E-commerce is characterized by special dynamics. Companies have to be able to adjust their business model and their systems very quickly. That is also true for the tendering portal for commercial insurances BrokingX. The portal’s business requirements  change continuously, up to even fundamental changes of the cooperation model. It is necessary to be able to implement these requirements of the platform as quickly as possible.

Figure 1: Typical online process start in BrokingX with Cosmo Online

The operator chose Cosmo as technical basis for BrokingX 2.0 as this mgm technology is far more flexible. It has been especially important to be able to create and operate white label versions of the portal efficiently. Implementation expenses for new requirements in operation could be reduced with Cosmo by more than 50%. The tendering portal could be newly delivered in a completely revised version after only eight month of project time.

Cost trap: High expenses for professional maintenance of portals

The specialness of BrokingX lies in the transfer of the complex tendering process for brokers and insurers into a practical and user friendly web application. Out of all received offers, BrokingX prepares for the broker a detailed comparison on a website for his customer.

Typical adjustments in the BrokingX portfolio are the addition of a new product or the supplement of industry related product specifics. Both cases should be performable without programming by BrokingX experts. Otherwise there is the threat of the cost trap. Like that you quickly have a big data base in a sales portal: 15 products with 17 dialogues, each with 40 fields on average, already result in a system of 10.200 fields. After initially putting them together, they have to be maintained and supplemented in case of a portfolio expansion.

A typical example: If an insurer wants to offer his products via BrokingX, BrokingX has to be able to adjust his portfolio within a few days.

Cosmo ensures the business advantage of BrokingX

Cosmo realizes this innovation as it is delivering an operating environment for the easy generation and administration of business web applications to the portal BrokingX. The scope of Cosmo consists of different generators which have been integrated in the newly developed tender process. Thereby the specialist mapping of the online processes concerning new or existing insurance products can be done by business employees up to the business logic level (e.g. validation rules for single input fields). The system can go online immediately after filling the Cosmo generators.

Expansion of the collaboration model with BrokingX White Label

After having made the first experiences with BrokingX, brokers as well as insurers uttered the wish to use the BrokingX standard for simple commercial business also for the internal sales portal.

With the new BrokingX White Label an immediately executable portal basis can be used if an insurer wants to create a new broker portal for his commercial business for example. You only have to adjust and integrate it to the insurer’s business specifics.

With Cosmo an expansion of the business model could be realized for BrokingX. The major broker CBN was already won as strategic partner in Austria who can, at short notice, start operating for the Austrian market.

Further innovation ensured – Immediate transactions will be possible with the online tariff calculator in the future

To face the trend towards fully automated production in standard business, BrokingX will be extended by Cosmo’s online tariff calculator in the future. Insurers just have to provide BrokingX with the business tariff descriptions.

„BrokingX is continuously being developed to generate new benefits for the cooperation partners. The easy possibility for signing contracts by mouse click with some products is very much helping brokers and insurers to enormously minimize the processing costs for the simple commercial business“, comments Christian Wiemann on the added value of BrokingX.

* This reference has been officially confirmed by BrokingX.