Tokio Marine Kiln (TMK) has launched “One TMK,” a digital exchange for brokers to quote and bind policies on-line in real time.
The web-based platform has been developed to help brokers lower their transactional costs and significantly speed up the service to their clients, the company said.
The digital exchange provides brokers direct access from their desktop to a range of specialist business lines that have traditionally been difficult and often uneconomic to reach through traditional channels.
The first product on the exchange is “Cargo 10,” which delivers to the broker a cargo insurance quote after answering just 10 questions, TMK said, noting that the process is fully automated and delivers full post-bind documentation at the point of sale.
A construction and an unmanned aerial systems insurance offering will be added on to the exchange by the end of 2016 with a further six to 10 products expected to be online during 2017.
“High expenses and inefficiencies have been an ongoing problem for the insurance market. The purpose of One TMK is to help brokers reduce the time, and therefore lower the cost of getting a quote and a policy to their clients,” said Charles Franks, TMK chief executive officer.
“This is only the start of TMK’s push towards digital answers to specialist insurance questions. We will continue to work with brokers, regulators and clients to utilize technological changes in our underwriting.”
Q&As about the One TMK platform can be viewed on TMK’s website.
Topics Agencies New Markets
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