Electronic covernotes via imarket available to all!
Electronic Covernotes via imarket
imarket is the UK General Insurance industry portal run by Polaris U.K. Ltd on behalf of the participating insurers. It aims to bring intermediaries and insurers together by creating the infrastructure via which brokers and insurers can trade efficiently, securely and effectively.
An initial study was carried out by Polaris to determine how best insurers could provide electronic covernotes to their intermediaries via imarket.
This service was seen to be of value for commercial lines, and of use for personal lines business where a broker's system was unable to provide a covernote.
Use of the service would ensure greater efficiency for brokers and reduce the costs to insurers involved in issuing and auditing cover note books. This functionality is known as Electronic Covernotes (ECN) and is accessed via inotes through the imarket portal.
What is the process?
In principle the process for brokers is as follows:
- Broker needs to be registered to imarket and passwords received
- Log onto imarket
- Selects an insurers ECD (Electronic Covernotes Document) request service
- Fills in an Xform (electronic template as per paper covernote)
- Submits to imarket
- Receives confirmation of request from imarket
- Receives email in inotes with covernote attached
- Opens email attachment
- Prints covernote, 1 page for customer and a second for broker
- Insurer receives an electronic covernote notification
What are the benefits of using this functionality?
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.
What Norwich Union products will brokers be able to produce electronic covernotes for?
- Private Car
- Truck
- Private Car Power Point Club (Electronic Data Interchange - EDI)
- Minifleet
- Your Van (including EDI)
- Premier Van
- Premier Bike (including EDI)
- Taxi
- Home and Drivers products - New entry!
What products are excluded?
CGU, CGUI and CGU Bonus products will not be included. Fleetwise, Collectors Car, London Taxi, Agricultural/Forestry including AIUA schemes will not be available but development time of these will be considered at a later stage.
What training information is available?
A training package called imarket ECN demo is available within the i-market system. This can be located in the following way:
- Products & Services
- Policy Servicing
- Covernote Request
- the link to the demo will now be displayed on screen under "Insurer Websites". The link is called "Dfqto ECN Covernote Demonstration"
- Select the link
What do brokers need to to do get registered?
The functionality is still currently in pilot but if you would like to take advantage and have the ability to issue commercial lines, or a personal lines covernote where your software house is unable to, then send an email to lewissg@norwich-union.co.uk, entitled ECN registration, confirming the following:
- Broker Name
- Agency reference (if known)
- Account Manager name
- Telephone number
- Postcode
- Staff names and email addresses
Contacts for brokers
- Angie Barber - 0116 202 6158
- Judy Gardner - 0121 696 6345
- Catherine Smith - 01132 081129
- e-broking support team - 01603 687666
- imarket helpdesk - 0845 225 5766
