MGA will quote and bind online in five minutes
Gresham Underwriting is gearing up to launch six specialist products that it can quote and bind online within five minutes and open agencies with more brokers.
The project is spearheaded by Tony Collman, who joined as chief underwriting officer in June. He was previously head of liability at Arista.
Tasker Insurance Group-owned Gresham has already launched a single event cancellation product and will launch a product for tradesmen by year-end.
Next year, Gresham plans to launch a new product every two months, Collman said.
Gresham’s pitch to brokers is that it has a one-page question set with 10 to 15 questions that will give it enough information to quote and bind a policy online in five minutes.
Its products are aimed at small brokers who do not have quick access to composite insurers.
Its software was built by Target IT, also part of Tasker Insurance Group.
Gresham currently writes £14m of premium for residential property owners, leisure clients and commercial combined policies.
Its current capacity providers are Randall & Quilter and WR Berkley. Collman said that both were “really supportive” of the MGA’s growth plans, but that he would like to work with more capacity providers to avoid being too dependent on any one carrier.
Gresham also wants to work with more brokers and plans to recruit business development mangers next year. The ideal recruit would “identify brokers who don’t use us or who we can work with to develop niche products,” Collman said.