Rival Insurance Technology is expanding its artificial intelligence (AI) offering with RPM Quoting, its recently launched real-time comparative quoting tool for property and casualty insurance brokers, as it prepares to roll out its AI-powered platform in Quebec.
Such technological improvements require significant work from broker management systems (BMS) providers, as they represent an intensive development effort and numerous quality control steps to be carried out in collaboration with insurers.
As soon as an insurer changes its pricing, adjustments must be made to the technology platform. Both providers and insurers must conduct tests and absorb the associated costs. The return on investment is sometimes difficult for some players to justify, according to a source who declined to comment publicly.
The Canadian market for brokerage management systems is dominated by Applied Systems, a Chicago-based firm that has acquired numerous Canadian players over the years, including Compu-Quote in 2012. Its main competitors are Vertafore, an Atlanta-based company that acquired the Canadian firm Keal Technologies in 2020, and Power Broker, a subsidiary of Acturis Canada, whose parent company is based in London, and which acquired Zycomp Systems in 2019.
These multinationals also face competition from Toronto-based Rival and Sherbrooke, Quebec-based Logiciels Deltek.
The arrival of AI
Contacted in mid-June by the Insurance Portal, Greg Purdy, CEO of Rival, confirmed that the company had launched the real-time rating and quoting solution, RPM Quoting, outside Quebec on June 15.
The company offers Rival Platform & Marketplace (RPM), which it calls on its website an “open-architected, Insurance Intelligence Platform, making it the first enterprise solution tailored for both aggregators and independent brokerages.” RPM Quoting is now built directly into the platform.
The firm describes its platform as an open marketplace with an intuitive interface that works on all devices: computers, tablets, and phones. The technology provides a log offering information on renewals, claims, and insurance contracts.
The system is always active, explained Purdy. The user enters the information, and the AI takes over. Furthermore, if an insurer wants to withdraw from a province due to a high loss ratio, the firm’s AI reviews the affected policies and suggests available options.
Rival, known for its IntelliQuote brand, plans to offer the AI-powered platform in Quebec in the near future.
Comparative pricing in Quebec
Regarding comparative pricing in property and casualty insurance, both auto and home, the only software provider for insurance brokers in Quebec to offer it in real time is Applied Systems, with its Compu-Quote application.
The firm intends to change this situation, says Purdy. When a broker receives a call from a client, they ask questions and enter the relevant information into their system. The system obtains real-time information from insurers, allowing the broker to prepare a quote for their client, he explains.
Purdy confirms that Rival would like to introduce this feature as soon as possible. The firm is in discussions with several insurers. Pricing is different in Quebec, he adds. The firm has agreements with a majority of insurers. The firm still needs to finalize its discussions with a major insurer active in the Quebec market. The launch of this feature depends on these discussions.
Deltek software too
The Quebec-based firm Logiciels Deltek is also working on comparative quoting.
“We’re developing a real-time tool to offer this service for commercial insurance, based on quotes submitted electronically by insurers,” explains David Larkin, President of Logiciels Deltek.
Currently, Logiciels Deltek offers a link with Compu-Quote, from Applied Systems, which eliminates duplicate data entry, sometimes leading to errors.
While not a proprietary comparison tool, Logiciels Deltek now offers an integration module that streamlines this data exchange.
“For example, a client who wants to change their vehicle before the end of their auto insurance policy contacts their broker; the broker enters the information into their system, which receives up-to-date quotes from several insurers, without having to manually search Compu-Quote,” explains Larkin. “The information is updated overnight.”
Logiciels Deltek does not intend to develop a car or home insurance pricing tool, but plans to partner with all insurers that offer live quotes. “It’s already started in commercial insurance,” he says. “We’ll begin the testing phase soon with several insurers.”
David Larkin says he is open to collaborating with Rival to integrate their pricing tool. “If they come to Quebec, we will certainly initiate discussions with them to offer more variety to our clients. We could offer the same kind of automation as with Compu-Quote,” Larkin continues. “Rival’s entry into comparative quoting offers a certain diversity. Competition always drives our industry forward.”
Expanding beyond Quebec
David Larkin confirms that he intends to expand his market, particularly in the Maritime provinces and Ontario. “We’re looking at the Maritimes first because there’s a clear cultural fit: our environment is bilingual, but 95% of our clients are Francophone. Such an expansion would be more natural for us.”
He’s also eyeing Ontario, simply because it’s the neighbouring province. But he acknowledges that brokers operate differently in each province. “It’s a medium-term project. We have several other developments in our pipeline that we intend to introduce by the end of the year.” Larkin declined to elaborate further.
Change management
At Applied Systems, they welcome the new technologies offered by Rival. “Our Compu-Quote solution integrates with all systems on the market, including those offered by Vertafore or Logiciels Deltek. We can’t be against having more automation in our environment. Healthy competition is welcome,” commented Philippe Joassin, Vice President for Quebec at Applied Systems. The insurance brokerage management systems provider industry is more than ever in change management mode, he adds.
“Previously, we offered new versions of our systems twice a year,” he says. “Now, we have to improve our offering every month! Brokers also have to adapt to this new reality. AI amplifies the broker's advisory role, which improves the client experience. AI eliminates repetitive and unnecessary processes for brokerage firms. All the systems are moving in this direction: we are gradually progressing from management systems to action systems.”
