High net worth underwriting agency Home & Legacy has announced ambitious expansion plans on the back of slicker technology and a six-month 2.5% boost in commission paid to brokers.
It claims to have stripped its quotes system of paper and any double-keying of data for those brokers on the Acturis system, and says it will get 95% of HNW home quotes turned around from its panel of five insurers within two hours for brokers using the system.
And sales and marketing director Mark Wooldridge said it would eradicate double-inputting of data on another major broker software system by Q1 next year. "We know that if we can make life easy for brokers they will use us more. It is a fact," he said.
Home & Legacy uses Acturis as its back-office system so has started with its 500 agency brokers using Acturis - about a quarter of its agency base. It is also targeting about 300 more Acturis brokers currently without an agency agreement.
It will be offering a 2.5% commission boost for six months from 1 December to entice brokers to seek quotes.
The software fix means once brokers have keyed in the initial customer details, it goes to Home & Legacy and its panel of Allianz, Aviva, RSA, Ageas and Ecclesiastical and back without any re-keying of data. If one of the quotes is accepted the system also returns policy documents and any conditions for the broker to store with the client's details without inputting again.
For the 5% of more complex quotes, Home & Legacy will provide brokers with guaranteed response times. David McDonald, CEO of Acturis, said: "This is not an old black and white EDI process. There are lots of shades of grey in high net worth where there are more complex risks." Wooldridge said: "Some high net worth clients can be very demanding."