UK Based Insurance Centre
to speak to a real person call
0844 338 68 88
Misys Reports Increase in Broker Specific Schemes
Misys has reported a 20% increase in the number of broker specific schemes being developed over the last six months. There are now 160 broker specific schemes on the Misys quotation engines, in addition to 550 open market schemes.
The increasing demand amongst brokers to trade individual schemes on an EDI basis is in part due to Motor Insurance Database (MID) requirements. Currently, 95% of all vehicle data must be delivered to the MID within 14 days. With targets tightening over the next two years, brokers are increasing their use of EDI to ensure compliance with the MID.
MCE is the latest broker to develop a range of EDI bike schemes with Misys. The first went live with AXA this month and will be closely followed by NIG and Norwich Union.Michael Edwards, Director, MCE Insurance, said: "Moving our schemes from manual to EDI has significantly improved our business processing. It also enables us to meet MID requirements. Currently 21% of policies are traded via EDI and we plan to grow this to over 85% by the second quarter of 2006.
"Misys has both the EDI functionality and insurer relationships to enable us to achieve these objectives and to replicate the efficiencies of trading in an open market environment. The speed at which they have delivered and the ability to quote schemes on the web using the technology, have particularly impressed us. Our American car schemes are next on the development list."
Mark Ryder, Commercial Director, Misys General Insurance, said: "In today's competitive market, it’s important to continue to help brokers reduce costs and improve service across all of their business. The fact that we have seen an increase in broker specific schemes reflects not only broker's commitment to electronic trading, but the industry's as a whole. The MID is just one example of an organisation no longer happy to accept delays in the processing of data."
- Compare Bike Insurance
- Scooter Insurance
- Moped Insurance
- Quad Insurance
- Trike Insurance
- Motorbike Insurance
- Motorcycle Insurance
MCE Insurance is a division of M C Edwards (Insurance Brokers) Ltd. Authorised and regulated by the Financial Services Authority(FSA). Members of the British Insurance Brokers' Association(BIBA) and Members of the Motor Cycle Industry Association(MCIA). Registered in England No.1232753
