Bermuda start-up company Worldinsure -- the first company in the world to provide a fully automated system for insurance companies to process applications -- is about to close its first deal.

The company is today expected to announce a deal with a Canadian firm for its business-to-business platforms for medically underwritten insurance such as life insurance products.

The company claims it is the first company in the world to develop this software, which will be sold to insurance companies.

Worldinsure claims the product will save time for customers who normally have to fill out reams of paperwork to get life insurance. Brokers then have to wade through the documents and track them as they pass through the back office.

Now one form can be filled out on a computer either by a customer or a customer with a broker. This same document will then be processed through a computer. It is not available directly to the public but is designed for insurance companies and distributors.

Currently trying to register on-line life insurance companies is a limited process because detailed and validated medical information is needed to calculate policies.

The documents generated by the program will include medical information, which will be plugged in and the program will calculate the risk and help work out the cost of insurance.

The program has the capacity to do what is called automated underwriting -- calculating the cost of insurance.

John Hele, chief executive officer of the company, said: "Worldinsure is facilitating a fundamental transformation within the life insurance industry.

We provide a new value proposition for literally every participant in the life insurance purchase process.'' This would include the life insurance carrier, the distributor and the customer.

The company's literature states: "The Worldinsure platform streamlines procedures, increases speed, lowers costs and improves margins.

"Worldinsure provides customer education modules, needs assessment tools, web-based intelligent application, data collection and risk assessment, automated underwriting engine, dynamic, real-time access to application status and automated policy delivery.'' The company, which has funding of $20.5 million, has been operating for more than a year and has been in full swing for six months looking for businesses to take on its products.

It has offices in Hamilton, the US and Canada and a staff world-wide of 50.

Its investors are XDL Intervest Capital Corporation, Dorset Partners, CIBC Capital Partners, Princeton Holdings, Sun Life Financial, New Millennium Internet Ventures Fund Inc, BMO Nesbitt Burns Equity Partners Inc, Bayshore Capital and eLab Technology Ventures Inc.