Toronto, Canada, October 20, 2003 — illustrate inc, a leading developer of policy illustration solutions to the Canadian life insurance industry today announced that the CUMIS Group Limited has selected illustrate inc to provide its agency distribution channel in Canada with a flexible point-of-sale illustration system.
Having introduced an increasing number of products recently, the CUMIS Group required a policy illustration system to support their new and existing products and that is easily customized as additional products are introduced. The CUMIS Group’s existing desktop and web-based illustration system, originally developed in house with limited functionality, no longer met their growing needs.
“In order to bring our new products to market quickly,” said Tina Bellavia, Director, Individual Insurance Products, “we required a solution that would give us the flexibility and speed we need without extensive and costly customization efforts each time a product is introduced.”
The evaluation process introduced the CUMIS Group to illustrate inc, who has worked extensively with current CUMIS business partners. “Their reputation for on time and on budget delivery of first-rate products and services was impressive. The modular design of the illustrate inc system components and toolsets means that the flexibility and power to support our portfolio and modify our system quickly and easily as we roll out new products and product changes can be completely in our hands”, added Bellavia
The CUMIS Group has negotiated a license and service agreement with illustrate inc for illustrate’s calculation engine, term business module, ultimate report engine viewer and pdf component to support the company’s existing term and 20-pay products, new critical illness and preferred term products and with the option to license other components in future. With the new illustration system, the distribution channel will have access to a standalone desktop application as well as a browser-based application, both of which utilize the same tools, engines and user interface.
“We are excited to be working with the CUMIS Group. We are confident that the implementation of this new illustration system will provide CUMIS with a flexible, intuitive tool that has extensive functionality and capability to support their growing product portfolio and distribution channel.” said Zahir Dhalla, President of illustrate inc “The CUMIS Group will be our first customer implementation of the web-based system along with the desktop version. We are working extremely closely to ensure that its integration with their current web-based field support tools is smooth and seamless. The CUMIS Group recognizes the power of these solutions and is leveraging our technology to further their mission of providing the best products and services to their customers,” he added.