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.”
