The group risk market could be set for an internet shake-up when the Group Risk Information Network ...
The group risk market could be set for an internet shake-up when the Group Risk Information Network (GRIN) launches later this year.
GRIN is the brainchild of actuary Richard Davison, who plans to turn the market on its head with the launch of a free website, grin-uk.co.uk
The IFA fills in the scheme details on-screen and e-mails membership data to GRIN. The request is then converted into the format specified by each insurer and forwarded on to them.
Quotations are then processed by the insurer and e-mailed back to GRIN, along with the terms and conditions applicable to each quotation. The quotations are ranked by price along with a comparison of the terms and conditions and then e-mailed back to the IFA.
The IFA is then free to contact the provider offering the preferred combination of price, terms and conditions.
Davison, a former employee of Mercers and Swiss Life, said: "The manual production of the request for quotation, the preparation of covering letters, the photocopying of data and packaging all the items together can take up to six hours per quote.
"Using GRIN, entering the scheme details and preparing the data file usually takes less than half an hour and less than 10 minutes for straightforward cases. The use of e-mail means that the insurers receive the request for quotation and data the same day, and frequently within an hour."
Previously, insurers have had to input data manually which meant errors often occurred and the number of lives and the total benefit quoted varied between insurers.
But Davison added: "The provision of the data in electronic format and in the format specified by each individual insurer means that information can now be imported directly into the insurer's systems at the touch of a button.
"This means that not only is it easier for the insurers to get the data into their systems but also that the accuracy of the quotations will be much improved."
The domain name grouprisk.com has also been registered alongside carrybackcarryforward.com.
The holder of both domains, who asked not to be named, said: "The internet will revolutionise the insurance industry. I registered these domains with the intent to set up chat forums for those involved, or maybe a service that would help facilitate the processes in both the group risk and personal pensions markets.
"I guess it is just a pipe dream at the moment, but you never know what may happen."
