Economical announces improvements to straight through processing | Canadian Insurance

Economical announces improvements to straight through processing

Company working toward full integration with broker management systems

Economical has made improvements to its “Straight Through Processing.” Brokers can now issue new business or make policy changes in real-time using Power Broker, Applied Systems TAM® and SigXP broker management systems, announced the company.

“These enhancements bring us another step closer to achieving the ultimate goal of full integration with broker management systems,” said Steve Livingstone, Economical’s vice-president of personal insurance in a press release. “In real-time, brokers can now upload new business, or make policy changes by simply updating information in our underwriting system and issuing the change immediately. It’s the broker’s choice: Complete new business only, or policy change only, or both.”

Economical Insurance also announced that it will be implement the new CSIO XML standard for the transmission of electronic documents in broker downloads this year.

Rick Orr, president of the IBAO, said in a release: “It’s amazing to witness the efficiencies that we can drive into the broker channel when brokers, insurers and broker management systems all work together.  We congratulate Economical not just on their commitment to eDoc but their commitment to the independent broker. The cost savings, workflow efficiencies and environmental impact will all be significant.”