TGSL Launch Open Market Property And Commercial Vehicle Products
Winchester, United Kingdom, September 2007. Following the successful introduction of Open Market Rating (‘OMR’) quotation suites for motor cycle and private motor in early 2006, which has seen over 250,000 new business/renewal messages handled by TGSL in the first 12 months alone, Transactor Global Solutions (‘TGSL’) is now in the process of launching the final two OMR lines of business, household buildings and contents, and commercial vehicle.
Household Transactor OMR
The household OMR product has an identical data capture to that already in use by several delegated authority Transactor clients, including KwikFit Insurance Services (‘KFIS’) and Heath Lambert Insurance Services (‘HLIS’). The data capture will therefore be familiar to the 20 or so insurers who already support delegated authority household Transactor users. In addition, TGSL has been delivering full cycle EDI in household as part of an ongoing project for KFIS, so the TGSL OMR household product is launched live with a mature and stable front end, and proven EDI capability.
Commercial Vehicle Transactor OMR
The commercial vehicle OMR product also has an identical data capture to that in use by delegated authority Transactor clients, including Lexham Insurance Services and Heath Lambert Insurance Services (‘HLIS’). The data capture will therefore be familiar to insurers who support either of the above ventures. TGSL’s commercial vehicle EDI will build on the success the company already enjoys with 23 UK private motor insurers, where the similarities between the messages will provide a huge advantage. As with household, TGSL has for some time been delivering full cycle EDI in commercial vehicle as part of its ongoing commitment to its delegated authority user community, so the TGSL OMR commercial vehicle product starts life with a mature front end, and proven EDI capability.
‘We only need to add insurer documents to the existing application, and we are ready to go into test for the OMR household and commercial vehicle solutions,’ comments Joe Gardner (Associate Director Technical Underwriting-TGSL). ‘We will accept Polaris for any TGSL OMR product, or we can implement the rates within our own toolsets, but all the rating templates are already supported for most of the market, it is just a question of replacing the delegated rules and tables with the insurers standard rules and tables.’
‘With regard to the commercials we will adopt a similar approach to the one we used for private motor and motor cycle,’ explains Ray Vincent (Managing Director-TGSL). ‘There will be no costs to the insurer for a TGSL OMR build, we as a business will take a risk on whether or not we recover our costs from trading.’
September 2007
For further information contact joe.gardner@transactorgsl.com