Australian insurer CGU Professional Risks Insurance has launched a new Internet Quoting System (IQs) service which allows proposals to be completed and tracked online.
The service is a real-time auto-rating system for professional indemnity, directors' and officers' and employment practices insurance. It allows intermediaries' clients to log on to a secure system and complete their own business details and attach financial statements. The system then emails the intermediary to tell them this information has been provided.
Jun Acance, manager, CGU Professional Risks Insurance, says: "IQs streamlines the quoting process by reducing inefficiencies, overhead costs, and time delays, allowing intermediaries to focus on servicing their clients' needs."
Initially all quotations generated by IQs will also be reviewed by an underwriter. Almost all referral quotations for SMEs will be processed within one business day. Larger more complicated submissions will be responded to online.
The service will be rolled out in New South Wales and Queensland on 21 and 22 November 2001 respectively, Western Australia on 29 November 2001 and Victoria on 6 December 2001.
"After an initial six-month period, we envisage the vast majority of IQs quotes will be processed almost instantaneously," says Acance.