| Wrightway Underwriting and leading broker systems provider, Misys, have launched a new development in electronic trading which is set to revolutionise the Irish insurance industry. The launch of Ireland's first Full Cycle Electronic Data Interchange (Full Cycle EDI) motor product took place at Wrightways head office in Wexford, prior to a series of broker demonstration days, which began earlier this month in Dublin.
Full Cycle EDI enables insurance brokers to electronically process client policies, including new business, mid-term adjustments and renewals, and will significantly improve trading efficiency in an industry that has become increasingly competitive.
The new product from Wrightway, one of Ireland's leading alternative private motor and commercial vehicle insurers, and Misys, is the first of its kind to be available on general release to brokers in March.
Breda Wright, Group Operations Director, Wrightway Underwriting, said: "In the current climate it's vital to take advantage of IT solutions that allow your business to move forward and become more efficient - EDI being a prime example. By enabling brokers to trade electronically they can save costs and increase profitability - obviously a major advantage in today's market.
|
|
"By working with Misys we will also be able to substantially expand our network of brokers. Misys customers already account for at least 50% of the market and generate significant volumes of business for us. This is without doubt the most significant development for Wrightway since we began trading in 1999. But more importantly, it is a major step forward for the Irish market and will no doubt shape the future of personal lines insurance. We are delighted to be taking the lead."
Phillip Bell, CEO of Misys General Insurance, comments: "Our development with Wrightway marks the start of a very important year for broker technology and for Misys. Last year saw overall system investment increase, whereas 2004 will be the year of EDI trading in Ireland.
"Misys has been developing full cycle EDI products in the UK for over 10 years. We believe that with continued investment in EDI development and brokers' commitment to electronic trading, the same will be achieved here in Ireland."
Wrightway Underwriting was set up in 1999 to provide the Irish broker with an alternative private motor and commercial vehicle insurer. Wrightway has grown from strength to strength over the past four years, providing over 20,000 motor policies through its Irish broker network and delivering first class service levels. Wrightway is a 100% Irish owned Underwriting Agency that believes enhanced technology is crucial to its development.
|
