Ebix.com Is Latest to Offer Real-Time Binding Quotes.Ebix.com, an online insurance portal, has launched a new system that allows customers to obtain real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. , binding insurance quotes from multiple insurers for term life, dental and vision insurance. The most significant features of the new system are that it provides fixed quotes from more than one carrier and it can feed data directly into the insurer's back-office operation, said Robin Raina Raina can refer to several things:
Most other sites offering real-time, binding quotes have only one carrier, he said. "Or if they are doing multiple carriers, they are using a generic quoting engine, instead of going directly into the carrier's rating engine," Raina said. Ebix.com, based in Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , uses XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. technology to communicate with the insurer's rating engine and to store the customer's data in the insurer's system, if necessary, Raina said. Midland Life Insurance Co. and Old Republic Life Insurance Co. currently provide real-time, binding quotes through Ebix.com in 50 states, Raina said. Ebix expected to have 15 carriers providing quotes on automobile and homeowners' products as well as term life, dental and vision by the end of June June: see month. . QuickenInsurance, the online insurance marketplace of Intuit in·tu·it tr.v. in·tu·it·ed, in·tu·it·ing, in·tu·its Usage Problem To know intuitively. [Back-formation from intuition. Inc., began offering real-time binding quotes for auto products in February 1998, said Raynor Dahlquist, product manager for the auto division of Intuit Insurance Services Inc. Travelers Property Casualty Group, Electric Insurance Co. and Ohio Casualty provide binding quotes online through QuickenInsurance in 35 states, Dahlquist said. QuickenInsurance carriers are working toward XML technology as a standard, although not all are able to use it yet, she said. InsWeb, another online insurance portal, launched real-time, binding quotes for auto products with Reliance Direct in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). in April. The company said it expected additional auto insurers to adopt the new system in other states later this year. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion