Economical launches Straight Through Processing

The Economical Insurance Group has announced its “Straight Through Processing,” allowing brokers to begin and issue new business or make policy changes in real-time using Power Broker, Applied Systems TAM and and SigXP broker management systems.

“These enhancements bring us another step closer to achieving the ultimate goal of full integration with broker management systems,” said Steve Livingstone, Economical’s vice-president of personal insurance. “In real-time, brokers can now upload new business, or make policy changes by simply updating information in our underwriting system and issuing the change immediately. It’s the broker’s choice: Complete new business only, or policy change only, or both.”

Economical says its improved Straight Through Processing gives brokers better efficiency and flexibility in their workflow, with real-time transaction processing for new business, policy changes and cancellations. “Duplicate entry has been eliminated when a new business application is uploaded through a broker management system, which saves valuable time and provides for a better customer experience,” the company says in a press release.