US company E-Insurance Systems has officially launched its web-based virtual insurance marketplace for commercial insurance in the London market this week.
It can be found at www.insurestream.co.uk
The company is currently conducting a high-profile recruitment drive to attract UK insurers and brokers for the venture.
It promises to slash the cost of selling and underwriting high volume, small premium commercial insurance.
A new line of commercial business will be added each month to the site.
In the US, there are currently about 2000 brokers and 30 risk-carriers signed up for the site that will charge a transaction fee of 1.5% per deal.
Both UK and US brokers will be able to write international policies for all regions where they are licensed.
Co-founder and chief executive David Thorson said: “We have always viewed the London market as a cornerstone of our global business strategy.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
