E-support system 24 7 Broking will go live with its first paying customer next month, according to the system's developer, Rarrigini & Rosso (R&R).
Head of Edinburgh-based broker Insure Direct (part of Park Place Insurance), Dave Nicholson, said his firm would start using the system on October 17. Chief executive of R&R, Julie Rodilosso, said said the full system went live with five pilot brokers last Friday, understood to include John Eke and Thompson Rudd.
The 24 7 system application includes a quote engine that hosts a panel of 49 insurers. It also includes a customer relationship management package, a personnel management system, a payroll system and Office 2000.
While the system can be accessed through the internet and WAP, Rodilosso said to work at full capacity, it would require a dedicated “lease line” with a 128K capacity for an office with up to four users and 256K for more users. “Being able to access the system through the web means brokers have an adequate back-up if someone digs the lease line up by accident,” she said.
The system costs £95 per user per month and £500 per year for a lease line. Brokers placing business through the system will receive a commission of 8% for less complicated risks. This compares with the 10.5% to 12.5% brokers usually charge.
Rodilosso said the usual 17.5% to 25% that brokers charge for household insurance would be rated at 15% for those using the 24 7 system.
A claims management system will be added to the 24 7 system in January. Rodilosso said a deal had been done with Capita-owned loss adjuster McLarens Toplis to integrate its claims management system into 24 7, meaning brokers will also be able to track claims using the system.
As well as having access to 49 insurers, brokers can add their own insurance panels to the system. They can choose to deal just with their panel of insurers or include selected firms from the 24 7 panel. The insurers cover risks ranging from personal lines to large commercial risks.
Rodilosso said funding was not a problem.
“We are investing money with our partners into the system, but the strength of our core business means that we will make a profit of £1.6m this year, following on from our £1.2m profit last year.”