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Target Markets Program Administrators Association Program Administrator Abacus Insurance Brokers, Inc. The insurance industry is becoming more Internet savvy. Insurance companies are realizing that partnering with independent online developers enables more brokers to purchase more insurance products online than ever before. The speed of online quotes and policy deliverance is vastly improving the public’s perception of insurance companies and their distribution plant. Brokers and agents are making it very clear that their ability to transact business online greatly improves their hit ratios and profitability. Abacus Insurance Brokers, Inc., is rapidly developing a reputation for effectively converting non-Web-based insurance products to efficient delivery via the Internet. Abacus is using its proprietary software, the APM Platform, to create a national footprint in the specialty program arena, enabling brokers to complete the entire transaction, including policy assembly and immediate download. Since the APM Platform’s initial release in 1998, Abacus has experienced sustained and consistent growth in its online delivery channel. The increased demand for immediate response is coming from brokers who are being pressured by their clients who no longer understand why the insurance transaction is so complicated and time consuming. This consumer demand is driving the increased automation effort. Darren Lewin, Abacus vice president, programs division, says, “Brokers are no longer willing to accept partial solutions but are insisting that technology enable them to complete the entire insurance transaction including policy delivery and payment by the customer at the same time. The APM Platform software development team has created software that provides a seamless transaction. The entire back and front office is now in the hands of the user of the system. The productivity gain is immeasurable. When brokers complete a transaction in two to three minutes, they increase their profitability and productivity and, in addition, enjoy the compliments of satisfied clients.” The Abacus/APM Platform current menu consists of 14 specialty programs from various A rated carriers. Programs are available to brokers in all 50 states, with some products available worldwide. Specialty programs include entertainment productions, special events, equipment floaters, movie boats and multimedia production E&O. Abacus’ latest offering is an annual events program, an industry first. Having pioneered online distribution for single events, “the annual event policy is proving to be another success,” says Lewin. He believes that the ability to declare events at binding or during the policy term via the Web is what makes this product unique. Abacus has several programs under development, which will be released to its broker network shortly. “We only release products after vigorous and thorough in-house testing that conforms with insurance company security and compliance requirements,” explains Lewin. Current expectations are the release of additional programs at the rate of eight to 10 products per annum. Abacus also customizes products for program managers and insurance companies. These products can be delivered through proprietary distribution channels or in tandem with the Abacus broker network. * |
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