In this blog we will focus on the post-bind process: how are insurance practitioners receiving and accepting technical and settlement data remotely? How could processes be further improved? And how has this helped our clients Work From Home? By Harry Vardigans, Sales and Account Management.
At the heart of the drive to modernise the London and global (re)insurance markets is the need to reduce the frictional costs of insurance business. Ultimately, the entire insurance lifecycle needs to be digitised and this must be effectively achieved whether users are working from the office or at home.
Arguably until the start of the 2020 pandemic lockdown, the market had been slow to decrease its reliance on paper, while time-consuming and costly manual tasks were still prevalent. Now remote working has put existing technology to the test and is driving a wave of refinements, improvements and innovations to help further streamline processes.
Communication is key
One of the most significant strides forward in recent years has been allowing carriers to receive premium/settlement data directly from brokers using a secure, consistent and data rich ACORD EBOT standard. Digitising this process has cut down our market’s reliance on paper and has reduced time consuming, often duplicative manual processes.
Getting data in the right format for both brokers and carriers to use is fundamental to the efficiency of the London and global re/insurance market. Now we find ourselves in the remote working normal, the need to communicate effectively and efficiently as a market has perhaps never been in sharper focus.
Ebix has solved this problem by creating a bespoke platform for broker and carrier partners to receive and accept the technical and settlement data. The platform is web based, easy to use and is already used by over 900 companies globally.
As a result our EbixExchange platform has been put through its paces in recent months, playing a crucial part in supporting the (re)insurance market during lockdown. The web based platform has allowed all our users to continue as normal from home, increasing the speed they get paid by the broker, boosting their cash flows in a time of need and eliminating unallocated cash. As the world starts to change and Working from Home becomes more common place, the need for the market to adapt their processes will become even more important. The EbixExchange platform has proven its worth as one of the key products modernising the insurance market and leading the charge to allow the (re)insurance market to work from home.
Sophisticated technology shouldn’t be difficult to use in any setting and the technology exists to support Brokers and Carriers throughout the lifecycle of insurance from quoting/binding and endorsing to claims and settlement. The time to refine this digital process is now.
So what have your experiences been with processing business from home? What would you like to see change? Please get in touch or leave a comment, we’d love to hear from you. Please Email EnquiriesEurope@ebix.com