Broker schemes on the rise

Software house Misys has seen a 20% increase in the number of individual broking schemes being developed over the last six months.

Misys reports there are now 160 broker schemes, in addition to 550 'open market' schemes, on the Misys quotation engines, including MCE, which has developed a range of electronic data interchange bike schemes, to be underwritten by Axa, NIG and Norwich Union.

A Misys spokesperson said brokers were more likely to trade individual schemes on an EDI basis partly because of the demands of meeting the 14-day data deadline demand of the Motor Insurance Database.

MCE was also the first broker to go live with an electronic premium finance initiative offered by a partnership between Finsure and Misys.

In a week's trading during the pilot, MCE sent £160,000 of premiums through the system. The company is now planning to transfer all of its monthly instalments to electronic premium finance. Customer transaction and bank details are sent to the finance house and payments are returned via an EDI message, updating the Misys system.

Michael Edwards, director at MCE, said: "We expect the volume of premiums through the software to increase substantially in line with the growth of business."

Meanwhile, specialist broker Footman James has invested in Misys software to cater for schemes, SME business and trading online. For example, OASys Commercial will support their commercial book, while OASys E-Quotes will help Footman James trade much of their business online. Footman James is using Scheme Toolkit for front-office applications to quote and administer schemes such as motor trade.

Paul Matthews, managing director at Footman James, said: "Automating our routine processes is a major focus for Footman James."

Chris Guillame, research and development director at Misys, commented: "Like many of our customers, Footman James is keen to work with fewer and larger suppliers."