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E-Fusion: Abacus Insurance Brokers Develops Online Transaction System

Sep 04, 2002, Source: A.M. Best

OLDWICK, N.J. September 03 (BestWire) - Abacus Insurance Brokers is one of six finalists vying for the e-Fusion award, which has been launched by the A.M. Best Co. to recognize the innovative use of technology to further the business of insurance.

The more than 60 entries submitted by those insurers, reinsurers, agents, brokers and insurance service providers demonstrated an increasing reliance on technology to create new business opportunities.

Abacus Insurance Brokers Inc., Los Angeles, has developed the "Abacus Program Management" (APM) platform. This end-to-end insurance transaction system enables retail and wholesale brokers to quote, bind and issue policies, including renewals, process endorsements and issue certificates. The system includes online credit-card transactions. The APM "instant quote" capability substantially reduces selling and administration costs, while its paperless, auditable transaction engine speeds deal flow. Abacus, in partnership with its carriers, currently uses the proprietary platform to sell insurance through its affiliate broker network. The system currently handles programs for personal articles floaters, special events, movie boats and short-term productions. There are several additional programs in various stages of development, which will be released after testing (

The project design allows retailers, wholesalers and insurers to manage all lines of program business either through their individual sales channels or in partnership with Abacus and the Abacus broker network.

According to Darren Lewin, Abacus' chief financial officer, there are currently 50 offices nationwide transacting on the APM platform, with more being added each month.

The other top finalists are, Arthur J. Gallagher & Co., Fidelity & Guaranty Life, Frankenmuth Mutual Insurance Co., GE Employers Reinsurance and Minnesota Life Insurance Co. Representatives of the finalist companies will present their entries Sept. 29 at the A.M. Best Annual Insurance & Technology Conference, E-Fusion 2002, in Washington D.C.

The winner of the E-Fusion Award will be announced at a reception at the National Press Club on the evening of Sept. 30. Details, registration materials and entry forms are available at

(By Marilyn Ostermiller, assistant vice president--News: 1358 ET #

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