Insurance Age - Imarket Q&A

Insurance Age - Imarket Q&A: Imarket Q&A




The industry initiative imarket is an e-commerce portal that offers intermediaries access to a broad range of insurer products and services, such as insurance product quotations and claims tracking, via a single sign-on to the portal. The initiative has been up and running since 2003 and has faced many ups and downs along the way. However, it has managed to attract the backing of a large number of new insurers and software partners since its inception. Insurance Age spoke to Chrissie Jenkins, managing director of Country Life Insurance Brokers, to find out how she uses imarket, the benefits it brings to her business and how it could be improved.

When and why did you first sign up to imarket?

We initially signed up to imarket in March 2005. I had attended an Open GI/Countrywide conference and there was a presentation on the imarket system and how it worked. One of the main attractions for us was the fact that it promised to deliver quotations almost instantly, this was important as we were - and still are - struggling to compete with the direct writers. In the past, it was taking us up to five working days to get a quote, whereas the direct writers appeared to be able to provide quotes instantly to our core area of small to medium-sized enterprise businesses. It felt like the way forward for us and was being hailed as a great new innovation in technology, so we happily signed up.

How did the set up of the system work?

Firstly, we had to register to the imarket system and after this had been done we were sent two discs - one that enabled us to load up the system and the other to provide training to members of staff. I have to admit that I found it a bit of a nightmare at first, as I am not very patient and did not find it a clear system to use. That being said, they do have a very good helpline number that has always been able to answer any questions that we had. My colleague, who uses it more than me, likes the system and finds it easy to use, as she uses it on a regular basis.

What type of business do you conduct on imarket?

We started by placing quotes on shops and hairdressing risks but then expanded our usage when new products started to arrive. We also use the system to place self-employed public liability quotes, as well as offices and goods in transit business. What I do find very frustrating, however, is the fact that we are never sure when new products have been launched. Although there is a section on the home page for this information, I feel that it would be much more useful to receive an electronic newsletter that highlights the launch of new products on the system. It is also true to say that some insurers are better at keeping us informed of new launches than others.

In your opinion is there any way that imarket could be improved?

One of the main issues for us is that we are still having to wait for insurers to respond to our quotes, and there is a big difference in the level of service from the various insurers on imarket. We find that, in our experience, Axa is one of the best insurers in regards to imarket and its response time.

I don't mean to sound negative, as I think that the idea is an excellent one but one of my other bugbears is the log on system. People like me, who are very busy and can be impatient, can find the log on system and the navigation difficult. One problem is that if you do not log on for 30 days you have to reset your password again, as you get locked out of the system. I don't think that there is anything so top secret on the system that this is necessary. I also have two passwords - group administrator and individual - but I feel that these should be combined to make the use of the system easier. I just want to be able to go online, get my quote and get out in one easy swoop.

My one other comment would be that when you get a quote it is not obvious where to go - the navigation could be easier. There could be better presentation and I would like to see certain factors, such as occupation and area, that decide if insurers are going to quote or not at the beginning of the quotes, in case it is going to be declined straight away, rather than going through a big chunk of the process first.

How has imarket and the way you use it changed since its inception?

There are many more products available on the system now than there were when we first signed up. I have to admit that it was quite basic in the beginning - especially when you consider how far it has now come.

What else - if anything - do you use the system for?

Just mid-term adjustments, however, I do know of other brokers who use more of the whole system. I think that we would be happy to do this if we had more free training on how to use the other functions, for example, I would be interested in handling my claims functions on imarket.

What do you think is brokers' perception of imarket?

The ones that use it regularly really like it. However, it is my opinion that the ones that use it occasionally will still continue to do that, unless the information coming from the system is better quality. Brokers need to be confident that they will get a quote straight away.

How do you find the insurers on imarket?

Once the Axa system gets going it is very good but other insures ask a mammoth amount of questions - this could be streamlined. It is also true to say that many insurers take a long time to come back with a quote and sometimes it is quicker to call them. I think imarket needs to put more pressure on its insurer members to add on more products and streamline the question sets.

What advice would you give to brokers who are thinking of trying imarket?

Although some brokers have given up on imarket I think we have stuck with the concept as we know that it is a good one. Brokers should take advantage of any training that there is and go through the discs that are provided in as much detail as possible. I would also recommend that they test the system for a month and then go back to imarket with their feedback. Using the system on a regular basis will also make it easier.

Name of firm: Country Life Insurance Brokers

Number of staff: Six

Size of business (GWP): £2m

Established: 1985

Company history: Established in Buckinghamshire in 1985, the business has been built on a service-oriented philosophy to encourage clients stay with it year after year.

Company ethos: It has an independent approach based on providing excellent service and sound advice to businesses. In an ever-changing market place, much of the insurance world has forgotten that they operate in a service industry - at Country Life it is the customer, their business and their family who come first.