning ICTA nomination by Unica Insurance (technology provided by Keal and iter8) for real-time policy change. Effective use of this technology will improve both service levels and efficiency.”
“We are pleased that our members Unica, Keal and iter8 successfully collaborated to develop a real-time policy change solution using CSIO standards,” said Catherine Smola, President of CSIO. “CSIO is very committed to delivering industry standards that advance technology solutions and workflow enhancements for the P&C industry.”
The ICTA winning automated real-time policy change solution is available to Unica brokers using Keal’s BMS, sigXP. Keal provides the keal connect access to all insurers. Additional carriers will be announced shortly.
About Unica
Founded in 1955 and 100% Dependably Canadian®, Unica Insurance Inc. is a subsidiary of La Capitale General Insurance, a major Canadian property & casualty insurer. From its office in Mississauga, Ontario, Unica offers innovative insurance solutions to protect consumers’ homes, vehicles and businesses. Unica strongly believes in the value the broker brings to the insurance transaction and so distributes its products exclusively through a network of professional insurance brokers throughout Ontario.
About Keal
Keal Technology is a leader in the BMS (Broker Management Systems) and CMS (Commercial Management Systems) in the Canadian marketplace for insurance and financial services brokers. They offer an integrated suite of products designed to increase revenue through efficient use of technology. For more information, visit www.keal.com.
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.
SOURCE: Unica Insurance
