Two-month pilot will offer an online range of commercial policies using once-only keying
AXA Business Risk - formerly businessrisk.com - has entered its next phase of development, enabling brokers to do mid-term adjustments and renewals on commercial policies using the system.
Commercial and intermediary lines director at AXA, Mark Cliff, said the system was previously geared only to handle new business, but was now enabled for full-cycle functionality.
In December, AXA will begin a two month broker pilot of the upgraded system with its Venture Plus, Property Investors Protection Plan, Flats, Goods Carrying Vehicles, Business Plan Plus and Commercial Combined policies full-cycle enabled. It will also enable its Working from Home, Hauliers Choice and Haulage Vehicle Insurance policies for full cycle processing in February, when the project moves from pilot stage to broker roll-out.
AXA will also add its Release and Select household personal lines products to the system in February.
These products will be followed by Mini Fleet, which will be added in March, and a revamped range of its Unity product, for shops and offices, which will be added in July.
Cliff said AXA hoped to complete the rollout to all of its premier and prime brokers by June, and was also working on providing more e-enabled products for its smaller brokers.
Cliff said that new business, adjustments and renewals could now be done using straight-through processing. This meant that brokers had only to key information into the system once, and details were automatically uploaded into AXA's back office.
"We worked out that 50% of under-writers' time was spent on administration, not underwriting," Cliff said.
