Benefits

How can electronic messaging improve customer services?

  • Improve customer service

    Electronic messaging can benefit customers by improving:

    Speed

    • By fast-tracking certain processes or types of business there are a number of opportunities to improve the speed of the process and therefore provide a better quality, faster and efficient service to the insured. 
    • Electronic documents and data, including evidence of cover, can be made available more effectively than if paper is used; improving contract certainty as well as facilitating improved service levels. 

    Quality

    As significant levels of data and documentation are increasingly produced and sent electronically, there is potential for improved documentation to the client with fewer errors, touch points, greater consistency and better presentation, thus aiding contract certainty. 

    Transparency

    As a result of greater availability of management information and the ability to track the progress of a risk, the client will benefit from an enhanced level of communication and a greater level of transparency over the process. 

    Focus on value-add services such as risk management and product design

  • Operational efficiency

    Faster distribution of data and documents

    Information and documents are delivered direct to underwriters and brokers in real time: 

    • Queuing time by brokers making box visits can be reduced; particularly beneficial where this is not adding value, for example the delivery of for consideration. 
    • Data and documents can be sent to the support team directly, in real time, reducing the amount of time wasted by staff waiting for the files/data they need to process. 
    • Better quality underwriting decisions, made more quickly as information is readily available or previewed prior to a broker visit.

    Eliminate rekeying, reduce rework and queries

    Where integration has occurred, ACORD messages can update broking / underwriting systems with placing information and documents can be delivered directly to company document repositories. 

    • Remove the costs associated with staff rekeying information into systems. 
    • Improves the consistency of data between both broker and underwriters systems.
    • A reduction in the cost of rework due to fewer errors associated with rekeying. Fewer touch points.
    • Capture of the right data at the start of the process. The further down the chain an error is discovered the more costly and therefore the more difficult it is to rectify. 
    • Reduce the need for technical queries between brokers and underwriters as validation ensures the content of the message is compliant with the ACORD standard.

    Better use of resources

    These efficiencies mean expensive resources are freed up; 

    • Brokers and underwriters will have more time to concentrate on more complex work, key clients and risk/exposure management.    
    • Process more business without having to increase resources.
  • Operational risk

    Technology is key in supporting the increased regulatory scrutiny all financial services companies now face. Depending on the connection option, electronic messaging can help support enhanced business processes / controls and reduce operational risk through: 

    • Ability to provide a full audit trail 
    • One version of the truth: all data in one place and most recent version 
    • Validate data before submission:
      -  Consistency of data between broker and underwriters systems is improved
      -  Improve data integrity and quality - validation ensures data is 'complete' 
    • Enhanced data security through the use of ACORD security standards, encryption and password access 
    • Better management information available providing the basis for a tighter control of your business; better decisions, improved exposure management and reserving.

    These are all key drivers in supporting regulatory compliance with Solvency II, data protection and transparency rules; better quality and more accurate data available faster and more securely.

  • Strategic advantage

    A key driver for reform in the London Market is competition from other markets. These markets are not entrenched with long standing processes and practices and can react quicker to evolving client needs. Electronic messaging enables London to support its traditional face to face business with more efficient ways of working.

    • Provide clients and trading partners with an electronic alternative to do business; a modern interface in line with other industries. 
    • The reduced operating cost associated with electronic processing enables London to compete when it comes to price alone. 
    • Efficiency improvements mean brokers and underwriters have more time to focus on more complex work, key clients and new business acquisition. 
    • Provide optimised, flexible, global processes moving away from a 'one size fits all' model and Londonisms.
    • Global trading is enabled as the process is not slowed down by time differences or physical separation. Risks can be packaged, distributed and responses made outside normal box working hours.  
    • It is economic to place small, simple risks in the Market as costs are reduced through electronic messaging. 
    • Access to better management information over both the process and the placements themselves:
      -  For insurers: allows the underwriter to make better underwriting decisions, more carefully manage their exposures and available capacity, as well as keeping tighter control of their operations.
      -  For brokers: allows brokers to make better placement decisions for their clients, track progress, keep their clients better informed, as well as keeping control of their operations

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