TGSL Launch Broker Motor & Household Rating Toolset
Winchester, United Kingdom, September 2007. Building on the success of Transactor Open Market Rating (‘OMR’) quotation suites for motor cycle and private motor in early 2006, Transactor Global Solutions (‘TGSL’) has now launched The Underwriting Assistant. The new product is believed to be the UK’s first broker operable insurance product management toolset for the deployment and updating of delegated authority schemes alongside live open market panels, and it is available for all major classes of business.
‘Because of Transactor’s modern and flexible design,’ explains Ray Vincent, Managing Director - TGSL, ‘Our users can now self manage their delegated authority call-centre and Internet products from a common toolset, and enjoy access to them at all times. This will prove to be a great advantage to our brokers when it comes to beating competitors on older, more cumbersome solutions. For brokers with the pen, control of delegated authority rates opens the way to competing with direct writers toe-to-toe, no longer being tied to a set rate for a whole month. It is also the only sure way to work with aggregators, where every penny of competitive advantage counts, and where a day of lost conversions can be a very painful experience indeed.’
The product, which is called The Underwriting Assistant, is for use alongside TGSL’s proprietary OMR quotation environment known as the XML Outcome, and is available now for private motor, commercial vehicle, motor-cycle, and buildings and contents insurance.
‘The way The Underwriting Assistant operates is fairly simple,’ explains Adrian Ridgeway, Senior Underwriting Developer TGSL. ‘The OMR quotation suites contain a range of products that are available to all. They output premium data, documents, and full-cycle EDI where required. Using the XML Outcome, delegated authority schemes can be quoted alongside the open market and the results displayed to a common quote summary screen. The Underwriting Toolset allows the TGSL broker and supporting insurer to constantly maintain their edge by having 24/7 access to the rating environment behind their delegated authority products. The system works well, and is already in use with key Transactor clients.’
For further information contact joe.gardner@transactorgsl.com
Technical Information
Please find below a summary of the Underwriting Assistant’s main features, which is by no means exhaustive. Please contact TGSL sales@transactorgsl.com for further information on the technical capabilities of the system.
- The Underwriting Assistant allows users to change any rating factor at will for a scheme, including areas, employers business, models, and occupations, rates (e.g. base rates, loads and discounts of any type).
- Additionally, the Underwriting Assistant allows users to apply adjustments to rates as percentages, relativities or as a poundage. The Underwriting Assistant includes comprehensive import and export facilities, enabling the user to import rating files such as private motor vehicle rating, area files, occupation files, and so on, in seconds from either spreadsheet or CSV.
- The Underwriting Assistant also includes a ‘Find/Compare’ facility-enabling the user to quickly identify a set number of risks for an example of each rating in the product in question-for example, one of each vehicle group and/or term, which is time saving when testing schemes.
- The system also allows the user to compare rate differences between the current and previous month.
- There are also search facilities allowing the user to interrogate any database quickly, useful for example for producing specific lists (i.e. list all cabriolets, entertainment industry etc).
- A ‘job running’ feature allows the Underwriting Assistant user to batch process all of their import files, such as multiple areas, models, occupations and so on at the same time, enabling the maintenance of many schemes from a single point of data entry.
- A true ‘multi User’ capability allows multiple users to safely edit the data at the same time.
- The Underwriting Assistant provides options to the user to customise the Underwriting Assistant’s look and feel, with comprehensive reporting and logging facilities built in.