29 October 2018 11:30
Photo : Unsplash
It is well known to brokers by insurance companies as the surety bond is not an insurance product traditional. This makes it difficult to integrate into the client databases in the industry.
Software association supplier advisory council, a provider of broker management systems (BMS) has decided to alleviate this problem by creating a specific module for this type of risk, explained its president and CEO David Larkin, the Journal of insurance.
The genesis of the creation of the module
How did the idea to launch this module is it coming ? She comes from a broker. Gaétan Boudreau is chair of the firm SC Solutions Deposit, which, as its name indicates, specializes in surety. It is, however, a subscription agency dedicated to this market, including Aviva Canada is a shareholder to the tune of 19 %.
Mr. Boudreau did not hide, he has a passion for the market of the bond. It is also one of the founders of the insurance company Orleans. It specialized in precisely bail and was sold in 2005 to The Unique general insurance.
Mr. Boudreau lamented always that the broker management systems do not offer a clean solution to the bond, allowing input of unique data. MESSRS. Larkin and Boudreau have crossed in a variety of industry events and over the course of their discussions, Mr. Larkin has decided to go forward with the project. Mr. Boudreau has been actively involved in the development of the module. It is also the first customer.
The problem to be solved
The peculiarity in the market of the bond is that there is not only the broker and the insurer, who must do the data entry. The contractor who needed a security deposit must also fill out an application, or the change itself. This involves a triple entry of data. And increase the risk of errors, that will fix the module Software association supplier advisory council.
Mr. Boudreau also believes that the module will enable the dealers to feel more confident in the face of their customers, construction contractors who need a guarantor. In Quebec, 10 to 15 large dealers are considered experts in the market of the bond. Then come a variety of brokerage firms that carry business insurance and who needs casual bond. It is to them that will benefit the module developed by association supplier advisory council, believes Mr. Boudreau.
The module developed by association supplier advisory council will therefore enable brokers, insurers and entrepreneurs of change requests relating to a deposit at the same place. The module can also be used on mobile devices, such as a phone or a tablet.
“Everyone will have access to the same data up to date. There will not be a multitude of versions of the same application that are circulating, ” he said.
The clients of association supplier advisory council will be able to integrate it into their broker management system. Firms that are not clients of association supplier advisory council will buy it.
Reduce the risk of errors
Mr. Boudreau added that the modulus reduces to almost zero the risk of error induced by the triple entry of data. It should not be forgotten that in suretyship, the risk of error can be serious consequences, ” he said. A single error in data entry can deprive the contractor of his surety, even going so far as to make him lose a project on which he had been chosen as the lowest bidder.
“Brokers are aware of it,” said Mr. Boudreau. Many are fearful of handling requests for security for this reason, says he also. They feel lacking, which means that they are afraid of the product. The module developed by association supplier advisory council will bring them a peace of mind.
The official launch of the module association supplier advisory council will be next week in the framework of the congress of the Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ). Mr. Boudreau will also be present in the kiosk Software association supplier advisory council for a demonstration to his fellow brokers.