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Alaska Trust Act
The Alaska Trust Act became effective on April 2, 1997. The two major focal points of the Trust Act were the authorization of domestic self-settled asset protection trusts (as an alternative to offshore trusts) and the effective elimination of the Rule Against Perpetuities thereby enabling "dynasty" or "perpetual" trust planning.
Insurance Industry News from ProgramBusiness.com
Real-Time SEMCI QuotesHartford, CT – Travelers Property Casualty, a leader in automation solutions for independent agents, is the first carrier to offer real-time quoting capabilities for small commercial insurance to independent agents with ProgramBusiness Storefront Owner AMS Services Inc. http://www.programbusiness.com/tracking/sftracker.asp?SFid=188, one of the two largest agency software providers.
This new capability allows agencies to obtain quotes for business owners policies from Travelers directly through their AMS management system, rather than being transferred to a proprietary site via a bridge transaction or logging into a separate company Web site.
"It’s great news for AMS agents that real-time SEMCI capabilities are now available to them, bringing with it a streamlined workflow," said Larry Illion, President and CEO of Travelers’ small business insurance division. "Taking advantage of SEMCI capabilities provides agencies with many benefits, including a reduction of redundant rekeying."
"This new capability offers AMS agents real-time quoting capability that fits within their existing workflow," said David Findley, Senior Vice President of Operations for Travelers commercial and personal lines. "Agency staff can begin using this new technology with minimal training, rather than the more extensive training that might be required to learn a carrier’s proprietary system."
Travelers is the first carrier to use IVANS WebSEMCITM product in conjunction with AMS platforms through IVANS Transformation StationTM. WebSEMCI is the data collection tool designed to edit and capture company data in an agency management system. The edited data is sent to Travelers in real-time based on the ACORD XML standard using IVANS Transformation Station, a managed data exchange for real-time transactions.
"AMS is committed to interface solutions that benefit both the agent and the carrier. Travelers' real-time rating of BOP using IVANS WebSEMCI and Transformation Station is an example of technology that benefits not only the agent and carrier, but also the customer," says John Day, senior vice president of carrier and industry relations, AMS Services.
"IVANS is excited to have Travelers be the first insurance carrier to combine IVANS real-time solutions using Transformation Station, with WebSEMCI for AMS agents," said Anna England, Vice President, IVANS Insurance E-Commerce Solutions Division. "WebSEMCI provides AMS agents the ability to complete Travelers unique information prior to requesting a quote in real-time, without going to a proprietary Web site. The end result for agents is a quick and accurate quote."
The SEMCI capability is currently in a nationwide pilot for agents using AMS’ AfW agency management system with WebSEMCI. It will be rolled out more broadly in the coming months.
Pilot agents are pleased with the early results. "This capability lets us input information into our system much faster, enhancing our efficiency and productivity," said Andy Bass, Vice President of Haskell Brokerage Corp. "It eliminates most rekeying. And once more carriers offer this capability, enabling multiple quoting, we’ll realize even greater time savings."
"It is also easy to learn. Our customer service representatives can master it in just a few hours," added Mr. Bass.
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