As part of its e-commerce strategy, the UK segment of insurance group ACE European has launched a new online agency agreement, which will enable larger numbers of brokers to trade more easily with the company through a range of e-commerce distribution platforms.
According to ACE, the new agency agreement, which is targeted at small to medium private limited broking organizations, will provide brokers with increased access to a broad range of products through a number of distribution channels, including ACE Online, software houses such as Acturis and Sector Net and also iMarket.
ACE said that it has also simplified the financial settlement and accounting process, by working with Premium Credit Limited to develop a scheme that significantly reduces the finance and reconciliation processes.
Mark Whitehead, European e-commerce manager of ACE, said: ACE’s traditional agency process was created to support high value policies with an enhanced degree of customization. However, the online market is focused on smaller, more standardized products.
Mr Whitehead continued that the company now has a number of online distribution channels, providing smaller regional brokers with access to products such as directors’ and officers’ liability insurance, professional indemnity insurance, business travel insurance and environmental liability insurance. The new online agency agreement supports our e-commerce offerings by streamlining the process of trading with ACE, he said.
The online agency agreement requires brokers to be directly approved by the UK Financial Services Authority.