Insurance brokerages can now outsource forms library maintenance
Toronto, ON, December 11, 2004 — CoVirt Inc. (Canada) and FormDepot announced today the planned implementation of a new cross-connectivity between their online services for insurance brokerages. Advisors of a brokerage using CoVirt�s VirtGate back office system can hyperlink straight to FormDepot.ca and already be logged in.
Jeff Bennett, President of FormDepot said �We see our strength as being the inexpensive, easy access to insurance company�s forms and product information. An advisor would gain uniform ease of access to this information, regardless of the back office system. Advisors no longer have to remember several user names and passwords to access forms and product guides from different carriers. With FormDepot.ca, an advisor logs in just once and benefits with access to all forms and product information from companies with which they are contracted.�
Tim Fitzpatrick, President of CoVirt explained the connection with VirtGate by noting �A survey on technology and work flow targeted easier access to electronic forms as a top 10 priority. VirtGate already has a Supplies and Forms engine where each brokerage customer maintains its own tables, but increasingly as VirtGate becomes Canada�s central administration system, some of our customers have asked why we at CoVirt would not manage configuration tables common to all brokerage customers. The forms library was one of those tables where this commonly came up. Then, along comes FormDepot providing exactly this service. I suppose the adage that necessity is the mother of invention applies well here. �
�We also see the following advantages being achieved by brokerage firms using our service� Jeff Bennett continued. �First, brokerages are no longer required to maintain their own links to forms. Secondly, forms are only available for the companies with which the advisor has contracted via the enrolled brokerage. This encourages the advisor to switch his other business to the brokerage that provides this service and prevents the advisor from accessing information from one brokerage and then placing the business somewhere else. Also, we provide statistics to the brokerage regarding the contracting of their own advisors. This statistical information is available nowhere else, and gives the brokerage a better understanding of the opportunities within their existing advisor base. �
When Mr. Bennett was asked who maintains the form database, FormDepot or the carriers, Jeff Bennett replied �Both. The website has a form provider sign on, as some of the insurance companies have asked if they could have access to add and delete forms themselves ensuring that they are always kept up to date.�
Both CoVirt and FormDepot stress this is not an exclusive strategic partnership, but rather yet another step by vendors towards building true connectivity within the entire industry. The door is open by both to integrate with other vendors in similar fashion. Tim Fitzpatrick emphasized the open door policy at CoVirt by saying �We are looking to integrate with any tool that increases sales and / or reduces dual entry for our brokerage customers. VirtGate already accepts inbound data feeds from any source and we can produce feeds to other agencies / carriers just as easily. We integrate with online survey vendors and are looking through connectivity for ordering paramedical exams online direct from VirtGate. We produce commission feeds for a variety of accounting systems and payment processing services.�
When Jeff Bennett was asked why he contacted CoVirt, he expounded “CoVirt has a unique perspective on the life insurance distribution process. While developing FormDepot.ca, we found that by knowing our clients we could deliver a focused tool that would satisfy a specific requirement within the insurance industry – specifically, a single access point to insurance forms and product information for advisors. CoVirt has done the same with their brokerage automation system called VirtGate. As an industry leader in this area, CoVirt has shown continued dedication to customer service, and has provided clients with a consistent flow of system enhancements and new version rollouts. CoVirt continues to show its clients how well they understand the insurance business, and has shown a commitment to provide the tools insurance brokerages need to take their business to the next level.�
Tim Fitzpatrick, President of CoVirt concluded by saying “The dynamic new FormDepot interface is a powerful solution that clearly delivers enormous and quantifiable benefits to CoVirt customers. This is a quick, easy, up-to-date, and cost-effective way for brokerages to outsource this function.�
About CoVirt:
CoVirt supplies VirtGate, a total integrated solution for advisor and policy management, to a rapidly growing list of brokerages. VirtGate provides superior advantages that turn the brokerage web site into a sales and service pipeline, allowing organizations to focus on the core expertise that drives their success. VirtGate is much faster than typical internal LAN-based software and brokerages can tie as many offices, trading partners and users together as they wish � all with no additional user fees. VirtGate includes integrated online document management where any type of document may be posted to the advisor record, policy record, or to the public library within seconds. VirtGate is fantastically cost-effective, yet worry-free. All that is needed is a standard web browser and access to the Internet – nothing is installed on the user’s machine nor does the brokerage have to maintain a server. VirtGate increases efficiency immediately and allows brokerage�s organizations to better serve their advisors and customers. For more information, see CoVirt.com or please contact:
Tim Fitzpatrick
President
CoVirt Inc. (Canada)
Phone 416- 628-1056
