Long-awaited broker system 24 7 will officially launch next week. Rival web-based system Acturis went live at the offices of Bland Bankart and Smart & Cook earlier this month.
The system, which has been on trial with a number of brokers, allows them to submit details of risks to a panel of insurers over the internet.
The insurers can respond with quotes and ultimately policy documentation and mid-term adjustments.
According to training and compliance consultant Ian Ritchie one of the best features of the system is a risk management package that allows brokers to detail the risk management measures being taken by brokers.
"This should encourage underwriters to offer the best possible terms," said Ritchie, who tested the system on behalf of Insurance Times.
The system includes a Polaris quote engine for personal lines.
Where products are not available through Polaris,
24 7 is offering to write products into Polaris at no charge to the insurer.
The system includes a human resources package that allows the system to keep payroll and other data.
It also allows brokers to generate their own management reports based on performance such as renewal retention, claims or turnover.
l Read Ian Ritchie's roadtest of the 24 7 system in next week's issue of Insurance Times.