PowerPlace is a web-based full-cycle trading marketplace.

Two versions are available; one for Open GI users which is fully integrated with the Open back office system, and a more recent addition, which can be accessed online via our extranet, anytime, anywhere.

Both versions allow you to compare and save quotes, issue instant policy documentation and when utilising the Open GI version, update your back office in a few minutes. You can also save, bind and renew business at a time that is convenient for both you and your client.

PowerPlace offers a ‘one stop shop’ for your commercial business allowing you to quote, compare and place your risk online.

PowerPlace is also the quickest and most efficient way to trade and our latest research backed by Hansen Young Consulting proves that PowerPlace offers significant time savings compared with using extranets and more traditional trading methods. Using PowerPlace frees up your time, which can be used to help win and retain customers, improve staff skills through additional training, or even go home that bit earlier.

Furthermore, with competitive rates, enhanced levels of commission and a reliable and helpful service, PowerPlace offers a complete solution to streamline your commercial business processing.

PowerPlace currently offers 13 product lines, with our range of products and insurers growing on a bi-monthly basis:

• Property Owners - Commercial and Residential Let
• Tradesman/Liability
• Shop
• Pubs & Restaurants
• Office & Surgery
• Hotels & Guesthouses
• Travel
• Personal Accident
• Motor Trade
• Boat
• Professional Indemnity
• Fleet
• Directors and Officers

Please visit the Products section to view our latest list of products and providers.

Commissions vary by product class with our standard commission rates generally higher than the market norm. We are also happy to negotiate bespoke commissions on your behalf and your ‘Development Team’ would be delighted to show you how you can earn extra income by using PowerPlace.

Typically the rating should match the insurers market rates. However, there are instances where insurers have built in exclusive PowerPlace discounts/cover enhancements.

We require a TOBA to be in place before any business can be transacted, due to our products being offered on a ‘wholesale’ basis on behalf of the insurers on our panel.

Yes, you will receive a statement from PowerPlace each month for all business transacted.

Yes, PowerPlace has agreed with all participating insurers that risk transfer will be cascaded down to brokers. This is clearly stated in the TOBA.

Using PowerPlace will not affect your insurer relationships. In addition, we have effectively agreed ‘local credit’ with our panel of insurers. This means that although the commission and statement for any PowerPlace business is via ourselves, we will ensure that we share management information with our insurers regarding the amount of business you write with them via our marketplace, so that this amount can then be credited to your local office.

Yes. Where possible we will help you to refer to insurers for an override. We will also check that the cover levels are comparable with that which the client already receives.

We have been able to do this with our current insurer partners for those brokers with these deals in place and would ideally need to ensure any bespoke cover can be amended by endorsements. PowerPlace also has the ability to give discounting and should you require this, we would recommend a three way meeting to progress.

The profit share arrangement will remain on business outside of PowerPlace and by sharing your PowerPlace business volumes with the insurer, using PowerPlace will not jeopardise your current arrangements. We will however need to agree a financial remuneration package with you for business placed on PowerPlace, which will be based on a commission basis rather than profit share. This package will also deliver more certainty to your business in terms of income.

As is standard practice, you will need to be able to demonstrate a TCF policy with regard to your income/fee if asked by your client, and in return for the work/service you are providing.

PowerPlace will be installed and set up by your dedicated PowerPlace Business Consultant. They will offer full training to you and your staff and equally help you to grow your business.

Yes. Because the PowerPlace marketplace sits on the internet, it is essential that all system security precautions are taken. The enhanced security passwords will be set up for you by your PowerPlace Business Consultant. By simply logging into the Open GI system or our extranet, your staff will gain access to PowerPlace.

As the Open Trader version of PowerPlace requires the use of APM, your PowerPlace Business Consultant will provide any necessary training to your staff. This training will not only help facilitate the use of PowerPlace but will also allow your business to gain the full advantages of APM, as a prospecting database and management tool.

The cost of APM can vary depending on your circumstances but is no more than £750. This fee may be negotiated if you are willing to commit certain business volumes via PowerPlace.

Fees/charges should be added within your normal workflow within APM and pulled into any back-office letters in the normal process rather than on PowerPlace documents. PowerPlace documentation is a replica of insurer documents and therefore will not show broker fees/charges.

Yes, with Open Register.

The process for dealing with Mid-Term Adjustments is similar to that for full cycle EDI products. Any Mid-Term Adjustments can be processed via PowerPlace once the policy has been made live. Any change in premium is calculated and new documents can be produced straight away. Should the change require referral, it is still possible to refer this to the insurer via PowerPlace and this allows documents to still be issued electronically.

When a cancellation is run through the system, the system will calculate any return premium that is due. You will then have the option to refer the cancellation to an underwriter, abandon the cancellation or proceed with it. It is not until you click on ‘proceed’ that the case updates to a cancelled status.

The system will automatically generate renewals on a batch basis at an agreed period prior to renewal date. You will be able to issue documentation and invite, plus you can load the risk back through the system to compare against other products and insurers without having to re-key any data. This is a key benefit in terms of saving time and effort especially compared with any current manual comparison exercise that you may undertake.

No. PowerPlace has a set of dedicated underwriters across all our product range, and this allows us to keep to a tight Service Level Agreement on the turn around of referrals. Business volumes are shared with our insurer partners so that they can allow local credit for business written.

The claims process works in the same way as normal and the insurer will notify you. However, the insurer will in addition notify PowerPlace so that the electronic record is up to date prior to renewal processing. Claims can then be viewed by a broker via PowerPlace on individual policies as and when required.

Even if the scheme returns a status of ‘No-Quote’ you can still use your ‘Send to insurer’ button within PowerPlace to refer to the insurer to see if it can be agreed. If they accept, they are able to alter the status to ‘Quote Given’ so that you can proceed with the policy as normal.

No.

Certificates of Insurance, Policy Wordings, Keyfacts Documents, Policy Schedules, Statements of Fact and Quote Summaries are all available for printing or emailing directly from the PowerPlace system. If you are an OpenWord user, PowerPlace keywords are also available for you to populate within your own documents and letters.

This will depend on what you currently include within your letters. Your letters will work with the PowerPlace policy types, however if you pull in fields from level 3 for example Stock Levels, Open Word is required to pull in the Open Trader keywords. We have found that the majority of our users refer to and enclose the PowerPlace/Insurer documents that provide a full breakdown and therefore current processes and letters continue to work. Should you need assistance with letter templates or amends we can provide a service to our supportive brokers.

How much is it?
The cost of Open Word depends on the number of users with the typical cost for a small broker starting at an average of £1,500. From time to time however, we are able to negotiate a discount on this amount from Open GI, please contact your local PowerPlace Business Consultant for further information.

How can I re-create all of my existing Document Maintenance standard cover letters?
As your existing word processor will still be available, you can continue to request and print your existing documents from Open GI, there is no need to transfer all documents immediately to Open Word. If you do decide to transfer your existing templates, Open GI can provide additional software and map templates to you which can assist in the transition. Please speak to your Open GI representative for further details and costs.

Can I use Open Word in conjunction with Document Maintenance for the same class of business whilst I migrate risks?
Yes as per above, Document Maintenance will continue to work alongside Open Word and there is no immediate need to migrate existing template letters as these can be transferred as and when required. In addition, we are currently working on building some Open Word letter templates to work with PowerPlace products, plus for supportive brokers we are willing to provide bespoke work on letters.

We have already begun conversations with insurers on launching a new SME combined product, with one of the most difficult yet key tasks as you can imagine, agreeing a single question set. We are looking to have this product live by 2011.

It’s an exciting time for PowerPlace users, with updates constantly being released on the system to extend the panel of insurers, products and the functionality of our online marketplace. All feedback from brokers and insurers is gratefully received and leads to further enhancements in the use and look of the system.

PowerPlace is the future of Commercial Insurance Broking.