AXA goes full cycle on tradesman product

Imarket has gone live with full cycle trading for brokers with the completion of renewals for AXA’s tradesman product.

London-based software house Acturis has instigated the move and is now set to roll out full cycle trading for other AXA products in the coming weeks.

“Taking the imarket products to full cycle is an important step as it enables brokers to manage these package policies electronically, end to end, within the Acturis system without manual intervention from an insurer,” said Theo Duchen, Co-Ceo of Acturis.

AXA and Acturis launched real time electronic mid term adjustments (MTAs) on seven SME product classes via imarket earlier this year.

The successful implementation of full cycle on Tradesman now paves the way for this functionality to be rolled out across Shops, Office & Surgeries, Hotels Pubs & Restaurants and Property Owners, giving a complete trading solution for Acturis users trading AXA’s, and subsequently other imarket insurers’ package business electronically.

“We are very happy at the pace of development and the impact that it is having with our broker base using Acturis,” said Jillian Watt, Distribution Development Director of AXA.. “This is another imarket first for AXA and Acturis, with more to follow.”

Martin McLachlan, Managing Director, Polaris UK Ltd, added: "Electronic trading of MTAs and renewals brings major benefits to brokers by reducing processing time, avoiding rekeying and improving the accuracy of the information used. Extending imarket processes to cover these aspects of the business cycle allows brokers to carry out the entire business process from within a single streamlined system. This progression to full cycle trading is a crucial development in imarket’s evolution.”