2006
(04/05/2006) AXA and Acturis create unique shop package solution
AXA is pleased to announce that, in conjunction with Acturis, it has developed a unique new tool that will enable brokers to place Shop Package business in a competitive and efficient way. Aside from still allowing brokers to obtain auto-rated quotations for shops from AXA through the Acturis system, the new solution will also make it possible to refer new enquiries to an underwriter if the broker wishes, or if the case does not meet every acceptance criteria.
Until now imarket shop products have been fully auto-rated, and whilst fast and efficient, the lack of an underwriter in the process has meant that the insurers involved haven't been able to be as flexible in terms of price and acceptability as an experienced underwriter is able to be. Now, all the broker has to do is simply key data into the Acturis Broker Platform and this automatically feeds the AXA back office system, without any need to re-key . In addition the policy documentation is made available to the broker via Acturis and the broker is able to bind the risk with the client and issue the relevant documentation at point-of-sale.
Frank Woods, Premier Partner Distribution Manager at AXA, comments, "AXA is very excited by this development. This new tool provides our brokers with an efficient means to place shop business, but also ensures that the quote will be competitive. Our auto-rated products have already proved to be successful through connectivity. We believe that the ability for an experienced underwriter to interact with shop enquiries will increase our ability to complete. This is especially true in a softening market."
Theo Duchen, co-CEO of Acturis, adds, "We are delighted to add AXA to our imarket integrated shop panel. AXA is an innovative and willing partner, and this is a significant first stage in the development work we are doing with AXA throughout 2006."
This product will be fully connected from the Acturis system to AXA's but will also allow the underwriter to interact with the case, thus allowing case by case negotiation. This is an industry first.
This development forms a critical part of AXA's ongoing plans for connectivity. During 2006 AXA will be launching full connectivity for an additional seven products, which represent the core of its SME product range, having already launched the fully automated Venture Plus (tradesman) product earlier this year, through Acturis.
- Ends -
More information
If you are a journalist and require further information or case studies of companies that have been affected by the hose pipe ban, please contact one of our media team.
Notes to Editors
About AXA
AXA is a world leader in financial protection. AXA's operations are diverse with major operations in Western Europe, North America and the Asia/Pacific area. AXA employs 120,000 staff and tied agents and, as of 31 December 2005, had € 1,064 billion in assets under management. AXA reported total IFRS revenues of € 72 billion and IFRS underlying earnings of € 3,258 million for the full year 2005. Our previous company performance is not a guide to how we may perform in the future.
AXA ordinary shares are listed on the Paris Stock Exchange; AXA American Depositary Shares (ADSs) are listed on the NYSE under the ticker symbol AXA.
About Acturis
Acturis is led by Theo Duchen and David McDonald, two ex-McKinsey partners who have a combined 20 years of insurance, technology and e-commerce experience and expertise. The Chairman of Acturis is Sir Brian Pitman, one of the most respected and successful leaders within the European financial services industry. Both the board and the team consist of highly talented people with a track record of success in the world's leading strategy and technology consulting firms and in leading global financial services companies.
Acturis' is supported by Nedcor who has provided all development capital to date and owns a majority of Acturis' equity. Nedcor is one of the most innovative financial institutions globally, having moved from its roots as a mainstream bank to become one of the leading forces in technology and process outsourcing for banks and financial institutions. Nedcor provides process administration and technology platforms for leading institutions such as Credit Suisse/Swisscard and Capital One. With a market capitalisation of some $3.5 billion, assets of some $20 billion and annual income of $800 million, Nedcor also provides Acturis with an excellent financial pedigree. See www.nedcor.com for more information.
About imarket
imarket is the e-commerce portal that makes doing business between intermediaries and insurers in the UK insurance market quicker, simpler and more cost-effective - bringing intermediaries and insurers together.