Solution for the files headache

Like any initiative that promises fundamental change in the way a market works, imarket risks raising expectations in theory that it will struggle to match in practice. Doubters point to the small number of integrated products launched so far and conclude that imarket is not delivering. Slow progress breeds frustration and the previous failure of other e-business initiatives encourages scepticism. Yes, we have some way to go but we have already come further than many people realise or ever expected.

The use of imarket has more than doubled this year and in the next few months new developments should do a lot to win over the sceptics. So what does the short-term future hold?

More user-friendly

Crucially, we have now reached the stage where feedback from brokers who are using aspects of the imarket system is starting to play an important role in shaping its future development. imarket and Polaris have established a variety of channels through which to gather and act upon feedback from brokers and this input is shaping forthcoming developments. These include the re-designed data capture forms (X-Forms), electronic cover notes and changes due to be made shortly to the imarket website (www.imarketinfo.co.uk), including improved online broker training resources. Broker feedback has also led to the introduction of changes to the way brokers use their iNotes accounts that make the process simpler and more user-friendly.

One requirement repeatedly highlighted in broker feedback is the importance of achieving true, full-cycle functionality. Mid-term adjustments and renewals are the lifeblood of many brokers' businesses and everyone involved in imarket is acutely aware of the need to make rapid progress on this. We are working collectively to make sure we deliver this within a reasonable timescale. Our focus is on developing a solution that will not require brokers to re-key any data.

A huge project such as imarket is not something you can switch on fully formed on day one. Inevitably we will have a transitional period in which not everything quite joins up and extra work is required to bridge those gaps. We are doing all we can to minimise the extra effort brokers have to make to start experiencing some of the benefits of imarket. A good example is the significant investment that Polaris is making in updating the X-Form data-capture forms to make them more interactive, less like paper forms and generally quicker and easier to work with.

While for many the panacea is integrated trading with no re-keying, the investment recognises the important role X-Forms play for brokers who cannot, or choose not to, access this functionality through their own back-office systems. In many cases, insurers offer automated quotations for data entered via X-Forms. At Royal & SunAlliance, both our Office and Shop products are available this way for brokers not using one of the software systems integrated with imarket.

Enthusiasm varies

There is a common perception that brokers remain sceptical about imarket. Some commentators seem to interpret the shortfall between where imarket is heading and where it is now as evidence that it will not ultimately achieve its aims. This matters - because if brokers communicate a lack of enthusiasm or low expectations of imarket to their technology providers it can give the software houses an excuse to de-prioritise the work needed to move the project forward.

Focusing on the negatives can also create an atmosphere in which fears blow up every time an insurer is said to be reviewing its commitment to imarket. Insurers have to look periodically at these things but last time RSA did this we decided to accelerate rather than rein in the development process. There is no doubt that the commitment is there from insurers. They are not going to junk their established extranet e-trading platforms overnight - but that does not mean they are not committed to the success of imarket.

Some of the more cynical views we hear often come from people who are not directly involved in the transactional side of the business and so are not representative.

Within most brokers' offices there are individuals who are comfortable with and enthusiastic about e-enabled broking and spend much time productively on insurers' extranets - even if it is not always via imarket at this stage. These people tend to take a much more positive view and understand the benefits of - for example - being able to get in at 8am and get quotes and start solving problems straight away rather than waiting until 9am to join a phone queue.

The degree of enthusiasm also varies considerably from broker to broker. There seems to be a strong correlation between brokers who are starting to make successful use of direct marketing techniques in the commercial arena and those who are positive about technology and e-enabled transactions.

Most customers still find their brokers through recommendation but some brokers are now showing that direct marketing can work in this market and they tend to be the same ones making smarter use of technology. Combining the two can significantly reduce the cost of growing your business through customer acquisition. Brokers are far more likely to lose commercial clients to other brokers than to the direct market and the significant dividing line in this market is between those who rely on traditional methods and those who are pushing on to a new approach.

Bespoke products

The idea that imarket will tend to standardise insurers' product offerings or make them less flexible does not hold water. E-enablement lowers the cost of bespoking products and the experience of working with some of the larger, more forward-thinking broking organisations shows that they clearly understand this. imarket will make it easier for us to deliver bespoke products more quickly and professionally than before.

Fears that imarket will diminish the personal relationship aspect of the broker-insurer interface are equally unfounded. Early experience supports the opposite view; time saved on routine administration can be reinvested in better serving clients' more complex cover and risk-management issues.

Equally, e-enabled trading makes it easier for brokers to access niche and specialist products such as professional indemnity and directors' and officers' policies than in a traditional environment where accessing the right product at the right price could involve countless phone calls and much searching around. Both products will soon be available as X-Forms via imarket.co.uk, offering brokers the facility to request quotations from multiple insurers.

Rather than focusing on what imarket does not yet do, it is important to focus on what is already in place. With all the attention on automated quotations and straight-through processing it is easy to undervalue benefits such as the range of documentation available online.

Brokers can now download most documentation as portable document files - often searchable - rather than having to phone the insurer and wait for something to be put in the post. Then there is the benefit of working within a secure, e-mail environment, which has to be important when communicating sensitive client information. There is also the ease of navigating your way around insurers' specialist units - and some brokers are starting to see the benefits of powerful new functionality, such as claims tracking, that is now at piloting stage.

imarket is further down the path to delivering on its promise than most people seem to recognise.

Jim Noakes, Distribution leader, Royal & SunAlliance

IMARKET TOMORROW - COMING SOON

New data capture forms

Data capture forms on imarket are seen by many brokers as too long and complicated. imarket is now actively working on a new design that will make them much quicker and easier to use, together with more intuitive navigation and less cluttered screens.

Electronic cover notes

This service, currently being piloted by Royal & SunAlliance, Norwich Union and Allianz Cornhill, removes the need for covernote books by enabling brokers to produce time and date-stamped covernotes at point of sale for motor business. The covernotes are printed rather than handwritten and the insurer is automatically notified of their issue.

Full cycle functionality

MTAs and renewals are the lifeblood of many brokers' business. That is why mid-term adjustments and renewal processes have now been agreed with insurers and software houses. Insurers are now actively planning their implementation.

Better training for brokers

imarket has produced a series of animated 'how to...' training demos explaining how a typical imarket transaction works and showing how to access the various different services on offer. The demos will show the software as it is being used on screen with a voiceover explaining what is happening and will be available on the www.imarketinfo.co.uk website. Brokers will also be able to print off step-by-step guides to file and keep.