Brokers

How does it work?

A user chooses the most appropriate template for an enquiry, records the necessary data and selects a pool of insurers to contact for quotation terms.

A message may be composed, either for all the parties simultaneously, or one for each insurer. This, and each subsequent, message may be accompanied by up to three attachments. Unlike email these documents remain part of the database but may be downloaded by subscribing members. The message is assigned a workflow status. The options are constrained by the context ensuring that errors are kept to a minimum.

Throughout the negotiations the record may be edited. Each change leaves a visible audit trail annotated by the date, time and user. This degree of transparency gives confidence to all participants.

When terms are agreed the leader is added to the slip and the process of writing lines begins. Further insurers may be contacted using the same messaging process. As their lines are accepted (% or currency) the total increases. The progress may be monitored both in the record and from the workflow.

When sufficient lines have been captured the broker binds the risk. This process validates the record and generates exports, including XML files, for all the subscription market. Simultaneously it performs a housekeeping function my sending a message to all unsuccessful insurers and removing them from the workflow.