Calif.-based Abacus Ins. Brokers Selected as Finalist for E-Fusion Award

August 28, 2002

Six online insurance-related projects have been selected as finalists for the E-Fusion Award. Judges selected the top six projects from among 67 entries by a first round of judges. They will be reviewed on Sept. 29 at the E-Fusion 2002 conference in Washington, D.C.

Representatives of the insurance organizations behind the projects will present in-person demonstrations and answer questions from judges during E-Fusion. Conference attendees will have an opportunity to attend each of the presentations made by the top finalists.

The E-Fusion Award is a new award designed to recognize outstanding, resourceful uses of Internet technology by an insurance organization. Entrants included insurance companies, reinsurers, third-party technology providers working with an insurer or brokerage, or related financial services engaged in insurance.

“We were delighted by the breadth and the sophistication of these entries,” E-Fusion conference chairman Paul C. Tinnirello said. “The size of the organization had no correlation to the ingenuity of these projects and the success insurers are having at pursuing business through technology-based solutions.”

The top finalists include:

Abacus Insurance Brokers Inc. of Los Angeles developed the “Abacus Program Management” (APM) platform that enables retail and wholesale brokers to quote, bind, issue policies and certificates, process endorsements, and accept credit card payments, all online. The system’s “instant quote” capability enables substantial reductions in selling cost while its paperless, auditable transaction engine speeds deal flow. Abacus, in partnership with its carriers, currently uses the proprietary platform to sell insurance through its affiliate broker network.

Arthur J. Gallagher & Co.’s CIPWORKS project allows the national insurance brokerage to centrally manage its ‘wrap-up’ unit and provide greatly improved management reports to clients. It can manage all insurance aspects of large-scale construction projects, including contractor enrollment, payroll reporting, calculation of bid deductions, issuing certificates of insurance and follow up for enrollment or renewal information.

Frankenmuth Mutual’s IBIS (Insurance Business Issuance System) is an agent-company interface that allows for real-time quick quoting, more-accurate and timelier underwriting and policy issuance. Agents can view electronic copies of billing and policy documents such as invoices, declaration pages and more, through the system in printable format.

Other finalists included Minnesota Life’s LifeBenefits, REGAL, submitted by the U.K. offices of GE Employers Reinsurance and Fidelity & Guaranty Life’s SalesLink.

Final award judging and presentations will commence on Sept. 29. Judging results will be announced on Sept. 30 at the National Press Club, Washington, D.C.

E-Fusion 2002, “Unlocking the Value,” is set for Sept. 29 to Oct. 1. For information and registration, visit www.efusion2002.com.

Was this article valuable?

Here are more articles you may enjoy.