Room Solutions, a supplier of IT systems to the commercial insurance sector, has launched a new service which it claims will reduce the time, risk and costs associated with creating new insurance companies in London.
Room said its new fast-track service will allow a start-up company to purchase a comprehensive out-of-the-box IT solution that will deliver all its key business functions including underwriting management, accounting, compliance and management reporting.
In addition, the solution will also handle premium and claims processing as well as catastrophe risk exposure management.
Room said use of the new service should save firms hundreds of thousands of pounds in IT costs arising from conventional start-up models where business is recorded on temporary databases and spreadsheets.
It said it will also reduce the delay in obtaining necessary trading licences from regulators.
The system is aimed at start-ups focusing on two main classes of business: property and casualty and energy, or a combination of the two.
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.
