Allianz launches e-cover notes for brokers

Allianz Retail operations has introduced free Electronic Cover Notes (ECN) for imarket registered brokers.

The service securely requests and receives cover notes for private motor and commercial vehicle Retail products and taxi, agricultural vehicles, special types, fleet and motor trade Commercial Lines products.

Gareth McChesney, head of pricing and reporting for Allianz Retail, said: "The pilot received such positive feedback from brokers looking forward to a more efficient process that we were keen to role this out as soon as possible."

The real time delivery means that cover notes are processed quicker. A broker will enter all the necessary information on imarket when they need to issue a cover note. This information is then transferred through to the ECN server where it is validated and, if accepted, the cover note is then immediately delivered to the broker's inbox.

Already used by over 50 brokers, ECN provides a quality printed document for the customer rather than a hand-written cover note with requirements and layout mirroring existing processes so minimal training is needed.

Electronic cover notes eliminate the potential for fraud as they cannot be backdated and production and distribution costs will be substantially reduced as imarket removes the need to issue manual cover notebooks to brokers.

Mr McChesney added: "There are many benefits for both the brokers using this service and the insurers providing this service. We're hoping that more brokers realise the positive impact the e-cover notes can have on their business and that not only more imarket registered brokers start using this service but also those not already imarket registered do so."