Misys has launched a new commercial lines product, OASys, which will cut brokers' processing costs.
Misys has launched a new commercial lines product, OASys, which it claims will cut brokers' processing costs.
OASys Commercial allows brokers to electronically transmit risk information to insurers so they can underwrite business. Misys added it is also in talks with insurers to connect data to their quotation systems.
James Gamble, sales and marketing director, Misys General Insurances, said: "Given the level of expertise required, brokers will continue to dominate the distribution of commercial lines.
"With OASys Commercial, risk information is input only once, but can be sent to a number of insurers - reducing costs for both broker and insurer and dramatically reducing error rates and improving service.
"Everyone agrees that there needs to be a better means of communication between brokers and insurers. This new technology will help eliminate the vast inefficiencies that currently exist."
