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Ace Takes Lead In Offering Brokers New Transactional Websites
ACE European Group (ACE) is taking the lead in a unique service that will offer all UK brokers a fully transactional website to enable them to sell a range of commercial insurance products from ACE and other insurers.
The service has been developed by software solutions provider Point Solutions Limited in conjunction with ACE and will give brokers the ability to provide online quotes, bind cover and issue policies direct to customers via their own websites. The service is free to implement with brokers only paying nominal hosting and transactional fees on a pay as you go basis.
The service will launch initially with a range of ACE products including Professional Indemnity (for a range of professions) and Directors and Officers; others - such as ComputerGuardPlus and an accident and health product, will be added shortly after launch.
ACE and Point are keen to extend the product offering and are currently in discussions with a number of other insurers and product providers about offering their products via the service. Brokers will be able to add other insurers and products to their site at no additional charge in order to provide their clients with product comparisons and a true online marketplace.
The web-based facility will link seamlessly to the broker's own site and be identically branded to ensure consistency and ease of use for the client. The facility will take around one week to implement and will not involve any detailed programming on the part of the broker; all they need to provide is a link on their website.
Mark Whitehead, E-commerce Manager of ACE European Group said: "We are delighted to be working with PSL in leading the development and delivery of this unique system that makes it much easier for brokers to trade on-line with their customers. Having their own online trading portal will enable brokers to reduce administration time and increase efficiency, whilst providing them with an exciting business opportunity through the extension of their distribution base."
"There are a growing number of calls for brokers to embrace the web as a means of trading, but the significant cost and technology barriers have so far prevented most from making the move. This solution eliminates both of those barriers."
Dave Green, Managing Director of PSL said: "We believe that this new service, aimed at product providers and brokers of all sizes, completely changes the cost model associated with online trading and will accelerate adoption in the industry. As well as working with ACE, we are also partnering with a new media/marketing agency to help brokers market their new distribution channel and a design company to deliver low cost websites to those brokers who need one. Together with our partners we can offer brokers a complete package of services to take their products to market."
ACE and PSL can announce that the first three brokers to go live using the service will be Westinsure Plymouth Limited, Justinsurance Brokers Ltd and Alan Boswell Group. They are also in the implementation phase with a number of other brokers and broker networks.
Liberty International Underwriters to launch D&O and PI website facility for brokers
Liberty International Underwriters (LIU), a division of the leading global insurer Liberty Mutual Group, intends to provide selected broking firms in the UK with a "quote and buy" system for its Directors & Officers and Professional Indemnity products which offers full integration into brokers' own websites.
The system, being developed in conjunction with Point Solutions - the multi-channel e-commerce solutions provider, enables brokers to offer online D&O and PI quotes from their websites. With bespoke broker branding at the front end, the system is designed to allow clients to accept a quote online, binding them with immediate effect.
The whole process is electronic and should give brokers a competitive edge for these classes of business and provide them with contract certainty at point of sale. LIU intends to offer this system to twenty-five of its key broking firms.
Commenting on the launch, LIU Europe's Senior Vice President Phil Foley said, "PI and D&O are two of our core niches and if we want to continue to grow in this area, we need to provide our brokers with the tools they need to deliver to their customers easily and efficiently. Point Solutions has exceptional technical strength and a progressive approach adding real worth to this project. The result will be a seamless solution for brokers allowing them to reap the benefits of this evolving and profitable distribution channel."
Aimed specifically at small businesses, the system is designed to provide automatic dispatch of schedule and wordings once cover is bound with a facility to pay by credit card. This significantly reduces any paperwork and administration time for the broker.
Managing director of Point Solutions Limited, Dave Green said, "We are delighted to be working with Liberty on this. We have considerable experience in the insurance industry and, coupled with Liberty's innovative approach to business and their philosophy of adding value to brokers' businesses which is totally aligned with our own, we are developing a truly valuable online solution for Liberty's brokers."
Quote-And-Buy.com Launched
The 11th April 2007 saw the official launch of Quote-And-Buy.com
The Hartford No.1 for e-Commerce Services
Hartford Life Limited has been awarded a ‘triple e’ – the highest possible rating – in the investment bonds category of the Financial Technology Research Centre's e-Excellence Ratings 2005, published by Money Marketing.
The results are the latest in the monthly e-Excellence Ratings series, which studies e-commerce offerings in different financial sectors. 18 providers were rated; with only eight delivering e-commerce services of a sufficient quality to achieve the highest triple e rating.
The Hartford’s website – www.thehartford.co.uk - aims to provide independent financial advisers (IFAs) with solution-based support to help them maximise business opportunities. Arranged into secure areas, it contains downloadable information on inheritance tax planning, reviewing existing with-profits investments, service standards, fund performance and asset allocation.
The site also gives IFAs online access to a range of practical services such as illustrations and daily client account valuations; as well as dynamic tools such as a tax calculator, trust decision aid and risk tolerance questionnaire.
“We are delighted to have received the top rating for e-commerce services,” said John Enos, Managing Director of Marketing for Hartford Life Limited. “We see e-commerce as an integral part of our commitment to helping IFAs grow their business, and have developed our offering accordingly to make it easier for them to work with us on behalf of their clients.
“E-commerce provides us with an important channel for delivering superior service to our customers. The award recognises the importance we place on service excellence and the investments made in delivering on our service promises”, Enos said.
The Hartford is the world’s No. 1 provider of unit-linked investment bonds (Datamonitor, December 2004). Its UK investment bond, Hartford Gold, provides access to leading fund managers, expert asset allocation, diversified portfolios including rebalancing, and the Hartford SafetyNet investment protection feature.
Further information
For more information on The Hartford, and to experience its e-commerce services, including online illustrations, advisers can log on or register at www.thehartford.co.uk.
Point and mAXBridge provide a mobile solution for Planning Officers
Point has developed a mobile solution using their acuo framework to allow Local Authority Planning Officers to view and interact with submitted planning applications in the field, via a BlackBerry handheld. Enabled on BlackBerry using mAXBridge, the application provides Planning Officers with an easily managed interface to complex application forms which is secure and reliable.
The solution works equally well for other field workers in both on and offline situations and is not reliant on GPRS coverage. Synchronisation happens automatically and is completely seamless to end users, which means that data will always be as up to date as possible.
Point provides a framework to enable organisations to easily capture data and interact electronically with clients and business partners.
Point's acuo framework provides intelligent capture, validation, presentation, and sharing of data at the crucial point of interaction between the organisation and its internal and external customers. Data is captured and validated, then shared with and presented to external customers, internal stakeholders and business partners.
acuo offers a cost-effective solution for capturing data across multiple distribution channels. acuo reduces development time and implementation risk and increases speed to market and return on investment.
For more information on mAXBridge vist www.enterprisemobilesystems.com.
Life Insurer of the Year
Legal & General was again named Life Insurer of the Year at The British Insurance Awards held on 6th July at the Royal Albert Hall. This is the sixth year running that Legal & General has won this coveted award which recognises outstanding achievements within the Life and Pensions industry.Legal & General also won The Technology Award (for e-pensions) and was short-listed in two other categories: Underwriter of the Year and The E-Business Award (for protection).