March 2006

Axa and Acturis use imarket to create unique Shop Package offering

Axa and Acturis have successfully worked together to create a unique offering for brokers looking to place Shop Package business in a competitive and efficient way.

To date, imarket shop products have been fully auto-rated, and although this is fast and efficient, the lack of an underwriter in the process has meant that the insurers involved cannot be as flexible in terms of price and acceptability as an experienced underwriter is able to be.

This latest release still allows brokers to obtain auto-rated quotations for shops from AXA, through the Acturis system. However, it is now possible to refer a new enquiry to an underwriter if the broker wishes, or if the case does not meet every acceptance criteria. The broker physically inputs the risk details onto the AXA back office system via its normal use of the Acturis Broker Platform – no re-keying is required. In addition the policy documentation is made available to the broker via Acturis and he can bind the risk with the client and issue the relevant documentation at point-of-sale.

Frank Woods, Premier Partner Distribution Manager at AXA, comments, “AXA is very excited by this development. It provides our brokers with an efficient means to place shop business, but also ensures that the quote will be competitive. Auto-rated products can sometimes struggle to be competitive, as rating engines cannot be as capable of taking into account all the risk factors as an experienced underwriter. This is especially true in a softening market.”

Theo Duchen, co-CEO of Acturis, adds, “We are delighted to add AXA to our imarket integrated shop panel. AXA is an innovative and willing partner, and this is a significant first stage in the development work we are doing with AXA throughout 2006.

This product will be fully connected from the Acturis system to AXA’s but will also allow the underwriter to interact with the case, thus allowing case by case negotiation. This is an industry first.

This development forms a critical part of AXA’s ongoing plans for connectivity.

During 2006 AXA will be launching full connectivity for an additional 7 products*, which represent the core of its SME product range, having already launched the fully automated Venture Plus (tradesman) product earlier this year, through Acturis.

Definitions

Connectivity AXA use this term is used to describe the connection of AXA’s e-enabled platform, AXA Business Risk (ABR) to external systems, such as intermediaries’ back-office systems.

* Hotels, Offices, Flats, Property Owners, Pubs & Restaurants, Surgeries and Working From Home

- Ends -

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