A new version of the Dealer Point-of-Sale insurance quote and policy system issued by Dex IT, has been released. The new version enables comparative quoting and premium financing as part of an integrated system. Several other small enhancements on the previous version have also been included. Version one has been in operation for just over 16 months during which time, over 38 000 quotes were done by more than 250 users accessing the system via a browser front end.
True comparative quoting has enabled a second insurer to become part of the quote process. The system has been altered to capture some additional rating factors required by the second insurer. The quote process entails capturing all required rating factors and then applying the various rating methodologies to derive the premium. These premiums are displayed in table format, allowing the user to select the appropriate one. Factors such as area, age, NCD, make and model of vehicle and several other factors are all rated differently with niche target markets in mind. The system has been set up to allow additional insurers in the same way.
The system enables rates to be derived from both internal rate tables or from rating logic, which seamlessly integrates to insurer rate calculations. This enables the system to pick up new rates according to updates made by insurers to their rate calculators without requiring system changes.
Quotes are done on both annual paid upfront, annual financed and true monthly payments. Annual contracts with the option to finance the annual premium enables the user (by the click of a mouse) to provide financing as an option. The system will automatically calculate and print the relevant financing information required for finalising of the finance agreement. The system will then exchange payment information electronically with the financier for annual insurance payments. This is split and paid over to the insurer, commission where due and payments on add on covers where applicable. A separate financed agreement (policy) is created and monthly collections made from the client as repayment to the financier.
The client thus receives the benefits of an annual insurance contract whilst enabling normal monthly repayments. The user captures the information required once and the system will do the necessary processing. The above therefore provides an improved service level to the client whilst greatly simplifying the sales process to the benefit of the sales organisation.
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