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Below is a list of news articles and press releases. Navigate to a specific publication by clicking the appropriate headline. |
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| June 24, 2003 |
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Compu-Quote Takes Rating Engine to the Web for Canada’s Insurance Brokers
Iter8 Media Release
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| Oct 30, 2001 |
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"Total Component" Estimating
Marshall & Swift / Boeckh
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| Sept 4, 2001 |
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A New Look
CQ Media Release
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| Jun 16, 2001 |
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CSIO Portal Update
CSIO Information Release
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| May 1, 2000 |
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Compu-Quote Delivers!
CQ Media Release
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| Jan 29, 1999 |
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New CQ Rating Services have arrived
CQ Media Release
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| Jul 1, 1999 |
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Letter to the Editor
Canadian Underwriter, by A. Wallace
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| Jul 31, 1998 |
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New Features for AutoRater
CQ Media Release
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| Aug 1, 1998 |
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Dominion of Canada Prepares to LINCQ Up with Brokers
CQ Media Release
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Compu-Quote Takes Rating Engine to the Web for Canada’s Insurance Brokers
Compu-Quote Inc. has transformed the insurance quoting process with a simple, easy to use Web-based rating engine that brokers can access with a standard Internet connection.
OmniRater is the Web-based version of Compu-Quote’s popular Win 32 rater, used by more than 2,000 brokerage offices with access to 700 insurer rating plans across the country. OmniRater allows a broker to quote and download data anytime and anywhere a Web browser is available. With this version, brokers get access to multiple company plans for individual rate comparison, automated rate updates and, bottom line, a better chance to bind the policy. Brokers can access the service for as little as $25 per month, in addition to current membership fees.
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Our broker clients will only pay a nominal access fee for Web access to enhanced comparative rating information,” says John Savage, president of Compu-Quote. “The advantages of OmniRater include 24x7 availability, more comprehensive rate comparison, automatic rate updates (no more updating), access to additional carriers and quote download to their desktop AutoRater service.”
Compu-Quote has teamed up with iter8 Inc. to take quoting even further into the insurance transaction process. Up until now, most rating engines stopped after the broker received the quotes and selected the preferred rate from an individual carrier. Brokers have traditionally had to turn to an awkward combination of EDI, fax and telephone to bind coverage.
With a system known as communic8, the broker can transfer seamlessly from the OmniRater service to Electronic Data Interchange. communic8 is a complete solution for AL3 upload and download. It includes standard maps and has an interface that allows data to be transported through the CSIONet network. The application receives and automatically transforms data from OmniRater to the proper format required for the broker management system, eliminating costly maintenance work.
The OmniRater service also features other iter8 technology that allows it to employ the same set of business rules as the insurance company front and back-office systems. This means that quoting services, Web policy administration and back-office policy management systems can be linked with the same underwriting rules or "filters," thus reducing errors and improving data quality.
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We think this takes the rating process to the next level,” says Glen Piller, president of iter8 Inc. “It allows brokers to continue on with the transaction process, while giving insurers an efficient and seamless link to incoming policy applications.”
The OmniRater service, including all features of communic8, are now available to property and casualty insurance brokers and insurance companies across Canada.
About Compu-Quote
Compu-Quote Inc. has pioneered the development of rating software, providing rating and underwriting services to the Canadian property and casualty insurance industry since 1983. Compu-Quote offers its services in all provinces and territories in both English and French. Its family of automated rating products are integrated with all of the leading broker management systems and computer operating platforms. For more information, please visit, www.compu-quote.com.
About iter8
Headquartered in Toronto, iter8 Incorporated is a key provider of online and back office business solutions for the insurance industry. iter8 enables insurance companies to provide their distribution channels the capability to quote, bind, sell and make policy changes online in real time, while consistently applying their underwriting and rating rules. For claims, iter8’s solutions allow insurance companies to achieve superior results in loss ratios, expense costs and customer service by automating claims rules and workflow. Through iter8’s innovative Definition Driven Development (D³) methods, insurers can solve the maintenance and integration issues that multiple technologies and programming languages create, ensuring rapid implementation and quick return on investment. For more information, please visit, www.iter8.com.
For more information, please contact John Savage, president of Compu-Quote at (519) 974-7283, ext. 236 or jsavage@compu-quote.com or Tim Scurry, iter8’s vice president of sales and marketing at tscurry@iter8.com or (416) 364-6306.
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"Total Component" Estimating
Toronto, Ontario, Canada - Marshall & Swift / Boeckh (MS/B), the worldwide leader in building cost information and estimating systems, and Compu-Quote Inc., Canada's leading supplier of underwriting and rating technology to the property and casualty industry, announced an agreement to continue their exclusive, long-term insurance industry relationship with the development of a new "total component" residential valuation tool.
The relationship between MS/B and Compu-Quote began in 1992 when E.H. Boeckh and Compu-Quote developed the RCT EvaluRater(TM), which is the current industry standard for residential valuation in the Canadian insurance market. According to Ilir Ohri, National Consultant at MS/B Canada, "The RCT EvaluRater as we know it will soon be a tool of the past. Compu-Quote's technology and MS/B's "total component" estimating methodology will be incorporated into a new, next generation residential valuation tool that will enable brokers and property insurers to eliminate current subjective approaches and improve insurance to value to a more refined and accurate level"
According to Mr. John Savage, President of Compu-Quote, Inc., "This agreement is a reaffirmation of the solid relationship that has been established since 1992. It shows a continued recognition of the value that Compu-Quote brings in the distribution of MS/B residential valuation products to the Canadian brokerage community. We are very excited about the transition to this new total component estimating methodology.
It will be a very simple process for brokers. The real change will be increased accuracy - a better product for insurers, brokers and their policyholders. We are committed to the continued development and integration of MS/B offerings into our services."
MS/B is the originator of "total component" methods for valuing residential and commercial properties. The "total component" methodology literally prices the cost to build a structure from the ground up, incorporating all of the local wage and material costs needed for the location where the building is situated. Component-based valuations are more accurate because a home is defined as it exists, not as it could be surmised using a more subjective method. This risk-specific approach enhances customer confidence and satisfaction because the insureds know the valuations they receive are pertinent to their own homes.
About MS/B
Marshall & Swift / Boeckh (MS/B) is recognized as a premier provider of local building cost information and estimating systems in the U.S. and Canada. The Canadian office, headed by Joseph Colangelo, Canadian Research & Development Manager, is located in Toronto, Ontario, Canada. MS/B has offices throughout the United States and Canada, including Princeton, NJ; Los Angeles, CA; New Berlin, WI; Toronto, Canada; Hawkins, TX; and Overland Park, KS. For additional information about MS/B and its products, please contact Ilir Ohri, National Sales Consultant, at the company's Toronto office at 1-800-661-3619, Ext. 427.
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A New Look
In September 2001, Compu-Quote Inc., Canada's leading supplier of underwriting and rating technology to the property casualty industry is pleased to announced the introduction of a new corporate indentity.
As Compu-Quote approaches the beginning of its third decade in business, it is an appropriate time to remember where we have come from - and more importantly where we are going. Compu-Quote has evolved and adapted to meet the changing needs of its customers.
But, more importantly, we have been successful by anticipating future needs and developing products and services that help our customers to become more successful. This philosophy has shaped Compu-Quote and allowed us to prosper and enjoy the growth and stability which our company offers.
The new logo encapsulates the essence of our organization - structure, stability and accuracy - and reflects the values, qualities and services which our company represents.
Our previous logo has stood us well, but does not reflect Compu-Quote's considerable metamorphoses over the past number of years. And thus we have concluded to move to a new symbol. One which we believe is more reflective of who we are today.
Our new logo reflects our position as a leading developer and supplier of technology and e-commerce solutions to the insurance industry. Not only in Canada, but also in the United States and beyond.
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CSIO Portal Update
The Centre for Study of Insurance Operations (CSIO) is a national organization, supported and funded by committed broker insurance companies and the broker community through the Insurance Brokers Association of Canada (IBAC). Its mission is to assume a leadership role in facilitating the continuous improvement in efficiency and effectiveness of the delivery of insurance and complementary products and services to the consumer. CSIO is responsible for the development and maintenance of Canadian industry standards in forms, EDI, XML and Web screens.
CSIO today announced that Compu-Quote Inc. has become its newest vendor member. CSIO vendor members provide standards based products and/or services to CSIO company members and their broker partners. Canadian P&C brokers are members of CSIO through the Insurance Brokers Association of Canada (IBAC).
Compu-Quote has been providing rating and underwriting services to the Canadian property and casualty insurance industry since 1984. Compu-Quote offers its services in all ten provinces and operates from it's headquarters in Windsor, Ontario.
Compu-Quote president, John Savage, confirmed that "Compu-Quote sees its involvement in CSIO's Insurance Portal as a clear opportunity to extend its traditional industry services through the Internet." He went on to say that "Compu-Quote has invested heavily over the last few years in the development of guaranteed rate products. These will now allow us to provide guaranteed rate services in real time to the Portal for CSIO companies". Klaas Westera, President of CSIO, stated that "we are very pleased that Compu-Quote has joined CSIO and that they will be working with us to help make the CSIO Insurance Portal a success. Their well known rating expertise will clearly benefit the entire effort."
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May 1, 2000 - Compu-Quote Delivers!
Zurich Canada, a member of the worldwide Zurich Financial Services Group, has selected Compu-Quote to deliver guaranteed rates to their brokers from coast-to-coast. Brokers can now experience manual perfect rates, eliminating discrepancies and write-offs, safe in the knowledge that every quote generated by Compu-Quote rate comparison services is backed by a 100 percent guarantee from Zurich Canada.
Recognizing the increasing complexity and importance of offering guaranteed quotes at the point of sale, Zurich works with our rate and underwriting compliance staff to ensure, first time, every time, guaranteed quotes. They collaborate with Compu-Quote by loading underwriting and premium data and by further participating in the quality control process. And then, via our internet update site, the latest insurer files are transferred to broker systems.
Zurich Canada's personal insurance rates are guaranteed for personal property (excluding rentals) in all provinces where Zurich writes property except Saskatchewan, and for automobile in all provinces excluding Quebec.
To learn more about the Guaranteed Rates pledge, call our sales and marketing department today at 1-800-265-0808.
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January 29, 1999 - New CQ Rating Services have arrived
Compu-Quote Inc. based in Windsor, Ontario and with offices across Canada has released the latest version of our benchmark underwriting and rate comparison services. With the arrival of AutoRater and PropertyRater for Windows, we have provided insurance brokers with the latest technology in automated rating and Y2K compliance.
The February 1999 product release is backed by a highly trained team of customer service specialists committed to ensuring AutoRater and PropertyRater for Windows carry brokers, operating in a competitive environment, forward into the next millennium. With automated access to the rates of over 700 insurance company plans - in both official languages - brokers can better provide competitive quotes and quality customer service.
The new rate comparison products have been designed with ease-of-use and flexibility in mind. An on-line help function has been added and rate updates are provided to brokers across Canada instantly via the internet. In addition to complete underwriting for all territories, automatic calculation of discounts/surcharges and a full range of coverages, AutoRater and PropertyRater for Windows can accommodate six digit postal code territory searches as well as provide brokers with the ability to select carriers for each quote.
Compu-Quote's signature software programs are marketed under the trade-marks AutoRater, PropertyRater, RCT EvaluRater, Prospector, PoweRater, LINCQ and Co-Parison Report and have set new industry standards for underwriting and rate comparison in the Canadian market.
For more information on AutoRater and PropertyRater or Compu-Quote,
call 1-800-265-0808.
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July 1, 1999 - Letter to the Editor
Canadian Underwriter, by A. Wallace
Your editorial appears to bemoan the demise of Synchron, an event that is now about a year old. Its flavour tars the systems vendors as a special interest group outside the industry, and wants to place brokers in the single solution vanguard.
This journal is one of several voices still talking about Synchron as the solution that should have been. Before we move on, there is one question: How was IBM, the project consultant, a technology supplier with any less self-interest than the broker systems?
Indeed, the broker system vendors - including Compu-Quote mentioned in the article as the LINCQ supplier - are the players whose futures are most tied to brokers, more so than some insurers. In addition, the fact that Compu-Quote was in discussion to supply the rating engine to Synchron was not a secret, and should have been an indicator that other technology service providers were supporters.
Finally, suggesting that a broker group such as IBAC lead an initiative like this is an admirable goal. Skepticism towards the possibility of such an achievement arises from observing the splintered nature of broker viewpoints toward technology and insurer relationships. Individual loyalties continue to undermine the unity required to combat the erosion of market share by aggressive competitors.
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July 31, 1998 - New Features for AutoRater
Compu-Quote provides the best in automated rating to our clients. In response to industry trends and customer requests, the AutoRater service has been modified to include a new discount and more detailed claim information.
AutoRater has been enhanced to automatically calculate the Multi-Policy discount offerd by a number of insurance companies. By entering the Property renewal details in the Renew field, the premiums generated will include the discount for those companies that offer it. A Multi-Policy discount allows customers with their automobile and property insurance with the same company to receive a discount.
New fields have also been added to the claims screen. It is now possible to enter the amount or whether a payment was made for bodily injury, property damage, accident benefits, direct compensation, uninsured auto, collision, all perils, comprehensive and specified perils claims. To access this screen, press the question mark in any of the claims fields on the Quote/Profile screen. The detailed claims information also integrates with The Agency Manager broker management system. Integration allows information to be passed between Compu-Quote and the Agency Manager eliminating double entry.
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August 1, 1998 - Dominion of Canada Prepares to LINCQ Up with Brokers
Dominion of Canada (DOC) is working diligently towards the launch of their LINCQ point of sale product for personal lines insurance.
Scheduled for testing in selected brokerages in early October, Dominion of Canada's LINCQ will perform full electronic data interchange (EDI) and policy support for private passenger, snow vehicles, camper units and personal trailers. All of DOC's recent rate reforms will be included in LINCQ such as the dual policy discount which offers policy holders a discount for having their automobile and property insurance with DOC.
Policy renewals will be automatically processed by Dominion of Canada and downloaded to the broker's LINCQ database via EDI allowing the brokerage to provide direct customer service to their clients.
Dominion of Canada is the first insurance company to take advantage of the OPUS utilities allowing DOC to maintain their rates and underwriting. OPUS gives DOC control over the accuracy and timeliness of rate and underwriting updates for the LINCQ service. For more information on OPUS consult the article titled "Compu-Quote Composes OPUS."
LINCQ is developed in cooperation with Compu-Quote Inc. to meet each companies' exacting specifications to handle all elements of personal lines insurance. Through LINCQ, insurance companies extend underwriting, rating and policy issuance authority to its brokerage force. LINCQ operates in the broker's office and handles all insurance transaction types including new business, endorsements, renewals, cancellations and re-instatements. Policies and policy changes are issued to the brokerage's clients immediately.
LINCQ is the survival tool for the independent broker.
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