AXA and Acturis have launched real-time electronic mid-term adjustments (MTAs) for seven small-to-medium size enterprises (SME) on Imarket.
Luke Shepherd, insurance product lLeader at Acturis, commented: "A consistent comment from users of the new business quote and bind functionality has been the low confidence surrounding how they would then subsequently process business should the requirement of an alteration arise,
capabilities which are the norm in the world of motor and household EDI trading.
"AXA and Acturis have now jointly pioneered this development across the full range of SME products which, while early days, will make a huge difference to electronic trading in commercial lines going forward".
Jillian Watt, distribution development director at AXA, said: "This is a groundbreaking development for the market and is the culmination of a huge amount of hard work by the AXA/Acturis partnership.
MTAs across the SME product suite can now keep transactions in the electronic channel through the life of the policies.
"Initial feedback from brokers is that this makes handling these classes of business considerably easier, allowing vastly improved turnaround times for getting revised policy documentation out to clients and improving service levels in general:
an adjustment quotation with quotation documentation can be obtained in less than a minute, with policy documentation automatically produced ready to be sent to a client from the broking system within 30 seconds of confirmation that the client wishes to proceed".