Tech Firms Developing System To Manage Certificates Electronically
Cebra's Electronic Certificates Management (ECM) system will allow those who issue and use certificates of insurance to access this information with conventional computer and modem equipment. This can help reduce costs, while providing better service to insurance customers.
Cebra, a technology services subsidiary of Bank of Montreal, has appointed DMR Consulting Group Inc. to provide the development, project management and systems integration services for the ECM system. DMR is the information technology services subsidiary of Amdahl Corporation.
Mark Wainberg, Cebra vice president, Insurance and Financial Services, says, "<%=company%> estimates that more than 70 million pre-printed forms are distributed in the U.S. This is not including computer-generated certificates that would more than double the total. Research also indicates that the cost of requesting and issuing these certificates approaches $1 billion per year. We believe that electronic access to the certificates will save time and money because people will be able to secure the information they need on-line."
The most widely distributed form in the commercial property/casualty and risk management industry is a certificate of insurance. Most often, the certificates are distributed in paper form, via fax or mail. According to the company, ECM would automate the entire certificate process from initial request to final delivery. It also will maintain audit trails, store information and automate billing and customer support activities.
According to DMR, the certificates management system will combine Internet and dial-up connections to move documents from point to point. The team is developing an evaluation process, which will determine the technology platforms and business models that will work most effectively for the widest range of professionals.
"A central ECM will significantly enhance operating efficiency throughout the industry by allowing people to secure certificates of insurance in minutes rather than hours," said Rita Waters, director, U.S. Insurance Industry, DMR Consulting Group and former strategic knowledge officer at IVANS. "All parties in industry chain–companies, agents and brokers, risk managers and those requesting certificates–will benefit from this technology."
Wainberg added, "We are working closely with companies throughout the industry to make our ECM system compatible with their current information technology infrastructures. This reduces the capital investment required and puts the savings on the bottom line much more quickly."