Online Underwriting Meets Small Business: ACE Solutions Fast Track Offers Insurance Brokers a Complete Solution for Small Bus...
March 30 2015 - 2:50PM
Business Wire
• Offers Brokers Online Quoting and Issuing Capability for Small
Business Insurance
ACE Commercial Risk Services, which
offers insurance solutions
for small businesses in the United States,
today announced the launch of new packaged insurance
products and specialty coverages available on a Business
Owners Policy (BOP). The products are available on ACE
Solutions Fast TrackSM, an intuitive
online underwriting platform.
ACE Solutions Fast Track can quote and issue small business and
specialty insurance policies for brokers in less than five minutes,
enabling them to provide a rapid response to their small business
clients. This high speed access and accuracy of information is
achieved through real-time third party data analytics requiring
significantly less data entry.
The initial rollout of ACE Solutions Fast Track will include new
products for more than 100 types of small businesses, including
one-to-four family rental dwellings, artisan contractors, retail
stores, professional offices, and services, all written on a BOP
form. In addition, ACE's recently enhanced not-for-profit Directors
& Officer’s (D&O) liability coverage with a Business Owners
Endorsement coverage form automatically includes more than 15
unique coverage enhancements.
Future products and coverages will be announced this summer.
“Small business owners can now have the convenience of getting
customized coverage for their separate lines of insurance through
one single policy. We developed the policies to complement each
other, closing gaps in coverage, and offering a significant
advantage to our policyholders," said David Charlton, Division
President, Property & Casualty and Micro-business Division, ACE
Commercial Risk Services.
ACE Solutions Fast Track online quoting system features:
- Policy documents can be digitally
delivered to customer immediately following issuance
- Direct bill, agency bill, and credit
card payment options available
- Ability to amend the BOP to a mono-line
general liability policy digitally, provides greater
flexibility
- Option to place admitted business in
Agency Service Center
- Streamlined quote process using data
analytics that pre-fills answers, requires less data entry
- Most policies are automatically
renewed
Mr. Charlton continued, “This innovative technology solution is
a perfect way for brokers to quickly meet all the changing risk
mitigation needs of their small business clients. It’s a scalable,
value-added solution that can expand as business owner’s needs
grow, including such events as purchasing a building, selling
equipment, or expanding business operations.”
Providing businesses with the protection of one BOP package
through ACE Solutions Fast Track is another way ACE Commercial Risk
Services is providing compelling and cost-effective solutions to
small businesses and their producers in the United States.
ACE Commercial Risk Services is dedicated to providing insurance
products that offer solutions for small business insurance needs in
North America. ACE Commercial Risk Services offers its products
through retail agents and brokers, wholesale brokers and wholesale
producers, program agents and other alternative distribution
models. All products may not be available in all states. Surplus
lines insurance is sold only through surplus lines producers. For
more information, please visit www.acecrs.com.
About ACE Group
ACE Group is one of the world’s largest multiline property and
casualty insurers. With operations in 54 countries, ACE provides
commercial and personal property and casualty insurance, personal
accident and supplemental health insurance, reinsurance, and life
insurance to a diverse group of clients. ACE Limited, the parent
company of ACE Group, is listed on the New York Stock Exchange
(NYSE: ACE) and is a component of the S&P 500 index. Additional
information can be found at www.acegroup.com, or follow ACE on
Twitter, https://twitter.com/ACEGroupNA.
ACE GroupCarla Ferrara,
215-640-4744carla.ferrara@acegroup.com
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