February 2006

Oval takes advantage of new Allianz compatability

By Gary Hyndman

The Oval Group has taken the decision to place all of its small commercial business with Allianz Cornhill, facilitated by the Acturis Broker Platform.

The deal will see all Oval SME (small and medium-sized enterprises) enjoying preferential rates, service and cover. It is anticipated that within three years the annual premium derived from this arrangement will be £10-20m as Oval continues with its ambitious acquisition strategy.

Jeff Herdman, managing director of the Oval Group, commented: "The traditional model of small commercial insurance is rife with needless re-keying of data, high error rates and poor levels of service. Although the market has recognised this problem for some time, an industry-wide solution is still not forthcoming, and we felt that this situation could go on no longer."

He added that the process agreed with Allianz Cornhill and Acturis would significantly benefit Oval's customers, while taking cost out of a previously inefficient process.

Chris Hanks, general manager - commercial at Allianz Cornhill added: "In Oval we saw a significant broker with a good reputation in the market for integrity, innovation and profitable business."

It is understood that the proposition will allow Oval to bind business on behalf of Allianz and also provide its clients with point-of-sale documentation at source, through a mutually agreed process with Acturis as the system provider using imarket standards.

Following an evaluation, it was concluded that the Acturis System was a good means of delivering the level of efficiency and cost reduction that Allianz Cornhill and Oval aspire to.

David McDonald, co-ceo at Acturis, said: "Acturis is delighted to be at the heart of such an innovative new process, and very much looks forward to working closely with both Oval and Allianz Cornhill to make this business model work well for all three parties. We very much see this as a blueprint for large commercial brokers dealing with SME business in the future."

Insurance Age

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