Benefits of Electronic Covernotes
The process takes a matter of minutes allowing brokers to produce professional covernotes, and by adopting a more efficient business process, brokers will be able to eliminate the need to send hard copy covernotes to insurers.
- Professional document : Particularly for non-EDI environments the ECN service provides a quality, laser printed document to give to the customer rather than a hand-written cover note from a cover note book.
- Mirrors existing processes : Data requirements and layout reflect the cover note book experience meaning that staff training is minimal.
- imarket access controls : The intermediary can control access to the cover note service by means of standard imarket authentication. Untrained or inexperienced members of staff can be prevented from unsupervised access to cover note production facilities.
- Reusability : Data submitted using the ECN service can be saved by the intermediary and then reused as a template for future requests. This is especially useful for :
- Accelerates the policy issue process : Data is transmitted to the insurer directly at the time of issue meaning that policy production will be based on data directly keyed by the intermediary.
Correcting keying errors
Obtaining cover notes for multi-vehicle or fleet policies
Continuation cover notes
The result is a lower incidence of error rates in non-EDI based motor business and faster delivery of an accurate policy document to the proposer.
Watch out for Polaris communications around broker incentives for users of electronic covernotes.
