2015 ICTA Nomination. Technology by Insurance Technology Solutions Inc. (ITS).
ABEX Affiliated Brokers Exchange Inc. is an insurance wholesaler (MGA) providing niche products and insurance solutions to brokers across Canada.
ABEXAccess.com provides secure Real-Time Rating and Paperless Policy Issuance to brokers. With this technology brokers can obtain a quote or indication in minutes and present it to their clients instantly. Currently ABEXAccess.com allows brokers to instantly quote and issue insurance for Rented Dwellings, Off Campus (Student) Rentals and Vacant Homes. ABEX is excited about adding new classes of business including products for small retail and contractors in 2015.
The system was rolled out to a group of select brokers in December 2013 when the first policy was written and bound. Since that time ABEX has been rolling out ABEXAccess.com to other brokers, with plans to make it available to all brokers early in 2015.
The technology has been received with rave reviews from the users who cite the following benefits:
- Incredibly user friendly and practical –asking only the questions that need to be asked.
- The ability to quote and issue full policy documents in real time is invaluable.
- Not only do we save on paper, but the added capability to provide our customers with quick and prompt service has been well received by all.
- ABEXAccess is a fantastic tool and I strongly recommend it to everyone.
- Provide clients with real-time quotes in minutes (for both Personal and Commercial Lines).
- Issue paperless policies securely.
- Provide brokers with a secure web portal that allows brokers to make coverage changes, update policy information, fill out applications for new insurance coverage, self-serve for certain types of insurance certificates and get real-time quotes.
- Get instantaneous response on account referrals in a secure real-time environment.
- Go mobile! Both brokers and their clients can experience all of the above benefits using popular mobile devices (iPad, iPhone, Android tablets and phones, Windows tablets and phones).
- By offering brokers a way to dramatically improve their efficiencies through ABEXAccess.com, ABEX is becoming the market of choice for the niches we serve. It used to take ABEX 2 days to quote business and 3 weeks to issue a policy and now the broker can have the paperless policy in seconds.
- According to OSFI, overall industry policy administration costs run between 11% and 12%, and with ABEXAccess.com automated underwriting, policy administration costs (including the cost of ABEXAccess.com) are between 1% and 3%.
- ABEX take-up rate was approximately 30%, which meant we were spending 70% of our efforts on business we never wrote. Now ABEX only works on quotes that have been accepted by the broker, by-passing the rejected or declined quotes.
- The technology behind ABEXAccess.com allows for product changes to occur in minutes and adding completely new products can be done in hours without expensive programming.
- ABEXAccess.com is a win-win for all parties involved. Not only does ABEX see a direct benefit in expense reduction and business growth, but also ABEX brokers gain huge benefits in efficiency and ABEX partners (Insurers and Syndicates) have increased confidence that policies written through ABEXAccess.com are adhering to established rates and guidelines.
- A side benefit not originally calculated on was the opportunity to rigorously review current products, workflows and business practices and make improvements along the way.
The main features are:
About ABEX Affiliated Brokers Exchange
As an MGA, ABEX provides brokers with capacity and specialty facilities to create out of the box solutions for standard and misunderstood risks. For more information, visit www.abexinsurance.com.
SOURCE: ABEX Affiliated Brokers Exchange Inc.