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Special Section Sponsored by Target Markets Program Administrators Association Abacus Insurance carriers are on an aggressive hunt for premium growth. Retail brokers are trying to plug the income drain. Yet, the soft market is taking its toll, making growth and increased revenue elusive. The solution? Insurance industry professionals who will come out on top, even in a soft market, will do so by using web-accessible, technology-driven program managers. Those that don’t will see their growth and income dwindling as the competition passes them by. A leader in web-based program management and coverage space is Abacus.net, a Los Angeles-based retail and wholesale insurance brokerage and program manager that has created and distributed traditional and specialty insurance products online since 1998. Darren Lewin, Abacus.net vice president, programs division, sees a greater acceptance of online program management from carriers. “It’s becoming mandatory in order for carriers to stay relevant to their customers and agents,” says Lewin. “Plus, making better use of technology reduces costs and saves time.” Lewin views online program managers filling a need, especially when it comes to specialty niche coverages. “Insurance carriers were losing money when issuing coverages with small premiums,” says Lewin. “The cost to manage these policies just wasn’t worth it so many carriers simply stopped selling them. Now they are partnering with online program management companies to process these policies, particularly the transactional-driven niche programs.” Abacus.net offers such niche programs as entertainment production, special events, equipment floaters and more. Top-tiered carriers are partnering with Abacus.net, especially with regard to high transaction count programs because of Abacus.net’s online transaction technology. “The programs we develop are moneymakers because retail brokers do business with us in a completely web-based environment using our proprietary software, removing all subjectivity from the process and all the mundane, manual intervention,” says Lewin. “Previously, underwriters would have to evaluate each individual policy submission. Now, the policy goes through the automated process in minutes online. Carriers eliminate overhead costs and make money with even the smallest premium amounts. On the retail side, brokers can quickly access, bind and purchase a variety of coverages in minutes online where it once took days.” The Abacus.net business model has very little overhead. “The work is done in the setup, so after a product is launched, the economies of scale we achieve do not require staffing up as new programs are added,” says Lewin. “Carriers reap the savings and brokers write client policies in record time. Our emphasis is on streamlining the entire process. Brokers who use Abacus.net no longer need to go from carrier to carrier, filling out form after form, to find the best coverage for their clients. It’s one form, one url. The amount of time for a broker to create a policy for a customer has been cut drastically. The customer is happy because of the quick service. This gives brokers a huge advantage over their competition.” Online program managers, such as Abacus.net, also enable insurance companies to expand their market reach. “In minimal time a carrier can have its product distributed not only to its agents,” explains Lewin, “but have access to thousands of brokers nationwide in previously untapped markets with no learning curve required to sell the product.” Abacus.net offers coverage programs from only A-rated carriers. Most are available in all fifty states and many are available worldwide. “Since we’ve been in the online insurance and program management business for so long, carriers come to us to help them design and distribute their programs on the net,” says Lewin. Currently, 15 programs are available through Abacus.net including annual events, annual vendors and exhibitors, contractors equipment floaters, DICE/annual productions, entertainment equipment floaters, foreign productions, multimedia productions E&O, personal articles floaters, short-term productions, special event coverage, and wedding cancellation, with various others on deck. For more information, call Darren Lewin at 310-207-5432, ext. 118; E-mail: darren.lewin@abacus.net or visit www.abacus.net. → |
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