Until last summer, CUMIS Life Insurance Company was running a desktop and web-based illustration system that they had developed in-house. The system provided its agents with basic functionality adequate in supporting CUMIS’ original life insurance products. However, the CUMIS product development team had begun aggressive design work to introduce a new Critical Illness product and to enhance their existing Term product portfolio to include Preferred. As well, they were forging ahead on innovative plans for future UL products. CUMIS realized that their existing illustration solution would not stand the test of time.

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The Challenge

“In order to increase our competitive edge and bring our new products to market quickly,” said Tina Bellavia, Director, Individual Insurance Products“we required a solution that would provide us with maximum flexibility and speed to process new business without extensive and costly customization efforts each time a product is introduced.”
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Empire Financial Group Announces Industry-leading Universal Life Enhancements

Congratulations Are in Order! We extend our congratulations to Empire Financial Group on their recent new product announcement. On January 19, 2004, Empire Financial Group launched the only universal life product currently on the market to offer the triple benefits of optional surrender charges, low cost of insurance and significantly higher potential for tax sheltering.

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On January 1, 2004, Canada's new Personal Information Protection and Electronic Act (PIPEDA) become effective. The Act supports and promotes electronic commerce by protecting personal information that is collected, used and disclosed. The Act applies to all companies and their third party service providers in all the majority of industries. 

 

As a product and service provider to the insurance industry, illustrate inc recognizes that an insurer is the custodian of any and all information belonging to its client. As a third party service provider, we have taken strict measures to ensure that  information belonging to the insurer, and by association, the client, has been purged of personal client information. We have implemented procedures to ensure that any such information is returned to the insurer it is original form and does not reside anywhere within illustrate inc at any time.

 

Additionally, we are working with our customers and associates to provide new tools and safeguards to comply to the Act as part of our base software offerings. These new tools and functions are designed to assist insurers in providing maximum protection and safekeeping of their confidential customer information within their databases or web applications.