I-Company

Custom Software’s I-Company includes I-Biz, I-Broker, and CSIO download modules to provide the Insurance Company with a complete integrated solution. All modules are also available as a standalone product.

The complete Company to Broker solution will communicate/integrate with the Company Policy Management and Accounting System (PMS). The solution will provide CSIO capabilities, web connectivity to the Company via a Web Portal, including support for other BMS communications tools in the market, plus I-Biz for Brokers running Intelliquote from CSSI.

I-Biz

I-Biz - Custom Software Solutions Inc. (CSSI) has extended its existing Intelliquote module within TBW to develop its I-Biz solution. This solution electronically exchanges edited and underwritten application risk data from the broker to the carrier insurance company to allow policy issuance and policy change processing with exception-only underwriting intervention from a Single Entry Multiple Company Interface (SEMCI). The processed policy data then flows back to the broker’s office and automatically updates the broker’s policy/client management, accounting and billing systems.

Reported I-Biz Results

Current measurements of productivity as supplied by the Insurance Carriers indicate an 1,100 percent productivity increase in auto transactions and 800 percent in habitational transactions. References available on request.

Broker clients report a 100 percent increase in productivity by volume with their experienced brokers and up to 30% decrease in overall expense. References available on request.

Productivity gains and operating cost savings has resulted in over 30% net profitability by brokerage offices.

The system has demonstrated up to 85 percent straight through processing. This means no human intervention once the transaction has been completed by the broker.

Benefits to the Channel:

• Continued joint development of systems (TBW is an iterative content based system that adapts to insurance industry changes and trends)
• Broker to Consumer Interface maintained by the broker
• Advantages the Broker distribution system
• Improves the Insurance Company relationship with the Broker

Insurance Company Benefits

Saves time:

• 90 percent of the transactions can be underwritten and validated without requiring company personnel being involved
• Company underwriters now underwrite the exceptions

Saves Money:

• Fewer transactions to enter
• The exceptions are fully qualified with all the data required; acceptance is all that is required from the underwriter.
• Reduced mail room and mail routing costs

Gain Market Share:

• Brokers are attracted to I-Biz enabled companies due to the ease of placing and maintaining business
• Permits redeployment of talent to value added activities

Broker Relationship:

• Company gets a copy off ALL client data (no missing fields)

Insurance Company Metrics:

Based on the type of transaction, an experienced underwriter can process the following number of transactions in a typical day.

I-Biz New Business Processed:

85% of new business transactions are processed straight through with no underwriter intervention. Applications with exceptions stopped by I-Biz Company can be processed in less than 2 minutes.

Endorsement Requests Processed:

I-Biz is delivering 80 percent straight through endorsement processing. This is after all I-Biz Broker and I-Biz Company rules have been applied. The 20 percent that are stopped only require underwriter review and approval as per the company rules. 95% straight through endorsement processing is attainable.

Broker Benefits

Saves time:

• 90 percent of policies only need to be handled once (by the broker)
• Decreased processing errors as data is validated in the broker’s office
• Exception based underwriting from the POS SEMCI interface
• A significant reduction in the turnaround time on all electronic transactions

Saves Money:

• Less human based administration required to process business
• Reduced mailing, postage, long distance and faxing costs

Gain market Share:

• More staff time for sales and marketing instead of administration
• Broker to consumer interfaces are now possible

Client Relationship:

• Brokers retain ALL client data in house (No company only entered data)
• Electronic access to ALL client data
• Improved office environment due to better employee morale