PowerSoft Development Corporation was founded in 1998 with the goal of designing and developing effective software solutions for Canadian Insurance Brokers. These software tools are designed to improve efficiency and streamline operations, simplifying and speeding up the day to day duties of brokers across the country. PowerSoft’s first product was ready for market in late autumn 1999. PowerQuote personal lines rate comparison software Version 1 was released on November 23 of that year.
PowerQuote was developed from the ground up to meet the needs of the users by applying the latest tools and technology available in the software industry. PowerQuote was not based on any existing rating software or rating platform. With the release of PowerQuote, many new quoting and prospecting features were introduced to offer great flexibility and accuracy when quoting. Some of these features included Quote Sets and What If? options that allow brokers to re-quote or modify quoting criteria without losing the ability to review or even re-quote a previous quote. PowerQuote provided Insurance Company Billing Plans – one of the many time saving features in PowerQuote - which allows a broker to provide their customers with all the available payment options and information (including down payment amount, sales tax, payment service charges, and payment schedule).
Since PowerQuote’s general release in November 1999, PowerQuote has become the rating solution of choice for more than 500 Broker offices in Ontario, Alberta, Atlantic Canada and BC with automobile and habitational (homeowners, tenants, and condominium) rates available for virtually every Insurance Company operating in Canada.
PowerQuote V2.0 (codename: Barracuda) was released in April 2001. Version 2 introduced even more features including expanded quoting criteria, an expanded automobile FullQuote section, expanded integration with Broker Management Systems and a redesigned PowerQuote HomePage that allows brokers an even more streamlined approach to quoting and prospecting.
PowerQuote V3.0 (codename: Swordfish) surfaced in November 2001. Two years after the initial PowerQuote release, this version introduced additional features including new automobile RateCheck – quick rating without any underwriting criteria, a new motorcycle rating section that included Kingsway Cycle King rates and advancements on the PowerQuote HomePage including new HomePage Parts to allow each broker to customize the information and features on her or his HomePage.
In April 2002, PowerSoft introduced a new point-of-sale rating product to the Canadian Insurance Industry. PowerLinq (codename: Steelhead) offers a new level of automation to brokers. PowerLinq provides brokers the ability to rate, underwrite and issue new business, renewals, endorsements and cancellation transactions with a few simple clicks of the mouse.
In July 2002, PowerSoft re-introduced the home evaluation product as a standalone desktop application. PowerHouse (codename: Manta Ray) is based on PowerSoft’s next generation EvalWorks technology. Making use of national cost data, PowerSoft has developed an advanced, component based Home Evaluation solution which provides an extensive cost analysis for Canadian insurance brokers and agents.
On Oct 1 2002, PowerSoft expanded on its suite of home reconstruction cost calculators by introducing PowerWorks (codename: Devil Ray). PowerWorks was the industry’s first evaluation software designed specifically for insurance company professionals. Based on PowerSoft’s EvalWorks technology and utilizing component-based national cost data, PowerWorks – like PowerHouse - contains an advanced collection of assembly data such as interior wall height, multiple exterior wall types, total dwelling area, (not just ground floor area) kitchen and flooring upgrades, and a full compliment of additional features and built-ins.
