Rapid-quote responses hoped to increase conversion rates
Allianz is gunning for a larger slice of the SME market with the launch of its new online trading platform. Around £200m premium should go through QuoteSME over the next year, which could save brokers an estimated 30% in costs.
Allianz Commercial’s head of SME and broker markets, David Martin, said: “We are not in the marketplace for growth at any cost. We are serious about stable growth with a stable proposition.”
The system replaced the previous platform, QuickQuote, on Monday. Updated features include:
• a reduced question list;
• faster quote responses backed up by secure support;
• self-registration log-in or access through imarket; and
• clause editing and manual premium adjustments.
The trading platform will deliver instant quotes to brokers for SME non-motor products. Allianz support staff are able to view live quotes and offer help online or by telephone. Plans are in the pipeline to extend the product range into, among other areas, professional indemnity and excess of loss.
Allianz partnered with edge IPK, a specialist in the creation of broker extranet sites, to develop the product.
Martin said it was Allianz’s biggest strategic development over the past two years. “Our fully integrated approach, ease of navigation and dynamic questioning provides rapid-quote response which, along with our competitive pricing, will help our brokers increase conversion rates.”
QuoteSME should also compete against the likes of Direct Line for business in the micro end of the SME market, Martin said.