Canadian Underwriter

New broker platform allows for bindable quoting, real-time data exchange

June 6, 2018   by Staff

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technology-01Economical Insurance launched Vyne, its new policy administration system for brokers, in New Brunswick and Prince Edward Island earlier this week.

In a press release issued on Wednesday, the insurer outlined some of the benefits Vyne will offer brokers, such as bindable quoting, real-time data exchange and BMS integration.

Related: Economical launches Vyne in New Brunswick, Prince Edward Island

The platform leverages Guidewire technology to offer a sophisticated rating engine and hosted quoting service to ensure that quotes are immediately bindable. This is made possible through partnerships with Applied Rating Services, CSSI’s IntelliQuote and PowerSoft’s PowerQuote.

Brokers are also able to achieve real-time data exchange and stay within their BMS when working with Vyne, through the use of Applied Epic and TAM, CSSI’s The Broker’s Workstation (using WebConnect and I-Company), Keal SIG (using BrovadaOne Connectivity), and PowerBroker (using BrovadaOne Connectivity).

“Building a fully integrated experience based on broker preference and priority was a complex undertaking,” said Alice Keung, senior vice-president and chief transformation officer, Economical Insurance. “Our suppliers have been exceptional in helping us launch this truly unique experience for brokers that we expect will improve our combined capabilities and market offering.”

Vyne was developed in partnership with Deloitte. Economical plans to launch the platform in Ontario, Nova Scotia, Quebec and Alberta in the coming months.

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This story was originally published by Canadian Insurance Top Broker.