Division to launch a range of home and commercial products this year
Gallagher UK-owned MGA OIM Underwriting has launched an electronic trading division, headed by staff poached from rival Towergate Underwriting last year.
The management team of the new unit, called e-Underwriting, includes former Towergate commercial underwriting managing director Simon Read as head of e-trading, former Towergate household managing director Scott Banks as head of distribution and former Towergate commercial underwriting director Natasha Agius as head of underwriting.
The new e-Underwriting division has developed an automatic rating model that provides point-of-sale quotations for both standard and non-standard risks. OIM said this results in lower operational costs for brokers because it increases ‘quotability’ for standard risks while catering for a variety of non-standard risks that would normally need to be referred to an underwriter.
OIM said e-Underwriting will be launching a range of home and commercial products in 2012, which will integrate with all major broking software houses.
Commenting on e-Underwriting’s launch, Gallagher International chief executive David Ross said: “We are always looking to stretch the boundaries of traditional thinking in insurance and the launch of e-Underwriting is a prime example of how we are working on behalf of the broker community to develop practical and sensible solutions in a modern environment.”
He added: “Typically, through e-Underwriting, we can offer participating brokers a service that simplifies and enhances customer service. The model is compelling as it helps make a positive impact to any broker’s bottom line.”