ACE European Group has expanded its e-commerce offerings to UK brokers with the launch of a Directors & Officers (D&O) product on the Acturis broker platform.
“The auto-rated cover, specifically developed for UK private limited companies, went live at the end of September and is available on a stand-alone and add-on basis,” said the bulletin. “It will offer quotations and allow brokers to accept cover of up to £10 Million [$18.7 million] for firms with a turnover or assets of up to £150 million [$280 million]. The policy, based on ACE’s flagship D&O Elite 3 wording, provides cover for the majority of UK trades.”
Describing how the system, work ACE said it “will enable brokers to receive quotes, using a short system-based application form with a minimum number of questions, and then bind online. Once bound, brokers will receive the documentation by e-mail.” It will also enable brokers to renew cover electronically. In addition the new platform can offer support “beyond an online interface, as this is a key requirement for the market.” Brokers can therefore “have access to ACE’s experienced D&O underwriting unit focused on private companies should there be any questions or queries on the risk.”
Jeremy Wilson, Group Operations Director commented: “ACE has developed an online D&O offering that boasts an exceptionally slick application process. From start to finish, the whole function can be completed in as little as one minute. This frees up valuable time and means we can generate D&O quotations for existing and new clients extremely efficiently. As well as making it easier for us to submit D&O business, this efficiency translates into reduced cost for the Jelf Group.”
Commenting on the launch of the D&O product on the Acturis system, Mark Whitehead, ACE European Group’s e-Commerce Manager noted: “Brokers recognize the potential of products such as D&O to help income and new business generation. Using platforms such as Acturis is a cost effective and efficient way to help build D&O accounts and to capitalize on new opportunities. ACE is focused on improving the efficiency of the sales process. Less time and hassle in quoting, binding and delivering D&O policies online will reduce the work burden and increase broker revenue and margins.”
Theo Duchen, CEO of Acturis, added: “The ACE/Acturis D&O integration is exciting and leading edge as it involves a significantly shortened question set, an external data lookup function that ensures rapid quote provision, and iMarket compliance. Initial responses have been that it will significantly improve D&O cross sell.”
Was this article valuable?
Here are more articles you may enjoy.