Internet-based specialty insurance exchange iwix.net announced its success in binding online an employment practices liability policy worth more than $50,000 in premium. The company hopes that this transaction will eliminate any doubt or fear of using web-based services to market quality large-premium business.
Through the iwix.net system, Lisa Labbee, an agent of The Woodland Group in Sparta, N.J., bound the risk with Thomas Petersen of Valencia, Calif.-based Petersen International Underwriters, a correspondent to Lloyd’s of London. Labbee admitted that she was skeptical at first due to the unfamiliarity of conducting business online as well as the trust issue, but in the end, she said she found the system easy to use and plans to use iwix.net in the future.
According to iwix.net CEO Max Carter, this transaction is proof that the insurance industry is not only ready to conduct big business online, but it is also willing to conduct specialty lines business via iwix.net. iwix.net provides an online marketplace for brokers to select the specialty commercial lines coverage required for their clients, choose matching carriers and MGAs who provide that class of coverage, and then forward multiple submissions (at one time) to those carriers.
There is no registration or subscription fee for insurers and MGAs to make their products available. For more information visit www.iwix.net or call (877) iwixnet.
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