IBAO parnters with SCM in development of ITV software

The Insurance Brokers Association of Ontario and SCM Risk Management Services have partnered to develop and introduce an insurance-to-value (ITV) software solution for Ontario insurance brokers and their clients.
Independent Brokers Resources Inc. (IBRI), a wholly-owned subsidiary of IBAO has committed $150,000 toward the research and development of the ITV indexing tool.
The development of a portfolio indexing utility, which began in May 2009, will be designed to update existing personal property portfolios to accurate claim replacement costs levels and re-evaluate/update portfolios at the time of renewal, a release says.
The ultimate objective is to develop an accurate square footage replacement cost value for every property in Canada, it adds.
RMS will use existing proprietary residential inspection and claims databases and other data sources combined with geographical information services technology to create an indexing engine to calculate accurate inflation or deflation factors, it continues.
IBRI will work closely with RMS during the various development phases of the project, the release says. The new software will be designed to enhance the ITV utilities currently being used by insurance brokers across Canada.
“IBAO is the first insurance industry partner to come forward to support RMS in the development of what is anticipated to become a leading industry-wide solution to a complicated and multi-faceted issue,” the release says.
“RMS plans to secure other industry partners to also support this initiative.”