A new partnership has been formed with the intention of making life easier for brokers and insurers alike.
Applied Systems has announced that it has been selected by ABACUS to distribute its personal lines products via Applied TAM – which is currently the most widely used broker management system worldwide. The idea is that Applied will offer the data exchange and connectivity needed to support ABACUS’s premium growth strategy.
The Applied Rating and Fulfilment Services connect insurers to a broker’s back-office system and automate the rating and policy fulfilment for both parties. It also provides insurers with the flexibility they need to manage rates and respond to markets in real-time.
According to Richard Burgess, director of ABACUS, the partnership allows for more accurate risk analysis, reduction in potential fraudulent policies and more competitive products and premiums.
“As brokers look to differentiate their business, we recognized an opportunity to distribute our property owners’ niche products to drive business growth and provide broker choice – allowing them to transact business using their core system,” he said. “By connecting with Applied Systems, we are able to develop new business opportunities and provide competitive premium quotes to our broker partners for their clients.”
Applied TAM allows brokers to automate daily operational processes, client policy information and insurer connectivity, enabling users to be more productive and focus on the core business of selling insurance and servicing their insured.
“The personal lines market has become increasingly more complex, requiring insurers to expand their products and distribution channels to further enhance their business value,” said Jeff Purdy, senior vice president of International Operations, Applied Systems. “Through this partnership, ABACUS will be able to expand their distribution channel and provide our brokers with competitive products and premiums, delivering benefits of business growth and customer satisfaction across all key stakeholders of the value chain.”
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