New e-commerce solution for insurance industry

Worldinsure Limited and its IT partner, Optus e-Business Solutions, announced Monday they launched an automated insurance processing solution for life insurance agents, brokers and distributors.

Bruce Pinn, vice-president, Optus e-Business Solutions said the Worldinsure provides a value-added solution for carriers who want to reduce costs and processing times and increase productivity, and for brokers who want to automate the application process.

For brokers, for example, the system can immediately compare a person’s medical history and personal details with the specific requirements and underwriting policies for each carrier, which dramatically reduces the time, required to process and approve applications.

John Hele, president CEO and founder of Worldinsure said the new platform is the ideal medium to improve the complex, interactive and paper intensive process of purchasing medically underwritten products as the product enhances the human interaction between carriers, underwriters, agents, brokers, distributors and their respective customers at all levels.

The new platform is capable of supporting interactive applications, approvals, and underwriting and policy delivery systems. Worldinsure said the architecture includes a Web-based application that fully incorporates reflexive questioning, data collection, automated rules-based risk assessment, sophisticated workflow and tracking, reporting and open access for all process participants. The workflow and process tracking system also gives end users real-time access to the status of applications and requirements.

Worldinsure said their system could be customized to meet the needs of a single carrier, or simultaneously unite multiple carriers with their agents, broker networks and distribution systems. Worldinsure said the new platform easily adapts to a carrier’s existing systems without the need for complicated time-consuming internal upgrades. The Worldinsure solution also offers a customer relationship management component capable of integrating into each carrier’s available insurance software components.

The systems, applications and user interfaces are supported by customer service centres in Boston and Toronto, owned and operated by Worldinsure. Licensed life insurance professionals provide case management, application tracking and live support.

Canada is the first country to have access to Worldinsure’s automated insurance processing solution, however Worldinsure said they are planning to expand in the United States and worldwide.

Optus e-Business Solutions, in Toronto, is the IT services business of Symcor Services Inc and can be reached at Worldinsure’s Canadian office is in Toronto can be reached at