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BGP Insurance Services

Web enabling an insurance scheme

As an insurance broker you are likely to be on the constant look out for ways of winning over new customers, improving the quality of and the rate at which you are able to communicate important information to them, and to reduce your own administrative and trading transaction costs.

If this sounds like a tall order you might want to consider an insurance scheme web enabled to deliver precisely those benefits.

Web enabling may help

In practically every line of business, enormous strides have been made through harnessing the reach, speed and strength of the internet. That same progress is available to drive web enabled insurance schemes.

This is the secret behind the success of many of the insurance schemes we are able to offer here at BGP in the form of insurance products for individuals, associations and affinity groups across the full range of personal and commercial lines, including niche areas of the market.

How does it work?

An insurance scheme that is web enabled offers the immediate benefits of simplifying personal and commercial lines trading for all users – from underwriters, to brokers, to customers. Trading transactions and the administration of insurance policies all benefit from the speed, reach and sophistication of a web enabled scheme.

If you are operating as an online broker, for example, web enabled schemes are able to assist in:

Searchable fact finding and quote application;

The ability to save quotes and make referrals;

The management of mid-term adjustments (MTAs);

Management of renewal notices;

Logging and tracking claims;

Issuing of policy documents;

Administration of accounts, payments and receipts;

Enhanced communication with live messaging;

And the management of your brokerage diary.

Results

The results of web enabling may be quite staggering in terms of the speed of operations which might be achieved. One provider of such software, for instance, claims that through installation and use of its systems, an insurance policy may be generated as quickly as just 5 milliseconds after it has been submitted. A policy document, the insurance schedule and a bespoke letter of acknowledgement to the customer – which may be printed out or emailed – may be available immediately to local users and within 2 seconds for others.

A recent article in Computer Weekly illustrates how increasing government regulation may leave insurers and brokers little option but to minimise their costs through the use of web enabled schemes. The particular example is given about changes to the way customers are charged on pension funds. Specifically, from April 2017, pension companies are barred from charging individual clients more than 1% of any stakeholder fund’s total value. This enforced cap on costs is likely to make it impossible to pay for the administration and delivery of such products through conventional means, warns the article, making it essential that cheaper, more effective, web enabled methods are employed.

If you are looking to launch an insurance scheme on the web and need assistance sourcing products or creating a transaction platform contact Mike Gyde on 01452 377 662 or email mike.gyde@bgpltd.com


Web enabling an insurance scheme

As an insurance broker you are likely to be on the constant look out for ways of winning over new customers, improving the quality of and the rate at which you are able to communicate important information to them, and to reduce your own administrative and trading transaction costs.

If this sounds like a tall order you might want to consider an insurance scheme web enabled to deliver precisely those benefits.



Web enabling may help

In practically every line of business, enormous strides have been made through harnessing the reach, speed and strength of the internet. That same progress is available to drive web enabled insurance schemes.

This is the secret behind the success of many of the insurance schemes we are able to offer here at BGP in the form of insurance products for individuals, associations and affinity groups across the full range of personal and commercial lines, including niche areas of the market.

How does it work?

An insurance scheme that is web enabled offers the immediate benefits of simplifying personal and commercial lines trading for all users – from underwriters, to brokers, to customers. Trading transactions and the administration of insurance policies all benefit from the speed, reach and sophistication of a web enabled scheme.

If you are operating as an online broker, for example, web enabled schemes are able to assist in:

Searchable fact finding and quote application;

The ability to save quotes and make referrals;

The management of mid-term adjustments (MTAs);

Management of renewal notices;

Logging and tracking claims;

Issuing of policy documents;

Administration of accounts, payments and receipts;

Enhanced communication with live messaging;

And the management of your brokerage diary.

Results

The results of web enabling may be quite staggering in terms of the speed of operations which might be achieved. One provider of such software, for instance, claims that through installation and use of its systems, an insurance policy may be generated as quickly as just 5 milliseconds after it has been submitted. A policy document, the insurance schedule and a bespoke letter of acknowledgement to the customer – which may be printed out or emailed – may be available immediately to local users and within 2 seconds for others.

A recent article in Computer Weekly illustrates how increasing government regulation may leave insurers and brokers little option but to minimise their costs through the use of web enabled schemes. The particular example is given about changes to the way customers are charged on pension funds. Specifically, from April 2017, pension companies are barred from charging individual clients more than 1% of any stakeholder fund’s total value. This enforced cap on costs is likely to make it impossible to pay for the administration and delivery of such products through conventional means, warns the article, making it essential that cheaper, more effective, web enabled methods are employed.

If you are looking to launch an insurance scheme on the web and need assistance sourcing products or creating a transaction platform contact Mike Gyde on 01452 377 662 or email mike.gyde@bgpltd.com




Web enabling an insurance scheme

As an insurance broker you are likely to be on the constant look out for ways of winning over new customers, improving the quality of and the rate at which you are able to communicate important information to them, and to reduce your own administrative and trading transaction costs.

If this sounds like a tall order you might want to consider an insurance scheme web enabled to deliver precisely those benefits.



How web enabling may help?

In practically every line of business, enormous strides have been made through harnessing the reach, speed and strength of the internet. That same progress is available to drive web enabled insurance schemes.

This is the secret behind the success of many of the insurance schemes we are able to offer here at BGP in the form of insurance products for individuals, associations and affinity groups across the full range of personal and commercial lines, including niche areas of the market.

How does it work?

An insurance scheme that is web enabled offers the immediate benefits of simplifying personal and commercial lines trading for all users – from underwriters, to brokers, to customers. Trading transactions and the administration of insurance policies all benefit from the speed, reach and sophistication of a web enabled scheme.

If you are operating as an online broker, for example, web enabled schemes are able to assist in:

Searchable fact finding and quote application;

The ability to save quotes and make referrals;

The management of mid-term adjustments (MTAs);

Management of renewal notices;

Logging and tracking claims;

Issuing of policy documents;

Administration of accounts, payments and receipts;

Enhanced communication with live messaging;

And the management of your brokerage diary.

The results

The results of web enabling may be quite staggering in terms of the speed of operations which might be achieved. One provider of such software, for instance, claims that through installation and use of its systems, an insurance policy may be generated as quickly as just 5 milliseconds after it has been submitted. A policy document, the insurance schedule and a bespoke letter of acknowledgement to the customer – which may be printed out or emailed – may be available immediately to local users and within 2 seconds for others.

A recent article in Computer Weekly illustrates how increasing government regulation may leave insurers and brokers little option but to minimise their costs through the use of web enabled schemes. The particular example is given about changes to the way customers are charged on pension funds. Specifically, from April 2017, pension companies are barred from charging individual clients more than 1% of any stakeholder fund’s total value. This enforced cap on costs is likely to make it impossible to pay for the administration and delivery of such products through conventional means, warns the article, making it essential that cheaper, more effective, web enabled methods are employed.

If you are looking to launch an insurance scheme on the web and need assistance sourcing products or creating a transaction platform contact Mike Gyde on 01452 377 662 or email mike.gyde@bgpltd.com

 

© Bennett Gould & Partners Ltd 2019


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© Bennett Gould & Partners Ltd 2019


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BGP is a trading name of Bennett Gould & Partners Ltd., Registered in England No 1058351 at Corinium House, Corinium Avenue, Gloucester GL4 3HX, and are authorised & regulated by the Financial Conduct Authority (FCA). Our FCA register number is 306850 and you can check this on the FCA’s register by visiting the FCA’s website www.fsa.gov.uk/register/home.do or by contacting the FCA on 0800 111 6768.