Contract

Homeowners of America, HOAIC Contract Addendum for Auto Line of Business

 

 

February 09, 2008

 

Homeowners of America, HOAIC

 

Contract Addendum for Auto Line of Business

 

This document contains confidential and proprietary information belonging exclusively to Information Distribution & Marketing, Inc.

 

For More Information Contact:

 

Gary Martin
President and CEO

 

201 Byrd Court, Suite 100
Warner Robins, GA 31088
(478) 953-9922

 

OR

 

Michael Marchant
VP Sales and Marketing
Grapevine, TX 76051
(817) 442-1569

 

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This document by mutual agreement modifies the original PTS contract as specified herein.

 

Change in Schedule:  see Attachment A
Change in Cost:  $55,500
Travel Costs:  Travel will be billed at actual cost as pre-approved

 

IDMI will augment the existing PTS system to include the following functionality:

 

1.Existing company writing Private Passenger Auto. These product lines will be written in the current state of Texas.

 

2.The system will include a claims update to handle Auto.

 

3."three choice" for best fit auto rating , 3 coverage/price levels for selection choices by agent

 

4.The system will include an customized Agent Web portal for retrieval and access to basic insured information from the HO LOB.

 

5.This estimate has been established with a basic review of client requirements, IDMI reserve the right to apply additional contract modifications with accompanying price increase depending on discovery during the actual design reviews. Should the pricing change IDMI will put any such changes in writing as a contract addendum for client review and approval.

 

 

     
CUSTOMER SIGNATURE   IDMI REPRESENTATIVE SIGNATURE
     
     
CUSTOMER NAME AND TITLE   DATE

 

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Attachment A

 

SCHEDULE OF PAYMENTS:

 

Item Description Date Payments
1 Contract Signing January 25, 2008 20,000
2 System Requirements Review February 1, 2008 0
3 System Demonstration — Auto Rating & Issuance February 21, 2008 10,000
4 System Demonstration — Claims March 17, 2008 5,000
5 Process Demonstration - POS March 31, 2008 5,000
6 Pre-Install April 4, 2008 0
7 LIVE — Auto May 21, 2008 15,500
8 Post Development Completion July 15, 2008  
  Payment for Hardware 3rd Party software will be billed prior to ordering Estimated cost N/A
    TOTAL:  

 

NOTE: ANY LATE SCHEDULED PAYMENT OUTLINED ABOVE WILL INCUR AN ADDITIONAL 5% LATE FEE ON THE TOTAL OUTSTANDING BALANCE OWED. PAYMENT IS DUE IN IDMI'S OFFICE ON THE DATE LISTED ABOVE.

 

Price does not include additional monthly License fees and Maintenance/support fees.

 

Additional license fee will be (no additional charge)

 

Additional maintenance fee will be $ 850 monthly and will start the month after Live

 

IDMI will provide the following:

 

NEW PTS SYSTEM REQUIREMENTS:  
     
Component Description Cost Basis
     
Auto IDMI will add a full Private Passenger auto line of business. This will include full policy rating, issuance, claims management and reporting. It will include full POS submission processing and electronic communication between the agent and the company as needed. It will also provide for policy issuance by the agent and online access to all issuance documents, bills, notices and correspondences. $25,000
     
Auto Claims IDMI will add the ability to manage and process auto claims. This will include a complete set of claims correspondence memos and workflow processing as needed. TBD
     
  External Interfaces (To be determined clue) Included
     
  ISO VIN Master  
     
  ISO Physical damage symbol Included
     
  MVR 5,000
     
  A+ Household reports /UDI report 5,000

 

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  Credit report rating integration 2,000
     
  TDI interface export, Texas regulatory reporting 5,000
     
  TICO report 5,000
     
  Connective tech (if second LOB Bridge/ first bridge $5000) 2,500
     
States IDMI will add the ability to write Personal Auto in Texas Included
     
Agent Portal Customize Agency POS Portal for basic data integration from HO LOB 6,000
     
Insured Portal IDMI will develop an online Insured Web portal to allow for Internet access to policies by the Insured. This access will include policy information access, access to all policy issuance documents, bills, notices and correspondences, access to current financial information and the ability to make online payments as needed. To be Determined Primoris payment services versus additional PTS insured Portal Primoris payment services set-up fees range from $1000 to $2500 TBD TBD
     
Hardware/ Software   N/A
     
  TOTAL $55,500

 

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