New Safeco platform takes business insurance high tech. (Property/Casualty: Marketplace).Safeco recently roiled out a new way to buy, service and sell business insurance. The "efficient service and pricing system Noun 1. pricing system - a system for setting prices on goods or services system - a procedure or process for obtaining an objective; "they had to devise a system that did not depend on cooperation" ," or ESP (1) (Enhanced Service Provider) An organization that adds value to basic telephone service by offering such features as call-forwarding, call-detailing and protocol conversion. , is designed to streamline independent agents' tasks and allow them to increase sales. The automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. platform delivers underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. decisions and once-and-done pricing for small to midsize businesses. The automation frees Safeco's commercial underwriters to work with agents on more complex, profitable accounts. ESP is a three-part strategy involving automated underwriting, contact center-based client service and a Web-based new-business entry module. Safeco introduced two of the three components: * The client-service unit provides agents' commercial policyholders with policy service, endorsement processing, certificates of insurance, renewal questionnaires and direct-billing service. * The automated underwriting platform, a Safeco-based technology, provides agents with faster, more accurate pricing and underwriting. Currently, the system handles all Safeco business owners' policy renewals. Commercial automobile, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. and commercial multiperil will be automated in the future. The third component--the ESP interface, an Internet-based new-business entry module--will hit agents' desktops in the fall. This technology, when linked to the automated underwriting platform, brings the approval and pricing decisions directly to the agents' point of sale. |
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