The following article was written in association with Open GI.
Policy Administration Systems (PAS) are an essential weapon in the broker arsenal and the best are designed to help brokers overcome the many challenges they face in the current marketplace. Day-to-day brokers must juggle regulation, pricing, access to insurers and battle to keep customers happy.
“Market conditions are tough,” noted Open GI’s chief customer officer, Michele Munn (pictured left), in conversation with Insurance Business. “Brokers need access to strong digital propositions, including pricing tools and enrichment services, to stay competitive.”
Open GI’s key offerings are Core - a premises-hosted PAS with cloud hosting options - and Mobius, which is cloud-native. Both offer access to a wide range of insurers and products across personal and commercial lines. As Munn pointed out, access to panel is a key challenge for the broker community so a PAS with 200 products and a panel of 65 insurers helps to solve that problem.
Effective client management, meanwhile, is the backbone of any successful brokerage. Open GI’s platforms are designed to streamline and automate client management, ensuring that brokers can deliver personalised and timely services. Munn explained. “Our systems automate processes like mid-term adjustments, policy binding, and documentation, significantly reducing manual workload and costs.”
Neil Hart (pictured right), chief sales officer at Open GI, recalled the recent acquisition of HUG HUB’s digital platform which enhances Open GI’s digital self-service capabilities. “The platform allows us to create personalised digital self-serve portals for quote, buy, and mid-term adjustments,” he said. “This customisation and flexibility is crucial in today’s digital trading environment.”
Access to markets and avoiding the need to use different portals for quotes and entry is crucial; these functions should be available directly within the back-office system for maximum efficiency.
Additionally, client verification, fraud checks, and sanction checks, are integral to a broker’s due diligence. These solutions are fully integrated into the Open GI platform, unlike many other industry offerings.
This is all underpinned by robust data security. “There’s been a lot of press around ransomware attacks and the need for brokers to protect their data,” Munn pointed out. “Our platforms prioritise data security, having Cyber Essentials Plus accreditation underpins our commitment to keeping customer data protected and secure.”
On top of product and insurer access and client management tools, brokers also need add-ons such as pricing tools and enrichment services. The way brokers use their data to develop customer insights can be instrumental in their success and there is a lot more brokers can do with data if they are supported to manage it effectively.
“Data is pivotal for brokers to remain competitive,” said Munn. “Our systems provide insights into quotability, market competitiveness, and product performance, enabling brokers to make informed decisions and negotiate better with insurers.”
By offering a comprehensive view of customer interactions and market trends, PAS platforms empower brokers to tailor their services and optimise their outcomes.
Open GI provides ratings data so brokers can assess how competitive they are within the market. This data information allows them to investigate how the products they are recommending are performing compared to others. By understanding where they may not be as strong, brokers can make informed decisions and negotiate with insurers to gain better market access. The ability to see and analyse this data is pivotal to their success.
Hart added: “We’re always thinking about how our brokers can use their data so it’s both accessible and secure. We want brokers to be able to use that data to make the best decisions possible. Access and visibility of that data is something we talk about quite a lot at Open GI.”
Brokers with a flexible and open PAS system also find themselves able to take advantage of new capabilities such as AI and data analytics tools. Hart highlighted the flexibility and integration capabilities of the software house’s platforms.
“Given the rapid pace of technological advancement, especially with new AI and modern solutions emerging quickly, we want our brokers to be able to tap into these innovations seamlessly,” he said. “This openness is a key aspect of our approach.”
Hart emphasised: “Our approach is to make it as easy and effective as possible to get our brokers access to the best systems out there, especially with the rate of change we’ve got now. New solutions are being created all the time, and we want our brokers to be able to tap into that. That openness is something that we’re very, very keen on.”
As an example, Open GI has invested significantly in AI capabilities, alongside digital and connectivity investments, aiming to automate many tasks that brokers handle today, moving them to a self-service model for consumers. This allows customers to make changes online and renew their policies, reducing costs for brokers and enhancing the customer experience by providing immediate service without waiting for office hours or the availability of representatives.
Brokers often cite the cost and upheaval as reasons for not moving software houses but it doesn’t have to be as daunting as many anticipate, and the long-term benefits far outweigh the initial costs.
Hart pointed out that there are costs associated with running older, legacy systems due to inefficiencies, overheads from using older technology and opportunity costs, which are obstacles that prevent brokers from maximising market opportunities and moving quickly for competitive advantage.
“While transitioning from one system to another does require time and investment, Open GI offers commercial flexibility in deal structures,” Hart noted. “We believe our success is tied to the success of our brokers, so we don’t impose large initial costs that create barriers to entry.
“Instead, we offer multiple models that allow for cost spreading over the longer term of the contract. Commercial considerations shouldn’t be a barrier to exploring new systems. Each company’s needs and growth aspirations are unique, and our approach is tailored accordingly. While transitioning systems is a significant decision requiring time and resources from both sides, it shouldn’t prevent a conversation about upgrading to a more efficient solution.”
The results speak for themselves and the Open GI platform has earned rave reviews – with an average customer rating of 8.7/10. “Our partnership with OGI works brilliantly,” said Tony Fehily, of Greenlight Insurance Services. “Together, we listen to one another, collaborate, and try to push the boundaries with our broker technology. Their latest broking platform allows our business to grow, and not worry about the future.”
There were similar comments from Gerry Bucke, of Adrian Flux Insurance, who described the software as “extremely user friendly and efficient”, while Nicolas Palacios Capurro, business development executive, Capurro Insurance, noted the system, “made us more agile in what is now an increasingly digital market.”
‘Insurance is a real community and served by relationships. We’re here to provide technology to smooth out that process and help our brokers lead in a competitive marketplace, “ Hart concluded.
Learn more about Open GI’s CRM systems, and additional offerings for brokers, now.
