Bridge
Oceanwide Bridge automates controls and optimizes the distribution of your insurance products. Bridge is a multi-line Internet-based product distribution platform that offers fully automated rate-quote-bind-issue functionality for both direct to consumer and broker distribution channels. Bridge is designed as a self-service platform that helps your business users to quickly define and configure products and then launch these products through multiple custom-branded portals.
Bridge allows you to:
- Design, configure and launch new products within days to exploit market opportunities
- Offer a single, consistent platform for all insurance distribution, regardless of process and channel
- Empower business users with no programming skills to manage product application forms, underwriting rules, rating and document templates
Features
- » - Alllow brokers & agents to quote, bind and issue policy documentation through a simple, easy to use and easy to configure web-based platform
- » - Allow any Internet user to generate quotes and bind policies, generating policy documentation once payment is received by credit/debit card
- » - Enforce tight controls over the rating and underwriting rules used by various distribution channels in their binding of policies and issuance of policy documentation
- » - Provide a quick, low-cost platform for underwriters to test and launch new products to exploit identified market opportunities
- » - Offer a consistent interface for brokers and agents to access products that are managed through a variety of backend policy administration systems
- » - Enhance distributors’ experience through a variety of self-service tools
French,
Portuguese,
Chinese,
Spanish,
Dutch,
English
Supported Technologies
Software, ASP Hosted, Web-Based (Browser)
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Pricing
- Unspecified -
Additional Product Information
Bridge Overview
Oceanwide Bridge automates, controls and optimizes the distribution of your insurance products. With Bridge, your brokers, agents and direct assureds can generate quotes, bind coverage and issue policy documentation in minutes, all through an easy-to-use web interface.
Quick Low-Cost Startup
Bridge’s On-Demand model gets you up and running within days and without an expensive up-front commitment. There are no servers to buy and no IT infrastructure or support needed. Bridge comes complete with easy-to-use tools to help you:
• create & brand your distribution web portal
• configure products
• design application forms
• set pricing & business rules
• import your MS-Word based policy forms
Bridge also lets you easily review & test your site and then launch it with a click, to a controlled group of users or on a widespread basis to any client with an Internet browser.
User-Friendly Distributor Experience
Bridge gives your brokers & agents a single easy-to-use, consistent interface to your organization across all lines and for all their needs. With Bridge, they can obtain instant quotes, bind & print policies, process endorsements & renewals, review invoices, and even report & track losses, working intuitively in sync with their existing practices. They can also automatically upload and process their bordereaux spreadsheet reports, validate & confirm coverage and premiums, or interface directly with you using ACORD standards.
Improved Underwriting Control
Bridge acts as your guardian, protecting against the binding of undesirable risks. It automatically validates all submissions against underwriting rules which can be set up in Bridge or called from an existing legacy system, accurately calculating premiums and documenting coverage terms. When more complex submissions require manual intervention, Bridge directs them to the right underwriters using automated workflow tools to improve overall efficiency. Finally, Bridge’s powerful monitoring tools and ad-hoc reporting & analysis capabilities give you clear and complete visibility into your portfolio and the activities of your distribution network.
Lower Administrative & Processing Costs
Oceanwide understands that in the current economic environment, the name of the game is efficiency. Companies need to reduce costs wherever possible, without impacting revenues or service. Bridge’s self-service features free your staff from the administrative chores of rekeying submission & bordereaux data, calculating premiums & taxes, preparing policy documentation and processing endorsement & renewal paperwork. Bridge saves time and eliminates errors while it empowers your agents and brokers, automatically handling many of the service calls your team currently manages. Bridge does all this while improving and enhancing the customer/user experience
Bridge Features
Direct Sales Platform
• Leverages the Internet for “direct to consumer” sales platform to grow your business
• Instant quoting based on application forms & product business rules
• Automatic generation of policy documentation
• “Pay as you go” credit card payment processing
• Assignment of assureds to applicable products based on registration form rules
Agent Portal
• Personalized welcome screen and co-branding for each broker
• Complete Quote-Bind-Issue workflow for multiple products tailored to each broker
• Ability to process bordereaux declarations from Excel, ACORD XML and other formats
• End-to-end endorsement processing with pro-rata premium calculation and document issuance
• Automated renewal processing with notification & alerts
• Instant access to invoices and commission statements
• First notice of loss and claim status tracking
• Granular control of functionality and access rights for each broker with decentralized user management
• Multi-lingual, multicultural and multi-currency support for use around the globe
• Decentralized user management using role-based access security
Product Configuration
• Simple & intuitive screens designed for business users
• Personalized product-specific application forms based on ACORD standard templates
• Distinct underwriting and rating rules for each product & agent group
• Trigger conditions based on multiple data elements
• Referral rules & workflow for custom quotes
• Insuring conditions based on clause library
• Flat fees, rates, multipliers, minimums and rounding
• Automatic currency conversion
• Built-in tax calculations
• Quote and Policy document templates designed using MS Word
• Subscription policy support
• Different broker commission rates by product, insurer and coverage
Reporting and Analysis
• Real-time alerts of important events through dashboards and email notification
• Ad-hoc reporting using flexible filtering and customized output templates
• Premium reporting by broker, product, coverage & year
• Analysis of submission-quote success ratio to help guide underwriting
• Powerful business intelligence analytics