Custom
Software’s goal is to successfully deliver
a national industry-wide solution to fully
integrate and automate the most expensive
and time-consuming business processes involved
in the insurance industry. Our plan will enable
the successful development, delivery and commercialization
of a cost effective business to business electronic
data exchange (I-Biz) solution that will
improve the economic performance of the insurance
industry and accelerate the use of e-Business
in Canada. I-Biz is a lightweight peer to
peer hierarchical data set delivered via the
Internet. I-Biz significantly reduces the
high cost of entry associated with centralized
transaction processing by traditional EDI
systems.
To date, a state of the art EDI system that
is capable of addressing all insurance policy
transactions does not exist, due to the structural
barriers presented by competitive rivalries,
multiple and incompatible software systems
and a lack of industry standardization.
The plan is unique and innovative in concept,
design, and application in that it will develop
a package of process automation tools that
will satisfy the mission critical business
process needs of insurance brokers and companies
needing to write or revise policies. Unlike
alternative approaches, Custom Software’s
product called “The Broker’s Workstation”
will offer true end-to-end automation of the
insurance policy writing or policy change
request functions, processes that include
determining replacement costs, identifying
past claims, determining rate classifying,
quoting multiple company rates and completing
a policy application. It will ensure that
brokers have access to current and accurate
rating and underwriting guidelines of insurance
carriers. Other approaches that have attempted
a top down solution have not met client needs.
”The Broker’s Workstation”
solution has been designed as a management
tool for the end user broker with I-Biz
ability designed and integrated in all processes.
The I-Biz tools are Internet enabled which
makes the solution attractive and affordable
to all businesses. |