means Quality Insurance Transactions
and it is stitching together disconnected insurance system
processes and implementing an insurance industry
communications standard. With QUILT, the InsuranceIsland
infrastructure will enable both carriers and independent
agencies to not only share data, but to also process
real-time insurance transactions, such as quotes,
renewals, New Business and other electronic communication.
the interface between independent agents and carriers has
been US Mail, Fax and/or telephone – a model of
inefficiency. These processes amounted to lost time and
amount of interaction within the insurance transaction
occurs between the time the agent submits the data and the
time the customer is issued a policy. It is not uncommon
to see a gestation period of over 100 days.
used our insurance knowledge and our experience developing
quoting systems, agency management systems, and policy and
claims management systems to create the most efficient
process. Such a process is intended to eliminate the
frustration between the carriers, agents and the customer
– the insured. Industry analysts quote, "Quilt really
epitomizes the process of stitching together a set of
inefficient insurance processes."
Carriers no longer need to inform and continually update
agents on their continually changing rules of business.
Agents can now bid farewell to all those different
systems for different carriers, thus eliminating
multiple systems and processes.
Integration Delivering Quality Service
agencies are constantly challenged to share data with
carriers when the need arises. Agents often deal with
dissimilar systems and processes; just examine the
complexity of rolling over a policy from one carrier to
the other. This need arises continually as customers'
requirements and rates change. Again, QUILT allows
carriers' existing systems to extend out to agencies in a
true, distributed processing environment.
An agent launches an Internet
browser, enters data just once and automatically
receives rates from any number of carriers. This is all
A carrier receives any
number of queries for rates from any number of agents
and automatically responds to these agents with rates.
This is also within seconds!
selected policy is automatically rated, underwritten and
billed within moments.
emerged, this was only a dream. Now it is reality and
QUILT enables technology so that costs are eliminated and
efficiencies are gained.
brings the insurance industry up to Internet speed, while
ensuring an efficiency and service that is unparalleled.