The work an insurance exchange should remove
An exchange earns its place when it reduces the work between a broker’s system and an insurer’s response.
Assess connectivity by the transactions it completes and the rekeying it removes, including changes after a policy is issued.
Start with a transaction
Consider a broker seeking terms for a client. Information leaves the broking system, reaches an insurer and returns as a response. If staff must retype the same details at each stage, digital access alone has not removed much work.
An exchange provides a shared route for those transactions. The practical benefit depends on the participating products, the information each transaction requires and how the response returns to the broker’s working record.
What Sunrise connects
Sunrise Exchange connects brokers with insurers and underwriting agencies. Its published transaction scope includes quotes, new business, enquiries, endorsements, renewals, cancellations and lapses. It integrates with broking systems including Evolution, WinBEAT, WinBEAT NEXT, CBS and eGlobal.
An exchange and a broking platform have different responsibilities. The exchange supports the transaction between market participants. The broking platform manages the brokerage’s client and business records. A useful implementation makes that boundary clear so people know where a transaction stands and where to act next.
Look beyond new business
New business is an obvious demonstration, but policy servicing deserves equal attention. Ask how a changed risk is submitted, how revised terms are returned and how the final result is reflected in the brokerage’s records. Confirm supported transactions for the particular insurer and product rather than assuming every connection behaves alike.
When a case needs referral, the broker still needs an understandable status and a clear next step. An exchange should be evaluated alongside the procedures for incomplete submissions, declined requests and corrections. Connectivity does not remove the need for those procedures.
Measure completed work
Useful measures include the number of fields re-entered, the proportion of transactions requiring follow-up and the time between submission and a usable response. Compare like-for-like products and distinguish technical failures from cases that need underwriting judgement.
The objective is straightforward. Brokers should spend less time moving information between systems and more time understanding the client’s needs. A successful connection makes the routine steps easier without obscuring decisions that still belong to the broker or insurer.