the insurance time Etrading Survey 2022 is open to UK brokers.
If you are a broker, please participate by March 20, 2022 to help influence the future of etrading.
While the investigation is open, insurance time will speak to insurers and software vendors who are heavily involved in etrading, to discuss industry developments over the past year and future developments that could benefit brokers.
Right here, insurance time interviews Wayne Jefferson, etrading manager for Applied Systems Europe.
What developments have been made in your software publisher in the last 12 months?
Applied is pleased to announce that it has seamlessly integrated etrading capabilities into Applied Epic for its existing and new brokerage customers. Applied Epic, the world’s most widely used broker management system, is robust and highly standardized, creating consistent workflows whether risk is personal or small trade lines.
Applied has also created many additional built-in forms for key product lines that allow for more complex interchanges within the system.
After talking to many of our broker customers and insurer partners, we have developed form designs that brokers can use to produce and merge data from Applied Epic, expand their database, and send it to multiple insurers in as part of quote submissions.
This year’s survey asked brokers about client management tools and support available. What developments have you made in this area and what does the future hold for you?
The trading integration into Applied Epic provides broker customers with a wealth of new client management tools and integration opportunities to enhance their internal productivity and client service.
Applied Epic provides sales automation, allowing brokers to view, monitor, track and forecast new business opportunities and renewals directly within the app. While customer data is stored and used for tracking sales and renewals, it is also used throughout etrading workflows to reduce re-keying of customer information to create easily searchable documentation for auditing and review. sent to insurers.
Applied Epic also seamlessly integrates with customer self-service portals and broker mobile apps, enabling quotes and omnichannel customer service, including document and claims management, emailing and SMS.
Additionally, support is an essential part of Applied’s customer experience. To date, 97% of customers are satisfied with Applied’s support services due to benefits such as constant 24/7 monitoring, first-level problem resolution performance and uptime. average wait of 18 seconds to chat with an Applied support specialist.
We make it easy for customers to find help and get the most out of their technology with over 50 support-led product webinars featured in the past year and access to Applied Support Managers with over 800 years of training and software expertise in the benefits industry.
Brokers rate the user-friendliness and ease of trading of etrading systems in this year’s survey. What developments has Applied made here?
Applied Epic makes etrading easier for brokers with its highly standardized workflows. When a broker is working with a non-standardized system, they risk missing fields, entering incorrect information, and missing critical parts of a workflow.
Applied Epic guarantees consistent information across all forms with required fields to be entered in order to submit. The system also guides brokers through a pre-determined workflow so that no step is missed.
Second, standardization through Applied Epic is helpful from a training perspective because there is a single workflow for all lines of business, so staff only have one process to learn. This allows staff to easily switch between teams; cover responsibilities while the other goes on vacation; and cross-selling to customers in various industries.
Standardization is also extremely valuable for compliance. When there is less training in a system, there is less opportunity for error. On that same note, there is less chance of errors and omissions when every team member performs the same workflow. While the system provides tremendous value with standardized processes, Applied Epic also allows for workflow customization.
Brokers can make the system work for their unique business model, setting up bespoke processes with little or no intervention and at no additional cost from Applied. Once these workflows are in place during implementation, the broker deploys them across the organization to ensure standardization.
Finally, the new complex trading forms allow for more detailed reports in real time. Due to the additional fields brokers can complete to complete the custom workflow, Applied Epic is able to store and use this data to provide brokers with insight into their activity, such as how much and what types of activity commercial Does my company commercialize?
How do you see the etrading arena developing over the next five years?
We are at a really exciting stage in the etrading process as more products become available and more brokers and insurers fully embrace the etrading process.
The functionality to support etrading more complex risks is evolving and improving as all stakeholders work together to broaden and extend etrading capabilities. There are opportunities to enable more insurance business to be traded accurately and more efficiently, and for more complex risks to be traded.
As more brokers and insurers continue to adopt etreding, more data will become available to standardize and expand the footprint of products that can be etreded. For example, we could see the footprint of the mini-fleet expand as this complex risk becomes simpler with the availability of more data. Likewise, more complex products will be traded, creating an even healthier state of distribution as more stakeholders commit to using etrading.