A 2024 ICTA nomination
Toronto, ON (Feb. 7, 2024) – Over the past few years HTM has been working with Cognition+ to implement a new web-based platform built on Application Programming Interfaces with the goal of eliminating operational data silos to promote internal efficiencies and build the capability to share information securely and privately with stakeholders. In 2022 and early 2023, HTM took the next step to enable Agent Access and Broker Connectivity for their sales channel.
The Broker Connectivity initiative aligns with both the Centre for Study of Insurance Operations (CSIO) and the Insurance Brokers Association of Canada (IBAC) guidance on Direct Data Exchange to provide a superior experience for brokers.
Broker Connectivity Goals:
- Achieve a true “portal-less” solution by leveraging Application Programming Interfaces (API) between Cognition+ Platform and three major Broker Management Systems (BMS products) with extendibility to including other BMS as needs change:
- Applied EPIC
- Vertafore SIG XP
- Acturis PowerBroker
- Enable Broker Workflows to be completed entirely within BMS for automobile and property:
- Quote / Rate Policy
- Policy Inquiry
- Generate “As of” Declaration Page
- New Business Upload
- Billing Query
- Claims Inquiry
Agent Access Goals:
HTM is also an Agent-based company, the mutual is providing direct access for their agents to their enterprise system to allow certain functions:
- Inquiry on Contacts, Accounts, Policies, Billing and limited information on claims
- Initiation of Contacts, Accounts, Quotations for New Business, Endorsements, Renewals leaving these transactions “In Progress” state so they could be authorized by Underwriting
- Creation of Quotation Pages
Business Value
Significant improvement has been observed within underwriting and policy management, with service standards being exceeded in several areas:
- Process time for new business policy issuance cut in half
- Endorsements are processed in less than 1/3 the time
- Cancellations are processed 4x faster
- Eliminated duplicate entry of data across Broker and Carrier systems, thereby improving service times and accuracy.
- Direct access to rating engines for HTM allowing for more accurate pricing for sales channel and implementation of more sophisticated rating accessibility (eg. GLM, Peril Score, etc.)
About Hamilton Township Mutual
HTM Insurance Company, located in Cobourg Ontario, has been committed to providing great service to its policyholders and agent/broker partners since 1898 by committing to a professional and community-based approach. HTM’s mission is “To protect your future as if it’s our own”. Using long-range planning coupled with the use of innovative technology; HTM continues to build strong relationships within their own community and the mutual family. For more information, visit www.htminsurance.ca.
About Cognition+
Cognition+ is an insurance technology provider that empowers insurance companies of all sizes to digitally transform and gain a 360° view of their business. In addition to a fully customizable Enterprise Insurance Management Platform, Cognition+ offers on-demand support, connectivity, cybersecurity, and development services. Established in 1996, and wholly-owned by its clients, Cognition+ has strong longstanding relationships with insurance and technology partners focused on innovation and mutual success. For more information, visit gocognition.com.
SOURCE: Cognition+
Tags: API, Brokers, Cognition+, Connectivity, Hamilton Township Mutual Insurance Company (HTM Insurance), ICTA nomination, platform
