Groupama Insurances has made its first e-traded product live for full-cycle trading on Open GI, Acturis and Insurecom.
Optima Property, Groupama’s online commercial property owner’s product, is now live for full-cycle trading on the three software houses, while Optima Trade Plus, a policy for micro SMEs, is available on Acturis and Insurecom, with Open GI to follow later this month.
According to the firm, integration with SSP will also take place by early 2013.
The insurer claims that the development puts it ahead of many of its competitors because until now, broker friendly e-trading systems have been operated by individual insurers via their extranet sites, while comparison sites have provided brokers with access to multiple insurers for package products.
However, generally, these systems have not integrated with brokers’ systems – meaning duplication of effort and higher costs.
Groupama’s commercial lines director, Malcolm Smith, comments: “For the first time, brokers have a seamless solution for online trading within their existing software systems.
“With the first of our SME products now live, the way is set for insurers to start making their products available for full software house integration, enabling brokers to trade swiftly and competitively, obtaining quotes from a number of insurers and placing cover without the need for re-keying.”