Posted by David Gallagher on Mon, Jul 26, 2010 @ 12:49 PM
July 26th, and the heat of summer is truly upon us. While it’s hard to get excited about anything but oceans, lakes and beaches, at iter8 we have a few “go-lives” that have us excited, and we have stories to share.
Last year, around this time we started efforts to convert the information from the York Fire and Casualty Policy Administration System Policy (IIS), into the Policy Administration System (OPUS) of their new parent company, La Capitalé Insurance. Close to twelve months later, 2 million transactions, and 10 years of underwriting history, covering all underwriting transactions (New Business, Policy Change, Renewal, Cancellation data and transaction combinations) were successfully migrated. The iter8 Professional Services team used transl8, the iter8 data migration product. The use of transl8 combined with the experienced team from iter8 greatly improved risk management, enhanced measurement and audit tracking, and ensured deadlines would be met.
Cut-over day was July 4th, and the data transfer went exactly as planned, and expectations were met or exceeded. The York Fire and Casualty system was operational, ready to go when everyone came into work to start the next week.
Contact us for details, as the iter8 combination of Professional Services and transl8, iter8’s data translation product, proved they could meet and exceed expectations on a large, data intensive, long-term project.
iter8 also recently completed a series of auto reform upgrades with current clients. Services within the umbrella of support often go “unnoticed” for software vendors, because high quality is what the customer expects. It’s hard to get excited when the lights go on every morning, or the car starts when you turn it on. But, when the rules change in the insurance marketplace, and our customers agent and broker portals need to be upgraded, iter8 services and performance are as reliable as turning the lights on in the morning. Our customers are confident that iter8 will “get it right”, and make the necessary changes to ensure new regulations and new requirements are met. In this case we did get it right, and made operating changes to each and every customer affected by regulatory change.
Posted by David Gallagher on Wed, Jul 07, 2010 @ 08:01 AM
Insurance Networking News recognizes the distinct and outstanding accomplishments and contributions of women in the insurance industry through the “Women in Insurance Leadership program”. Each year for the past five years the program has honored female insurance executives who have made a significant impact on their business.
I speak for everyone at iter8 in congratulating Sandy for this major accomplishment. Providence Mutual’s new modern, connected agent portal is built using collabor8 and communic8. iter8 staff have been working on the project for close to 12 months, and have had the privilege to get to know Sandy, and appreciate her insurance expertise, experience, leadership and guidance.
Sandy Parrillo continues to lead Providence Mutual as it achieves strong, profitable growth, while she also leads NAMIC (National Association of Mutual Insurance Companies) as the Chairman elect of the NAMIC Board of Directors. NAMIC has over 1,400 insurance company members, representing more than 40% of the P&C insurance premium in the US.
The 2010 winners will be featured in the September/October issue of INN, and will be recognized at INN’s Women in Insurance Leadership Forum September 26 – 27 2010 in Chicago.
Congratulations Sandy for recognition that is very well deserved.
Posted by David Gallagher on Fri, Jun 11, 2010 @ 12:30 PM
I'm still thinking about the ACT (Agent's Council for Technology) and AUGIE (ACORD User Group Information Exchange) Meetings held at this year's ( May 2010) ACORD LOMA Annual Insurance Forum.
At the AUGIE meetings, Brian Bartosh, President of the Top' O Michigan Agency, and chair of a working group examining the refresh and update of ACORD forms introduced an innovative idea. While clearly positioning the idea as "for discussion", and not endorsed by AUGIE, it got me thinking. The idea was to "scrap" ACORD forms, and replace these standards with ACORD "print output standards".
All pre-built forms and data mappings for the iter8 portal and connectivity products adhere to ACORD standards. They capture information necessary to produce ACORD forms, and present information via pdf or print format. In addition carriers with unique requirements can capture additional information, and use it in rating, and in presentation to agents and policy holders.
Therefore I think we are a neutral observer.
It seems to me that the design of the form, such that it captures a myriad of information and must accommodate many scenarios, is very complex and at risk of growing too large to manage. Instead, if the working group was to dictate what information is needed, and how it should be presented to reflect ACORD Standards it would work much better. This is what Brian is saying. Let standards dictate what should be collected, and then how to present it, instead of worrying about how to put everything on an 8-page form.
I realize this means changing years of "this is how we do it", and that regulators must be brought on board, so that print outputs present all relevant information.
Still, to me this represents innovative thinking, something the industry should welcome.
Posted by David Gallagher on Fri, Jun 04, 2010 @ 12:25 PM
At this year's ACORD LOMA Annual Forum, one of iter8's satisfied (very satisfied might be a better phrase) customers presented "How one Insurer has Automated Underwriting". The 60 minute session provided them with an opportunity to review what they had done to maximize the effectiveness of their agent portal, and how they successfully grew their business while controlling costs using technology provided by iter8. They use both communic8 and collabor8 in the development of a modern, connected agent portal.
The presentation was very well received, attended by well over 100 interested insurance carriers, analysts, and software vendors. The audience came to hear how this carrier, La Capitale Group, provided their independent producers with several ways to interact easily, quickly and completely.
This was done through a state-of-the-art portal and connectivity to agent management systems, supported by strong business processes and underwriter responsiveness. Transactions such as policy endorsements could begin with an Agency Management System, upload the portal in real-time, validate the change, complete any items specific to the carrier or correct any errors or omissions, rate the new actions, store the new information and provide a record of the change to the Agency Management System. They prepared a five minute demo to show this occurring in real-time during the presentation.
Based upon the attendees at the previous days ACT (Agent's Council for Technology) Meetings, it is clear many carriers do not offer such functionality, which agents badly need. Tom Minkler, who presented details of the IIABA's Consumer Agent Portal Initiative, mentioned "the independent agent channel is losing 1% market share in personal lines annually, which represents $2.8 billion dollars" Not chump change, and a trend that independent agents, and the carriers that go to market in this manner want to change.
Independent agents need to work with carriers to map out the how's and when's. As iter8's customer demonstrated, the technology exists, the challenge is to get carriers and agents to work together to make such investments, and maximize the effectiveness of the investment once it is made.
Posted by David Gallagher on Tue, May 18, 2010 @ 02:35 PM
The ACORD LOMA 2010 Insurance Systems Forum begins this weekend. ACT and AUGIE Meetings occur on Sunday and Monday, and the conference trade show begins late afternoon Monday, with presentations beginning Tuesday morning.
iter8 is an exhibitor at the conference, Booth 253, and we'll be participating in presentations and sub-groups. One of iter8's customers, a subsidiary of La Capitale Financial Group, York Fire and Casualty is presenting the topic "How one Large Insurer Automated Underwriting".
They will not only speak about challenges they faced, strategies they developed, and tactics they imposed to deliver a successful solution, they will also demonstrate how their portal uses extensive connectivity to agency management systems and third-party systems to deliver a system agents and underwriters embrace.
That connectivity is a huge part of the ACORD 2010 Conference. Through standards ACORD has established, insurance carriers and independent agents can connect not just data, but connect processes and workflow, such that policy holders, agents and carriers all benefit.
I am pleased that York has chosen to demonstrate a live interchange of information between agent and carrier systems, for both a policy endorsement and a new business submission (if time permits). For it is one thing to talk about what happened and explain via PowerPoint's, and quite another to demonstrate just what they offer. I invite everyone to attend this presentation on Tuesday, May 25th, beginning at 1:45 pm.
Research study after study reveals agents are seeking ease of doing business with carriers. The new Novarica Research report , Best Practices in P&C Agent Portals, published in April 2010 states, "Agents place business with carriers that are easy to work with. Agents are looking for fast, easy transactions backed up by a good underwriting relationship".
To do this, superior portal solutions are needed, that are connected using standards, as set by ACORD. The industry needs common definitions, practices and standards, and the ACORD forum is a place where these are examined and discussed.
iter8 will also use the show to announce another new customer signing for iter8. We've been extremely fortunate to have a steady stream of new business to talk about, as well as three customers scheduled to "Go-Live" with their agent portals in June through September. With lots of good news, we're anxious to meet and greet.
My sense is that the success of iter8, and other third-party vendors, is leading many carriers to move away from "in-house" solutions, to third party vendor solutions. This is just an observation, as I don't have statistics in this area, so please comment if you have statistics in this area.
For all those not able to attend this year's Forum, but would like to get more details, please contact me, and I will share as much as I am able.
Posted by David Gallagher on Fri, Apr 30, 2010 @ 02:54 PM
There has been a gap between our last blog update and this one, but it is not for lack of activity. In fact, it's due to the overwhelming amount of new activity that I can't catch up.
We've just published a new white paper, Commercial Lines Portal Power: The next Competitive advantage. Written by SMA, a strategic advisory firm, drawing upon their depth of knowledge in P&C insurer, it looks at Commercial Lines portals, from the perspective of "who is doing what", "why" certain actions are necessary.
We'll be releasing the white paper soon, and suspect that every carrier doing some commercial lines business will want to give it a read.
We're also scrambling to get ready for the upcoming ACORD LOMA Conference. This represents an important conference for us, as not only are ACORD standards a crucial component of the iter8 agent portal, but it is also an ideal time to share iter8 news. We have new customer signings, customer go-lives, and other details we need to announce to the world.
Sandy Parrillo, President and CEO of Providence Mutual, and an executive with NAMIC (National Association of Mutual Insurance Companies) has just completed a video, in which she speaks about the relationship between Providence Mutual and iter8. The video will be available at the ACORD Conference, and posted on our web site immediately after the conference.
And, Novarica, a company that provides information, insights, and perspective on markets, operations, and technology to insurance executives, has just finalized a report focused on the iter8 Agent Portal product, collabor8. iter8 is one of the newer agent portal vendors in North America, that has quickly forged an image of quality and reliability, with numerous satisfied customers. With many potential customers wanting to find out more about this success Novarica commissioned a Vendor Solutions Review (VSR) that will be published in May 2010. The review is written for prospect agent portal carriers explaining the functions and features of collabor8. The study was completed this spring including an in-depth product review, customer reference calls, and the examination of all things written about collabor8.
The publication date is soon upon us so keep your ears open, and check the iter8 web pages, and the Novarica home page.
Posted by David Gallagher on Wed, Apr 07, 2010 @ 02:31 PM
Insurance and Technology Magazine is hosting an event that is new to me, and I would guess is new to you too. It's called "The Optimized Enterprise Virtual Event", and it begins April 13th, 10:00 am to 4:00pm EST. To register visit:
iter8 is participating, and that's how I learned about it. Now that I am participating I see it as an event that will soon dominate our business interactions. While sitting at your desk participants can log-in, and view presentations, network in the networking lounge, tour the exhibit hall, and visit the booths on display. You can download booth content, whitepapers, product literature, and view videos. No travel is needed, trade show booths offer more details than you see face-to-face, and you can share with co-workers. Oh, did I mention it is free to attend?
There are numerous speakers, presenting at specific times, and speakers whose presentations can be downloaded at any time. In fact the show data will say live for the next twelve months, allowing you to view information when you want, how you want.
Attend for an hour, attend for several. Arrive, leave, and return. Field a telephone call from a happy customer, then return to the event to follow the next speaker - you set the pace.
Most importantly, this represents a wonderful chance to collect information about what is going on in the industry - attend presentations, speak with trade show vendors, and network with fellow attendees.
iter8 has a booth set-up in the exhibit hall. We've made available many of the white papers written in the past 12 months, including our brand new paper, Commercial Lines Portal Power: The Next Competitive Advantage. (It will be on our web site the week of April 19th). We've also posted copies of presentations we have given in the past 12 months.
To learn more about attending the show click here.
Posted by David Gallagher on Thu, Mar 04, 2010 @ 03:51 PM
At the recent P&C Technology Conference iter8 came out a big winner at the awards table.
iter8 customer, York Fire and Casualty, won the "Best in Class" award within the category Practitioners: Insurers, and within the category Suppliers: Technology Providers iter8 won "honorable mention" .
The category "Practitioners: Insurers" was open to companies licensed to underwrite business in Canada. York submitted an entry based upon their outstanding work in interfacing to independent brokers (or agents) through a broker portal, broker connectivity and automated underwriting - all using collabor8 and communic8 supplied by iter8.
York is focused on providing superior "ease-in-doing-business" to their independent agents/brokers. Technologies have been put in place to support this strategy. This includes:
- - Development of a modern, easy-to-use, comprehensive agent portal that enables real-time quoting, new business submission, inquiry, and policy change for multiple lines of business
- - Integrating Agent Management Systems directly with the York portal "York Connection " so that many transactions can begin and end within the Agency Management System
- - Straight-through-processing on 80%+ of new business personal lines auto transactions allowing York underwriters to focus on agent and broker relations
The results have been outstanding. York has achieved profitable, sustainable growth. Brokers recognized their commitment to independent brokers, and have responded by increasing premiums per broker, and increasing total brokers working with York. Industry associations have recognized York's efforts, with this recent award being another in a series. In 2008 York was awarded the Real Time Adoption Award by ASCNet, and the Interface Leadership and Innovation Award from Applied Systems for their connected portal.
iter8 received an Honorable Mention award within the category "Suppliers: Technology Providers". This award recognizes the strength of iter8 products to help carriers grow their business, effectively manage costs, improve their relations with independent agents, and effectively integrate with third-party information providers. Each and every iter8 customer has benefitted from implementing modern solutions. This ranges from new business growth to cost reductions and cost avoidance, to improved agent loyalty, enhanced product development and speed-to-market.
Peer recognition is important, and I am excited to announce these awards, and I am pleased to offer York a big "Congratulations".
Posted by David Gallagher on Fri, Feb 26, 2010 @ 12:07 PM
It's now been close to two weeks since iter8 and Deep Customer Connections released the study " In their own words", in which over 400 agents and brokers provided information on what they required from carriers in terms of technology. This research study was initiated by iter8 to provide agents with a vehicle to articulate their needs, so that iter8 and carriers could clearly understand what agents are seeking. In turn iter8 could make sure our products and services address these needs and carriers could also develop strategies to address these needs.
The outcome has been successful, and exceeded our expectations. The delivery by agents "in their own words" allowed the researcher, Deep Customer Connections to review direct quotations, and access agent ideas the way they wished to state them.
Deep Customer Connections is offering the study (at an affordable cost) to interested carriers through their web site. The agent associations that graciously issued the survey to their members have all been sent copies of the report, so that they have more information to help them plan strategies with their carrier partners. Numerous agent groups representing all the agents or brokers in their states and provinces participated.
iter8 issued an announcement to carriers and over 600 representatives followed up to get more data. Clearly such information is important to everyone, and we need even more information, and most importantly action plans to better integrate carriers and agents, and facilitate more effective response to policy holders.
We are excited to sponsor such an important study. If you would like more information, or a copy of two of the summary charts contact me.
iter8 is a leader in agent - carrier interaction, and it is through studies like this that we effectively understand the issues important to each. It is very clear that the number one need for independent agents - "Make the interface easy to access, easy to use and reliable" - can be addressed by iter8 solutions, with carriers that have developed business strategies to maximize the effectiveness of their distribution channel.
A second critical need - Real-time Integration with Agency/Brokerage Management Systems, Including Upload and Download" - is also an area that can be addressed (and has been addressed by many)
We plan to continue our research with agents and brokers so that we remain leaders in understanding agent needs in the area of agent - carrier interaction.
Posted by David Gallagher on Thu, Jan 14, 2010 @ 10:42 AM
The New Year is upon us. It is already two weeks old, and I am still not writing "2010" as the date. Maybe by this time next year I'll have settled into writing 2010!
It's a good thing technology moves faster than I do. At iter8 we have completed a major update to our Agent Portal product - collabor8. Completed in December 2009, and undergoing final testing as it is rolled out in our current implementations it represents a major technology upgrade for collabor8.
With rich new functionality, enhancements to current processes, and enhancements to performance it represents another step forward for collabor8. Information from our current customers, from prospective new customers and through market assessment combine to guide our product upgrade efforts.
All new implementations will use the new product version, while current clients will migrate at a pace they wish.
In my last blog I spoke about 5 key answers our customers are seeking. The first is "How to profitably grow their premiums". Insurance Networking News issued an article at the start of the month "Technology Unleashes Underwriters from desks". Read how three carriers are using connected Agent Portals to change the role of their underwriting team to profitably grow their premiums. In this case there are two main drivers:
- Through automation and straight-through processing Underwriters are freed from Administrative tasks, and can focus on more high-value tasks, and prospective new business
- As administrative tasks are reduced underwriters can interact more with independent agents and fulfill a business development role
According to INN, quoting the 2009 "Independent Producer Survey" from Celent, independent agents said the underwriter relationship is the No. 1 reason they call a certain carrier their favorite. To grow premiums carriers must have a critical mass of independent agents calling them "their favorites." To reinforce a position iter8 has taken for many years, Mike Fitzgerald of Celent, author of the study stated, "Automated underwriting is not going to replace the underwriter, it's going to free up underwriters to use their talent in the best place possible."
iter8 customers find that the implementation of a connected agent portal is best addressed through a strategy to implement numerous deliverables over a multi-year period. This is much more valuable than an all-or-nothing strategy. In this manner the project can be broken into manageable deliverables, each of which delivers "wins" to agents and carriers. As successes arise and growth occurs new opportunities and challenges emerge that drive the next phases of the project. The result is a long series of wins, and steady growth.