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iter8 rolls out collabor8 v5.0

Next Generation of collabor8 extends functionality and ease of use

June 2011 - iter8, an insurance solutions software developer is pleased to announce that collabor8  v5.0, a state-of-the-art connected agent portal solution, is now available to all new customers, and has begun implementation at a first P&C insurance carrier. v5.0 represents the next generation in collabor8, incorporating functionality that will continue to exceed expectations for new agent portals, provide flexible upgrade options for existing portals, and facilitate extensions into mobile applications and direct-to-consumer services.

At the core of collabor8 are insurance templates that enable carriers to draw-upon pre-built ACORD standard insurance solutions, and configure them to meet their unique needs. v5.0 extends and expands these templates, and extends iter8’s capabilities to develop rapid implementations. A typical collabor8 implementation accommodates multiple lines, multiple states, and multi-variants in a fast-to-market implementation.  A recent implementation extended portal functionality in 7 states, 3 product lines, 10 variants in less than 12 months, while competitive offerings often chose “one-state, one-line” in comparable time frames. 

iter8 solutions are operational at over 20 P&C carriers, being used for agent portals, for connecting agency management systems and third party reports to produce real-time straight-through processing, as well as for data transformation, migration and regulatory statistical reporting.  collabor8, the core iter8 portal component, already offers carriers real-time quoting, new business submission, inquiry, and policy change capabilities, as well as handling the automatic referral and resolution of underwriting exceptions.

P&C carriers experience complex challenges leveraging their existing portals, to extend full transactional functionality that is standards-based in accordance with real-time requirements. They are faced with expansion plans for new lines and new territories, and with the need to continually augment the initial portal functionality by adding integrations with additional systems and their information sources, and most importantly maximizing agent usage rates.      

Version 5.0 responds to these challenges by extending the component capabilities of collabor8, adding:

-        Full functioning application templates for numerous product lines

-        Enhanced User Interface configuration. The new UI for v5.0 allows carriers to more easily brand their portal and structure the design to adopt their unique style guidelines.

-        Extension of ACORD standards for all personal and small commercial lines. v5.0 incorporates standards at the very heart of the application, building consistent solutions that carriers and independent agents can use more easily, more reliably and also maintain at lower cost.

-        Upgrades to already-robust transactional capabilities for new lines of business such as larger commercial lines packages, farms and commercial auto.

-        Expansion of real-time and straight-through processing for agency management systems and comparative rater systems.

-        Extensions to handle back-and-forth collaboration between agents and underwriters.

Paul Reed, CTO at iter8, commented, “We are thrilled to introduce v5.0 to the insurance industry. It represents a further strengthening of iter8’s industry leading technology.” He added, “We are committed to a continual stream of upgrades and enhancements to collabor8 and extending its functionality.  v5.0 will enable carriers to rapidly implement a richer, deeper product than ever before.”

About iter8

iter8 Inc. is a software solutions provider to the Property and Casualty Insurance Industry, its products designed to increase profitability by solving problems – centered on Agent Portals, Agent Connectivity and Underwriting Operating Excellence – through smart innovation and proven expertise in both the insurance business and in technology, implementation, and service.

A dynamic, creative company, iter8 has a track record of successfully streamlining insurance processes, improving time-to-market, and saving companies money.

For more information, please visit www.iter8.com  or Contact

David Gallagher, Vice President, iter8

dgallagher@iter8.com or (416) 364-6306 x490