Insurance Age - Soundbytes

Insurance Age - Soundbytes: "Soundbytes
Jim Gaskin, Financial lines manager, Zurich Commercial
What is Executive Assurance (EA)?
We developed EA as a response to a growing demand by brokers to access directors & officers (D&O) quotes more easily. It also reflected the simpler underwriting required for the growing small and medium-sized enterprise (SME) sector that enabled a rules-based quote engine to be installed online.
It is a modular product designed for SMEs and providing core D&O cover plus four additional options of corporate liability, pension trustee liability, fidelity and legal expenses. It provides companies looking to buy D&O cover with the chance to select other products to suit their specific business needs.
How will it benefit brokers, saving time and money?
The broker only requires the name of a company or its registration number in order to quote and if required, bind on line. Access is available 24 hours, 365 days a year with no requirement to contact the insurer with supporting information such as a proposal form.
Is the system easy to use?
The system is designed to be very easy to use with very few steps required to achieving a quotation and delivering a quote in less than five minutes. The broker is able to print off the quote in order to discuss it with the customer. As the quote is stored and easily retrievable, it can be further tailored according to the customer's wishes. A couple more steps allow the broker to bind the product which will immediately produce an insurance agreement and full policy documents are automatically sent out within a few days.
How is this different to other systems?
We believe this is unique in terms of the number of products offered online as other markets focus only on D&O. It's also been designed so that no proposal form is required. We have als"