The Ontario School Boards’ Insurance Exchange (‘OSBIE’) was formed under the Reciprocal Insurance Exchange Agreement for School Boards in the Province of Ontario, Canada.
OSBIE is a school board owned, non-profit insurance program with 106 members, representing 78 school boards and 28 Joint Ventures across 5,200 locations throughout Ontario. The primary goals of the Exchange are to insure member school boards against losses, and to promote safe school practices.
Consistent with common co-operative principles, each member in the reciprocal assumes a share of the risk carried by all members of the pool and also shares in any surplus of funds accumulated. The organization is run by a Board of Directors who are elected from the membership based on regional representation.
OSBIE presently provides general liability, property, boiler/machinery, employee crime and fleet insurance to members.
In total, over 1.7 million students attend these locations with OSBIE insuring some 1,600 vehicles.
The Exchange operates much like traditional insurers in that it:
- Underwrites its members
- Calculates premiums and issues insurance policy contracts
- Receives, manages and disposes of reported claims
- Issues over 2500 certificates of insurance per annum
- Reports to the regulatory and statistical bodies governing Ontario insurers.
OSBIE has CAN$198 million in assets and writes CAN$38 million in premium annually.
With the previous system in place for almost twenty years, it was clear it could no longer keep pace with new demands. Due to ongoing support issues, the legacy of core applications and the need to address future direction it was determined a replacement of the entire enterprise system was essential.
The Exchange legacy system no longer complied with new technologies as it was heavily customized with systems that were built into the IT infrastructure over the years. Although this was a fully integrated accounting, claims and policy system it was not able to address document management and customer relationship management needs. In short, it had become over-complicated and an undesirable tool for which to lodge reports.
As the clients (schools/colleges) are relatively small, with limited infrastructure investment capabilities, the proposed solutions had to be easy to use, offer user driven customization and adhere to industry standards for technology and software development.
Prior to implementing a solution by NTT Data Figtree Systems, OSBIE had been searching for a better way to manage their key areas of business including:
- Member Services (policies, documents and underwriting)
- Customer Service
- Claims Processing
- Accounting Services
- Risk Management
Referrals were sought by OSBIE. Two reciprocals in Ontario suggested NTT Data Figtree Systems as they had both deployed Figtree solutions within their business and were confident we could meet OSBIE’s requirements. During the sales process OSBIE were able to see a demonstration of the recommended Figtree System solution.
Teresa Drijber, Claims Manager of OSBIE commented:
"We were enormously impressed with both the usability and the speed of Figtree Systems, and we continue to be so. We could see that it would seamlessly meet our requirements with minimal disruption to operations throughout implementation. We felt confident our staff could be guided through the new system and regulation with ease, thanks to the usable interface which we could customise to each location within Ontario."
The goal of OSBIE was to acquire a new suite of applications that managed the infrastructure of an accounting and insurance software processing business model, however, it soon became obvious that these functions would need to be run on separate platforms with integration tools designed.
The system that satisfied these requirements also needed to have common capabilities with a neutral application architecture to facilitate growth and user productivity.
Following an extensive Request for Proposal wherein OSBIE partnered with another reciprocal, NTT DATA Figtree Systems was selected. NTT DATA Figtree Systems successfully implemented Figtree Claims, Figtree Policy and Figtree Canvas into OSBIE’s business environment.
The solutions provided ensure incidents, claims, insurance, renewals and certificate production, as well as risk management functions within OSBIE, are now streamlined. The collection and consolidation of the data has resulted in the efficient and simplified production of all management reports.