Developing our Acturis Proposition
Investing in our e-trading proposition is highly important to us at Covéa. Throughout 2021 we made significant improvements to our products on the Acturis platform, to increase our product’s straight-through quote rates and in turn reduce the amount of quotes that were referring.
In 2022 we are looking to go even further and push the boundaries of current e-trade norms to make the process quicker and easier for you – our brokers.
Trades and Professionals
We are making improvements to our Trades and Professionals product, automating endorsements to enable us to remove certain referrals. This will mean you should have more confidence quoting the product without the need to contact us. We are of course always still here should you need us! This is due to go live in April.
Offices and Surgeries
We will be making significant changes to our Office and Surgeries package product. Our intent will be to remove around 50% of referrals on this product, making our footprint clearer and allowing more risks to be quoted by the system as opposed to requiring you to refer it into us and wait for a response. This is scheduled to be implemented in May.
Big impact changes
The biggest impact of the year will be the addition of two items into our products:
- Minimum premium for referrals.
This means that should a quote refer and is below a set premium, it will instead decline. We are implementing this change because we are opening up the rulesets on the products ensuring those cases within our appetite go straight through to quote, all to make sure that using Covéa whether it is on the Acturis platform or Covéa Insurance Online is as efficient as possible. This will also enable our underwriters to get back to you on the cases you want answers on much quicker ensuring we maintain the best possible levels of service.
- Automating flood terms across our products
For New Business in some instances Covéa will be offering terms excluding flood cover. This will be clearly signposted with significant flags in the quotation process. The exclusion will be shown within both the covers section and excess section for each property on the Schedule. This will be going live late April / early May.
Why are we doing this?
We understand that customers with properties in high risk flood zones may not always be able to get quotes on e-trade systems with Insurers declining to quote. Often, these customers know and accept they have to seek specialist flood cover elsewhere or carry the risk of flooding themselves. But for other perils there is no reason why these customers should not get the same speed of service as everyone else. Covéa will therefore be offering an obtained quotation ready to bind (subject to other referrals) that excludes flood cover on those properties where we would have previously referred or declined to offer terms. This will save you significant time in referring to our teams only to be advised that we will not be able to cover the peril. You can now potentially offer your client terms within a single phone call, helping you improve your conversion numbers and quote turnaround times.
We hope you feel the benefit of these changes and it makes your e-trading experience even more efficient. We will be introducing more changes as the year goes on, so keep a look out for these in the coming months.