Growing in Commercial Lines is of key importance to AXA. When it came to us developing a new farm product, we knew that we could depend on Covernet to work closely with us in developing a solution that would support our ambitions. We had two simple asks of Covernet, firstly that any system be simple resulting in a smooth customer journey that made it easy to do business with AXA. Secondly, any system needed to be flexible and support the pricing and underwriting sophistication requirements to enable us to grow our commercial business profitably. Covernet delivered (and continue to deliver) for AXA in this regard, always meeting and often times exceeding our expectations.
Since launch, staff and brokers have consistently identified our simple and straight forward products and customer journey as one of the key differentiators for AXA. Covernet were the people who were able to deliver these things for us. This is evidenced by the more than 15,000 farmers who’ve made the switch to AXA Smart Farm since our launch!
It enables us to set parameters for risk control that would have previously been manual processes. Covernet’s system gives us the opportunity to dictate bespoke rules which can be embedded in the system.
One of our biggest risks is operating outside of the delegated authority granted by an insurer as this could lead to the withdrawal of the agency.
So the Covernet claims functions allow us to set up user profiles to manage authority limits in line with the insurer’s claims delegated authority, this control prevents any user from acting outside of their authority limit.
The system is used on various levels as a fraud prevention tool.
Plus, managing delegated authority for both claims and underwriting creates an inherent conflict of interest. So, to ensure our customers are treated fairly, we can restrict data visibility by using an individual user profile. This means Underwriters can only see the claims data which is necessary for them to carry out their underwriting function, in other terms - robust Chinese walls.
Covernet also enables us to react quickly to regulatory changes too. For example, we can make a high priority change to documents within a short timeframe, avoiding any regulatory breaches or extended lead in times in comparison with other software houses.
With Covernet, we can also develop our own Management Information for specific purposes such as regular MI reports or Ad-hoc MI to manage new risks.
ISMIS CORE enables quick, self-service addition of new schemes without the need for costly development. Plus, the CORE module gives staff in all Ibex’s retail branches quick and easy access to all of this ISMIS functionality for both Euro and Sterling Policies.
With ISMIS CORE, a simple set of screens enables the Underwriter to create a policy for new or existing customers by selecting the Insurer and the Scheme. Once transacted, the policy is immediately available within the following ISMIS modules:
“Developing a unique algorithmic rating engine to calculate premium and ensure underwriting qualifying criteria are met, ensures a swift service for brokers, and maximises the value of the underwriting team’s time.”
For more complex risks, custom broker submissions can also be processed through the digital portal to Dale’s underwriting team for review and pricing. Underwriters can also carry out complex adjustments and apply tailored endorsements to the policy, while enabling the broker to issue the risk and download pdf policy documentation from within the digital portal.
Dale casualty underwriter Chris Hootton added: “Our ability to deliver first-class products quickly, efficiently and with minimal manual processing is a key differentiator in an increasingly competitive marketplace. Covernet’s platform enables us to do all that, while also providing us with the all-important data analytics that are needed to inform our reporting, manage our broker relationships and monitor overall portfolio performance”.