CGU Professional Risks Insurance today launched its revolutionary Internet Quoting System (IQs), which allows proposals to be completed and tracked online.
CGU Professional Risks Insurance today launched its revolutionary Internet Quoting System (IQs), which allows proposals to be completed and tracked online.
IQs will be launched in New South Wales and Queensland on 21 and 22 November 2001 respectively, Western Australia on 29 November 2001 and Victoria on 6 December 2001.
Jun Acance, Manager - CGU Professional Risks Insurance, said IQs would change the way intermediaries did business forever, enabling most quotations to be processed within minutes instead of days or weeks.
“IQs is a real-time auto-rating system for professional indemnity, directors’ and officers’ and employment practices insurance, offering service levels that are unique within the Australian professional risks market,” he said.
“As a market leader in professional risks insurance, we recognise that our competitive advantage primarily lies in the level of service we provide to our intermediaries. Today’s intermediary is looking for ways to streamline their business and improve profit margins. We believe IQs meets that demand.
“IQs streamlines the quoting process by reducing inefficiencies, overhead costs, and time delays, allowing intermediaries to focus on what they do best – servicing their clients’ needs,” he said.
“IQs is so advanced that it even allows intermediaries’ clients to log on to the secure system and complete their own business details and attach financial statements. The system then e-mails the intermediary to tell them this information has been provided.”
Mr Acance said IQs would be progressively phased in to ensure CGU Professional Risks’ high standards of quality service were maintained.
“After an initial six-month period, we envisage the vast majority of IQs quotes will be processed almost instantaneously,” he said.
“However, initially, all quotations generated by IQs will also be reviewed by an underwriter. Nevertheless, almost all referral quotations for SMEs will be processed within one business day. Larger more complicated submissions will be promptly responded to online.”
Mr Acance said the new system would not replace the personal service offered by CGU Professional Risks Insurance. “Our intermediaries will always have access to CGU’s team of experienced highly-trained underwriters. IQs is designed to compliment this service, significantly reducing turnaround times for uncomplicated risks.”
Media Contact:
Chris Jackson, CGU Communications Manager (03) 9279 5210 or 0401 711 914
About CGU Professional Risks Insurance
CGU Professional Risks Insurance is a division of CGU Insurance - one of Australia's largest general insurers. CGU insures more than one million Australian homes and over 500,000 privately-owned motor vehicles.
Globally, CGU is part of CGNU plc, the world’s seventh-largest insurance group. The Group has worldwide assets of more than A$500 billion and premium income, including retail investment sales, of about A$70 billion. CGNU is also represented in Australia by Norwich Union Australia.