Acturis and LV link produces new e-trading tool for brokers
06 Feb 2012 Author: Martin Friel, Insurance Age
LV Broker has embarked on a partnership with Acturis to develop LV Easytrade, a new e-trading tool for brokers.
The new system will enable brokers to share risk data with LV Broker, access real-time quotes, share client documents and refer complex cases.
The insurer claimed that LV Easytrade effectively integrates back office functions between broker and insurer systems.
The provider explained that when a broker enters client and risk details onto the Acturis system it automatically updates LV's trading system, preventing any loss of data quality through manual transferral.
The offering has been designed to provide a full audit trail for both broker and insurer and save time wasted on re-'keying' information.
Brokers can also refer more complex business to LV Broker electronically with LV Easytrade using their existing Acturis system without a re-key.
LV clarified that supporting documents or notes can be attached to an application and sent instantaneously to the underwriters for a decision. This means documents can be shared online and quotation decisions made for more complex cases quickly.
The system was piloted with a small number of brokers last month and is now being rolled out to the full Acturis broker network.
There are seven LV Broker products available on the platform: property owners, shops, offices and surgeries, restaurants, public houses, hotel and guesthouse and trades and professionals.
Brokers can retreive quotes for both new and renewal business.
Theo Duchen, co-chief executive officer at Acturis, said: "This pioneering platform allows Acturis brokers to link seamlessly and electronically with LV across a number of classes, components of which were historically deemed impossible to trade electronically due to complexity.
"Brokers simply submit documents online which go directly into the LV underwriting system and once underwritten are returned electronically into the brokers system without any re-key at either end. This will make business much easier for brokers in future."
Mike Crane, commercial lines director at LV Broker, said: "Brokers are under increasing pressure to demonstrate compliance while remaining competitive in a tough economic environment.
"LV Easytrade will save them time, enable them to focus on their customers and serve them more effectively.
"We are delighted to be working with Acturis on this project and are constantly striving to use technology to improve the way we work with brokers."