Benefits of the Acturis system

The Acturis system allows brokers and underwriters to use their IT platform to support and grow their business, rather than being a barrier.

Acturis allows more business to be handled at less cost.

Specific benefits of the system are as follows:

Cost Efficiency

The Acturis model allows customers to pay as they use the system, with no large upfront costs for license fees, bespoke client-side servers or computer hardware. A customer simply connects and pays for the system on a monthly basis according to its number of users. The Acturis approach is based on transparency, with no hidden costs.

The Acturis model is also extremely scalable and flexible, so costs change with a customer’s business needs. For example, should a business expand suddenly through acquisition, new users can simply be added as and when required. There are no additional upfront charges, nor issues about the broker server being able to cope with the extra number of users, and no problems about connecting multiple offices.

Ease of IT Administration

The Acturis system is a real "plug-in and go" system. Detailed customer configuration and set-up occurs prior to the system going live, and the customer simply supplies the required information to Acturis, who will then correctly configure the system for the customer.

The system already comes with complex document templates, such as risk registers and insurer submissions, a library of over 300 pre-written reports within the Management Information suite and over 100 pre-configured risk capture templates for all the commonly traded general insurance policy types. New releases of the software are also automatically made available to customers, avoiding the need for complex changeovers and reinstallations.

Moreover, as the server is in a dedicated hosting site with Acturis engineers constantly on hand, no in-house customer IT skills are required to manage the Acturis system. This results in considerable savings in time, resource and cost to the customer, allowing greater focus on client servicing and generation.

Insurer Connectivity

Duplication of work between broker and insurer, re-keying of data and high error rates combine to make the current commercial insurance market extremely inefficient.

Acturis is changing the face of commercial processing through its fully connected trading solution.

Acturis customers are able to send commercial risks to an insurer at the touch of a button, resulting in the end-insurer’s system being populated instantly. This can be done directly with the insurer or through our seamless integration with imarket.

Commercial quotations from an insurer are instantly sent back to the broker, with the Acturis system recording rating and endorsement details, plus receiving the required quotation documentation. This enables the broker to instantly place the risk on cover and send a confirmation message to the insurer’s system. The policy documentation is instantly available on the Acturis system and a policy has been created.

It once took months to get a correct commercial policy to a client – now this can be achieved in less than 10 minutes.

Integrated Processes

Insurer connectivity aside, the processes within a customer can be made substantially more efficient.

Every module of the Acturis system is fully integrated:

• All front office debits are automatically and instantly captured in the back office accounting system
• All structured fields in the system are capable of being reported on, resulting in cutting edge management information
• The contacts module can be used to manage leads, prospects and live customers, and the system contains a Customer
  Relationship Management tool with the ability to send out batch mailings
• The structured risk capture screens link to important documents, such as the client risk register, the statement of
  demands and needs, and insurer submission templates, and these documents can be automatically created without re-keying
• Workflow Management also allows for the successful integration of paper-based and system generated tasks to increase
  processing efficiency

Compliance

Compliance is a major issue following the introduction of FSA regulation in 2005.

The Acturis system allows the broker or underwriter to maintain a 'locked-down' audit trail of all client and insurer communication. All documents created within the system are automatically stored in the client file, details of important phone calls and meetings can be added and incoming e-mails and scanned documents can also be stored in the client’s file.

The structured risk capture questions in the system also ensure that a customer’s team asks for the right information when analysing a particular risk. A record of the exact policy cover is stored on the system and, as changes to cover occur; old versions of the policy record are stored away for future reference when required.

Contract certainty is an important issue, and Acturis records what documents have been received from the insurer and passed onto the client, as well as producing FSA required documents, such as the statement of demands & needs without the need for re-keying.

Vital reports are also available to assist with RMAR reporting, and a month-end module assists the customer in calculating what money it has earned in the period and how much it needs to retain in its client account.

In addition, a complaints log is also provided within the system to ensure easy monitoring of complaints activity.

Workflow Management

In the dual pursuit of greater efficiency and more effective internal processes to ensure compliance, the system is underpinned with a powerful workflow management tool.

The ability to upload emails/faxes/post directly into Acturis as a task, as well as the Workflow Management tool that allows customers to create their own processes within Acturis, ensures that all tasks appear in the single place.

Customers can also monitor and report on task management, reallocating work as required to remove bottlenecks in the process and improve turnaround times.

Customer Service

The integrated process delivers a far superior service to a broker or underwriter’s clients, more quickly and at a lower cost. Clients are managed from initial lead generation right through to being a live client.

Historic quotes are also stored on the system, to ensure that customers have been treated fairly, and contract certainty is also improved through instantly rendered policy documentation and excellent reporting.