The auto-rated cover, specifically developed for UK private limited companies, went live at the end of September and is available on a stand-alone and add-on basis. It will offer quotations and allow brokers to accept cover of up to GBP10 million for firms with a turnover or assets of up to GBP150 million. The policy is based on ACE’s flagship D&O Elite 3 wording.
The system will enable brokers to receive quotes, using a short system-based application form with a minimum number of questions, and then bind online. Once bound, brokers will receive the documentation by email. The system will also enable brokers to renew cover electronically.
Brokers will also have access to ACE’s D&O underwriting unit focused on private companies should there be any questions or queries on the risk.
Mark Whitehead, ACE European group’s e-commerce manager commented, ACE is focused on improving the efficiency of the sales process. Less time and hassle in quoting, binding and delivering D&O policies online will reduce the work burden and increase broker revenue and margins.
