Tokio Marine Kiln (TMK), the international specialist insurance business, has added construction to its One TMK broker portal.
The tailor-made construction insurance product is underwritten through a fully automated process, TMK said, noting the platform provides an efficient way for brokers to access specialist coverage from wherever they are, subject to meeting regulatory requirements and agreed business terms with TMK.
Clients are offered a starting limit of £3.5 million ($4.5 million) for projects lasting up to three years in the UK and Republic of Ireland.
Through One TMK, brokers answer a limited series of questions to generate an immediate quote and tailored wording, which enables them to bind construction risks in as little as seven minutes, TMK said.
The One TMK portal also features TMK’s unmanned aerial systems product and Cargo 10, which enables brokers to secure cargo insurance coverage after completing just 10 questions.
The company’s online specialist construction product was developed in response to be responding to broker and customer feedback, said Steven Norcliffe, head of Construction at Tokio Marine Kiln.
“Enabling brokers to quote and bind construction risks online will speed up transaction times, deliver cost savings and enable us and our brokers to provide a better service for customers,” he said.
“Initially we are offering coverage for short-period projects in the UK and Republic of Ireland with a starting limit of £3.5 million, but we will look to extend these as the class develops online. Outside these parameters, clients can continue to access our specialist insurance offline in the usual way,” Norcliffe added.
Tom Hoad, head of Innovation at Tokio Marine Kiln, added: “Adding another class to the online portal demonstrates our continued commitment to broadening our range of products online and meeting the changing needs of our brokers and clients.”
TMK was formed in 2014 through the integration of Kiln and Tokio Marine Europe.
Source: Tokio Marine Kiln
- Brokers can now quote and bind construction insurance online via onetmk.com
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