Axa and Acturis have completed a development of real-time electronic mid-term-adjustments on seven SME product classes via I-market.
Luke Shepherd, insurance product leader at Acturis, said: "A consistent comment from users of the new business quote and bind functionality has been the low confidence surrounding how they would subsequently process business should the requirement of an alteration arise -
capabilities that are the norm in the world of motor and household EDI trading".
Jillian Watt, distribution development director of Axa, continued: "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 easier, allowing improved turnaround times for getting revised policy documentation out to clients and improving service levels in general".
He added: "An adjustment quotation with 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".