LV to launch products on broker system
LV has revealed plans to launch a number of products on online commercial trading platform InsureIT.
The insurer is set to go live as the sole underwriter for the system’s commercial and residential property owner’s products next month. The products are currently underwritten by RSA and NIG respectively. It then plans to roll out a brand new hotels product.
InsureIT was launched by West Midlands-based broker KGJ Group in 2007 and currently has four live products with another seven in development. Around 385 brokers are using the system but it is hoped that up to 1,000 will have signed up by the end of the year.
KGJ appointed Open GI sales manager Giles Harris at the end of last year to help boost its broker partnerships. It already has a tie-up with the Institute of Insurance Brokers (IIB).
KGJ managing director Richard Cox said he was also in talks with Biba, which is interested in adopting the system for its members.
“Brokers don’t believe that they can do a commercial combined product or something more complicated online,” he said. “We are really excited about the LV proposition.”
InsureIT will work directly with the LV’s back office system to offer real-time quotations. It also allows the insurer to offer different rates for different brokers. Brokers can also use the system to make mid-term adjustments and for renewals.
Mike Crane, commercial director of LV, said: “We are really pleased to be working with InsureIT. The property owners’ product will be live next week and followed by our hotels product in June. The system is extremely user-friendly and works well with our flexible approach to underwriting. Brokers can do renewals and even register claims so it really enables them to manage their clients’ business in an efficient way.”