LONDON--(BUSINESS WIRE)--ACE European Group (ACE) (NYSE:ACE) is continuing to expand 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. It will offer quotations and allow brokers to accept cover of up to £10m for firms with a turnover or assets of up to £150m. The policy, based on ACE’s flagship D&O Elite 3 wording, provides cover for the majority of UK trades.
The system 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. The system will also enable brokers to renew cover electronically. Recognising that the support beyond an online interface is a key requirement for the market, brokers will also have access to ACE’s experienced D&O underwriting unit focused on private companies should there be any questions or queries on the risk.
Southern consolidator Jelf moved its systems onto the Acturis platform in October 2006 and has already activated ACE’s D&O product. 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 said: “Brokers recognise 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 capitalise on new opportunities.”
Whitehead continues: “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, adds: “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.”
Notes to editors:
ACE European Group has established branch offices in 16 countries across Europe, Freedom of Services permission to provide insurance services to clients in 27 EEA countries and affiliates in Egypt, Bahrain, Pakistan and Russia.
ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE’s specialty international business, underwriting through ACE’s Lloyd’s Syndicate 2488 and ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found atwww.aceeuropeangroup.com.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the Standard & Poor’s 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com
Acturis has worked with forward-looking provincial brokers and a number of leading insurers to develop the broking system of the future.
The Acturis Broker Platform uses Internet connectivity and innovative technologies to make brokers more efficient, effective and successful in a new connected and regulated environment. The Acturis Broker Platform provides the IT base for a new and innovative way of transacting insurance, reducing duplication of work, lowering error rates and driving cost out of the broker distribution channel.
The Acturis Broker Platform has been trading fully live since July 2002 and is now used throughout the UK.
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Sir Brian Pitman, the former Lloyds-TSB Chairman, is Chairman of Acturis. Sir Brian is a known and respected name throughout the financial services market and the City, and his experience in driving efficiency savings and innovation through Lloyds-TSB is invaluable.
Our experienced team is led by co-CEOs, David McDonald and Theo Duchen. Both are ex-partners at McKinsey, where David managed the UK eCommerce practice area and Theo managed the UK General Insurance team. Jointly they have in excess of 20 years experience in UK financial services and have worked with many top UK insurers and brokers.
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