Insurance software house Transactor Global Solutions Limited (TGSL) has enhanced its policy processing and accounts suite with innovative mid-term adjustment (MTA) functionality for cascading MTAs. As well as standard risks, the new software caters for multi-entity risks such as fleets, landlords and collections.
The solution is being piloted by a Transactor broker offering ‘in flight’ premium adjustments via a browser to taxi, courier, and motor trade clients, both direct and in B2B mode. The new facilities are built in to TGSL’s 6.3.1 release of Transactor.
Ian Blakesley, Chief Technology Officer, TGSL, said, “This is an important onward development of Transactor’s core offering. We believe our approach is unique and provides our clients with cost management options regarding sub-agent and direct business processing. Previously, Transactor users could automatically or manually create temporary or permanent MTAs on the website or in the enterprise, but there was some manual intervention required during the renewal invitation period, and also where the potential effective date of a pending MTA post-dated another transaction. This got quite complicated around multi entity risks in particular. This has now changed.
“One of the scenarios where automated cascading MTAs will come into its own is when a broker wants to provide its clients (or sub-agents) the ability to process changes to the policy at any time of day and night, in real time, out of sequence - and have all the transactional changes done automatically behind the scenes. It will introduce great service benefit options into the relationship, and potentially drive substantial costs out of the enterprise, an all round positive experience.
“The start point for any Transactor development is it must be configurable, and it must be capable of being deployed in both manual and automated modes. Cascading MTAs has been no different and that is what we have done.”
The new functionality will be deployable across the whole range of devices that a Transactor client may want to support, on any browser and in the enterprise. Cascading MTAs add depth to the comprehensive suite of transactional web services that TGSL has already developed, including new business, renewal, lapse, cancellation, and re-instatement functionality. Cascading MTAs is fully integrated with Transactor’s real time data aggregation (enrichment) applications, and accounts and claims management systems.