The latest version of insurance software Ultima from Total Systems could slash brokers' costs by 30% – provided it delivers all the things its creators claim.
Ultima managing director Terrence Bourne claims that within three years his company's developments can reduce IT costs per claim to just one penny.
The new version includes easy-to-use product development and quoting capacity.
Also featured are: management reporting, underwriting, claims processing, links to BACS, Postal Address Validation, Word Processing and EDI.
A product developer can "create" buttons for various clauses using a specially-created screen.
This means that if a policy included preferential rates for someone over 50, for example, these can be incorporated without any programming.
Total is to sell the package either via a licence, per transaction or by selling the software in its entirety.
The software company believes the product will now be perfect for large brokers. It claims the system will prove cost effective to any insurance provider with 50+ users. It has tested the site to run with 10,000 individual users' sites. "Brokers are going to get more and more competition from everyone – including new players and foreign companies. Therefore, they have got to be able to get the best deal they can," said Terrence Bourne.
Ultima can run on Unix and NT systems. It is also a multi-channel product that can be used to handle telesales operations, internet selling and traditional marketing methods.
Bourne added: "If insurers were using the systems they should be, they could knock 30% off current premiums because they are so inefficient.
"We believe that within three years we can reduce the cost per policy to one penny."