LONDON--(BUSINESS WIRE)--ACE European Group (ACE) (NYSE: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 (PSL) 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 & Officers; others - such as ComputerGuardPlus and an accident and health product, will be added shortly after launch.
ACE and PSL 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. We’ve essentially given every broker in the UK a free ticket to the online marketplace.”
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.
Notes to editors:
ACE European Group has established branch offices in 17 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
Point Solutions Limited
Point Solutions are a privately funded company based on the Surrey Research Park in Guildford. Point Solutions has been providing business critical solutions to the Financial Services industry since 2001 specialising in quotations, electronic fulfilment, and back office integration.