Aviva Insurance Ireland Designated Activity Company, trading as Aviva, is regulated by the Central Bank of Ireland. A private company limited by shares. Registered in Ireland No. 605769. Registered Office: Cherrywood Business Park, Dublin, Ireland, D18 W2P5.
Irish Broker Article: Improved Fast Trade Website
What is the Fast Trade relaunch all about?
At Aviva Insurance Ireland’s broker conference in May of this year, we committed to relaunch our commercial etrade platform, known as Fast Trade. We are delighted to announce that we have delivered on that promise with a relaunch of our Fast Trade website to brokers at the end of June, including the upgrade of our Office & Surgeries package product.
What is the Fast Trade relaunch all about?
Fast Trade was originally launched with three products on the platform, providing cover for Office & Surgeries, Shops & Salons and Commercial / Residential Property Owners. In 2021 Aviva initiated a project to significantly invest in Fast Trade in order to upgrade the current product suite and begin developing new products for the platform. Given the increasing role that technology is playing in all our lives including the Irish insurance market, we saw this project as an important step to digitise our commercial SME business.
As part of the upgrade, a number of system enhancements were made to our existing Fast Trade website, the impact of which will not only make it easier to place new business with Aviva, but also enable brokers to have faster access to process mid-term adjustments and renewals. The updated features include the following;
- Address look-up – using the latest technology, you can now search for your client’s address using predictive data entry or Eircode within seconds.
- Improved client search – search for your existing clients by name, quote number or policy number.
- Read-only mode – review the questions and answers you’ve entered into the system without re-triggering referral and rating rules.
- Quote versioning – set up multiple new business quotes for your client in minutes allowing you to upsell to your client.
- Renewals tab – this new section of the website allows users a quick view of upcoming renewals in next 30 days and the next 7 days.
Office & Surgeries product upgrade
As part of the Fast Trade relaunch, we have upgraded our Office & Surgeries package and have implemented a number of changes to the product, as follows;
- Multi-location – place up to 10 premises on a single quote and policy, thus reducing the number of quotes and policies needed for clients with premises at multiple locations.
- Reduced referrals and new early refer warnings – we have reduced the number of referrals by automating endorsements. There are also early warnings in the system to flag when a referral may happen, so you don’t need to complete the quote.
- Improved documentation – we have revamped our schedule and statement of fact documentation to make it easier for you and your client to read the standard and extra covers, including endorsements and extensions.
- Upgraded pricing – we have completely overhauled our rating and premium calculation utilising the latest in GEO mapping technology to accurately assess the location to be insured and give the best possible price.
- Commission – we’ve increased commission rates on this product for new business and renewals.
Product Covers and Benefits include as follows;
- We will quote for up to €6 million combined material damage and business interruption sum insured per premises.
- Employers Liability Cover of €13 million limit as standard
- Public and Products Liability Cover of €2.6 million as standard (with option to increase to €6.5 million for an additional premium)
- Business Records and Computer Equipment cover on “All Risks” basis
Fast Trade Pilot Phase
Before relaunching Fast Trade and the Office & Surgeries product, we partnered with a number of brokers to trial our new website capability and the enhanced product offering. This trial enabled us to get direct feedback from brokers in terms of the system improvements and also to identify anything that we needed to adjust from a pricing perspective. Taking the feedback from the pilot onboard, we were able to respond quickly, ensuring that when we relaunched to the wider broker panel, we had increased confidence in what we delivered. As a result, we are seeing strong response to submit rates and conversion in the first weeks of roll-out.
In 2021 Aviva initiated a project to significantly invest in Fast Trade in order to upgrade the current product suite and begin developing new products for the platform.
Declan Cooney, Commercial Etrading Manager, Aviva Insurance Ireland
Fast Trade future plans
It is our intention to continue to develop a market leading etrade platform utilising the latest technology and innovations available, while also leveraging our deep underwriting expertise to deliver the commercial products that brokers want to trade online. We plan to continue to invest in Fast Trade by significantly expanding the product suite that is available on the website.
An upgrade of our Shops and Salons package is planned to be rolled out next and we expect to launch a pilot phase in quarter four this year followed by a full market launch.
Following on from Shops and Salons, we will upgrade our Property Owners product. We have also started to develop a Commercial Motor product to include sub-products Own Goods for light and heavy commercial vehicles and special and agricultural type vehicles for deployment in 2023.
We won’t be stopping there! Our ambitions are to develop more and more products on Fast Trade. Given the broad range of products available to Aviva, our plan is to continue launching new products across business lines such as Financial Lines, Mini-Fleet, Farm and Engineering and Construction to name a few.
Service and day to day support
While the Fast Trade functionality is very easy to use and navigate, we know it is equally important to back this up with an excellent service which we are committed to providing to our brokers. If you would like to know more about Fast Trade, please contact your Aviva Business Development Manager or myself declan.cooney@aviva.com.
User System Log In
For support with system access and functionality you can contact Aviva Sales Support on avivabrokerirl@aviva.com
Product related enquiries
Our dedicated Fast Trade underwriting team are available on 1800 800 900 or email fastirlnb@aviva.com