Fact or fiction?

FICTION

There is only one way to get new business quotes using imarket.

Fiction: You can either use imarket as a short cut through to insurers' extranet quote services or you can access comparative online quotes for 11 commercial classes by filling in a single data capture form - an X-form - on the imarket website. Shops, tradesman, hair and beauty, offices and surgeries, commercial combined, small property owners, fleet, commercial vehicle, pubs, restaurants and hotels, professional indemnity and motor trade are all available in this way.

Brokers are denied access to imarket if their password expires.

Fiction: Following feedback imarket has recently added a 'grace' login. If you do try to log in after the allocated time to change your password has expired, you now have another chance to log in and reset it yourself. Pop-up reminders warn you from 10 days before the password is due to expire.

You can only get quotes with imarket, not MTAs or renewals.

Fiction: While imarket currently supports quotes and new business, mid-term adjustments and renewal processes have now been agreed with insurers and software houses and their implementation is in progress. Where insurers already offer these services on their extranet, you can also use imarket as a short cut to click through to them.

You never know when a comparative quote is returned because they go to an iNotes inbox, not your usual e-mail inbox.

Fiction: You can have an iNotes 'mail notification' message automatically sent to your usual e-mail account to let you know each time an insurer responds.

imarket only handles small risks.

Fiction: Commercial combined and fleet business has been traded on imarket via single data capture forms for over 18 months. This year will see such complex classes available for trading directly from broker software house systems via imarket. Where insurers already offer quotes for larger risks on their extranet, you can also use imarket as a short cut to click through to them.

imarket can't handle schemes.

Fiction: imarket handles schemes by using amended private versions of the existing products. It is also populating a schemes library on imarket for brokers to promote their sub-broked schemes.

FACT

You can access all the participating insurers' extranet services with one click from the www.imarket.co.uk website.

Fact: Once you have logged on to imarket you can click through to the services available on each of the insurers' extranets, without having to go through all the individual insurers' security sign-on procedures or remember different passwords. You can access all the usual insurer extranet services such as claims tracking, mid term adjustments and stationery ordering in this way. You can also set up to 20 short-cut links to your favourite or most-used services.

Brokers with the right software can submit requests for new business quotes to participating imarket insurers directly from their office system without any rekeying.

Fact: Insurers are already offering fully integrated trading via Acturis, Open GI and Sirius and the list of products is growing every month. The same functionality will also be available in due course for users of Insurecom and Software Solutions Partners.

Brokers think the data capture forms on imarket are too long and complicated.

Fact: That's why imarket is actively looking at a new design for its data capture forms which will make them much quicker and easier to use.

Brokers are conducting over 25,000 transactions every month on imarket.

Fact: More than 2500 broker firms have now signed up to imarket - that is around 70% of the total broker community. With 10 of the UK's leading insurers and underwriting agencies on board, brokers using imarket can access nearly 80% of the total UK commercial insurance capacity - excluding the London market.

imarket saves brokers time and effort.

Fact: In research conducted by Acturis, imarket has been proven to offer a 30% cost reduction for brokers using imarket via their software house systems in recouped administration time. Offering brokers a single sign-on to numerous insurer extranets removes duplication of effort, while single keying improves the accuracy of documentation.