abacus.net is an online exchange platform for the insurance industry that enables program managers to distribute insurance programs to retail brokers.

The benefits of abacus.net for program managers include:

• Premium Growth with minimal overhead
• Increased Profitability
• Distribution of your program to retail brokers nationwide
• Efficiency and automation of all program management functions
• The pre-qualification of risks based on pre-defined parameters
• The insurance transaction occurring 100% online in a secure and controlled environment
• Complete audit trail of all transactions

How abacus.net Works

Your broker force (and/or the current brokers transacting on abacus.net) is granted access to your program. Each user at the brokerage is assigned an authority level accordingly to your parameters (i.e. whether that firm/user can quote and/or bind and/or issue certificates, etc.).

The Transaction Process

• Client information (name, address, etc.) is input
• Risk is qualified based on the pre-defined criteria
• Once qualified, additional detail is input to generate a quote.
• Quote can be re-quoted multiple times. Each quote is date/time-stamped and numbered.
• Binding - when ready to bind, abacus.net will prompt the broker for additional information, if required.
  • If broker has binding authority, abacus.net will validate all information input and require program manager approval if authority is exceeded
  • If broker does not have binding authority or authority is exceeded, program manager is notified to review risk online. Upon marking risk as approved, broker can then bind.
• Policy numbers and carriers are assigned. Policy forms are assembled. Policy can be emailed to client.
• Accounting records are generated
• Certificates can be issued online. Each certificate is stamped and numbered
• Endorsements can be processed at point of input. Premium changes are calculated. Authority can be assigned for brokers to either request endorsements, requiring program manager approval before processing, or allowing brokers to actually endorse.

Security

All program functions are assigned by firm and by user. Accordingly, as the program manager, you decide which users within a firm (or a firm as a whole) have authority to quote, to bind, etc.

As the program manager, with the click of a mouse you can immediately disable specific users and entire firms from accessing your program.

Commissions can be defaulted across the entire program, or assigned by firm or user within a firm.

Underwriting

abacus.net allows for:

• Risk qualification
• Automatic completion of accord & supplemental applications
• Automatic completion of surplus lines forms

Reporting

Available reports include:

• Premium volume by line of business
• Number/premium quoted vs. bound
• Daily transaction reports
• Monthly statements to brokers
• Open & Closed claims, Loss Ratios
• Any customized report can be extracted

Reports can be run for the entire program or by firm, and for any date period.