Lloyd's insurance broker Maestro Tasker has begun using
a web-based collaboration tool that lets it communicate
concurrently with both client and underwriter and share business
applications in a secure environment.
Collaborative Workspaces was developed by Webb Technologies and
has received the backing of the British Insurance Brokers
Association.
Maestro Tasker is using Collaborative Workspaces to help
orchestrate the creation of insurance contracts. It enables
simultaneous contact with both parties to enable full transparency
while the final document is being drafted and finalised.
Last year, the Financial Services Authority challenged the
commercial insurance market to achieve certainty on contracts
within 30 days of their being signed. It gave insurers until
December 2006 to meet this target or else face the prospect of
regulation.
That challenge has led brokers to increasingly look for
electronic solutions to speed up negotiations and finalise policy
documentation. Paul Tasker, managing director of Maestro Tasker,
said "tactical solutions" were crucial to achieving more effective
communication with key parties.
"That way we ensure we are not a bottleneck in the process of
getting policies to customers."
He said Collaborative Workspaces offered a variety of tools to
let different parties share project information in real time,
including a web log facility, a customer relationship management
tool, a diary facility, a database and a contacts list - all of
which can be accessed via any web browser.
The software also has revision control built into it, which
means there is a full audit trail covering amendments to a contract
document available to all parties.
All the content is hosted by Webb Technologies and is protected
by 128-bit encryption.
Tasker said security was a priority and having the data hosted
off-site gave the broker the benefit of Webb's security and back-up
facilities, which were more sophisticated than their own.