regul8 solves insurance carrier challenges
Posted by David Gallagher on Thu, Aug 12, 2010 @ 03:56 PM
Our blogs often focus on agent portals as this is an area where iter8 leads the market. However, we also offer a product, regul8, that is a leader in regulatory statistical reporting.
In fact, regul8 was the first product offered by iter8, to carriers seeking to improve the quality of their data in regulatory submissions. In the case of Aviva, one of iter8’s first clients, they were faced with penalty charges for incomplete or inaccurate data, which resulted from the amalgamation of several Policy Administration Systems.
iter8, experts in P&C insurance, data management, and system integration was a natural fit to offer a product to help address this problem, and offer the Professional Services necessary to operationalize the solution. In fact we did such a good job the company went on to deliver several more services for Aviva including agent upload and download services.
Well the wheel turns again as iter8 is enhancing the regul8 offering, to now include additional filing requirements for Aviva.
iter8 has begun another project with Aviva to help them with Risk Sharing Pool filings for the Province of Quebec. In the software business it is so important to treat clients well (like it isn’t everywhere else!) because the partnerships that form often lead to additional demands.
We are so pleased to work with Aviva, and I’m sure they are pleased to use regul8 to handle regulatory statistical reporting.
regul8 was recently updated to include the IBC changes related to the Ontario Auto Reform Legislation. regul8 continues to change and evolve for the better, as it is use at numerous carriers, each facing unique requirements.
Briefly, regul8 is a collection of regulatory software components that run on standard industry middleware. It automates the submissions process for regulatory statistical reporting for single and multiple lines of insurance delivering accurate, on-time data, while simplifying and streamlining a carrier’s submissions cycle.
regul8 gives insurers complete control over the reporting process while improving data quality (reducing first-time submission errors and deficiency fees) and sharply reducing maintenance costs (providing a user-configurable submissions process when regulatory reporting requirements change).