Compu-Quote launches Ontario auto reform updates

Ontario brokers are now able to access Ontario auto reform updates through Compu-Quote Inc.’s AutoRater product.
The program has been updated with the latest-approved rating formulae for more than 50 different insurance plans, anticipating the Sept. 1, 2010 implementation of the province’s auto insurance reforms.
“Over the last few months, we worked very closely with the IBAO [Insurance Brokers Association of Ontario], FSCO and various insurance companies to develop a solution that will deliver the best functionality for brokers and we’ve achieved our goal,” said Stephane Lacasse, vice president of operations and development at Compu-Quote.
The auto reforms reduce the amount of standard coverage from $100,000 to $50,000 in accident benefits, but allow consumers to buy back up to the $100,000 amount.
The reforms have also turned several of the currently mandatory benefits into optional benefits.
These buy-up options have been built into the newest release of AutoRater. A validation logic determines whether or not brokers have accessed the buy-up screens during the quoting process, and will deliver a reminder if the broker has not.