Tokio Marine Kiln (TMK) has launched ‘One TMK’, a digital exchange for brokers to quote and bind policies online in real time.
The London market re/insurer said the web-based platform had been developed to help brokers working with TMK lower transactional costs and speed up service to clients.
The digital exchange gives brokers direct access from their desktop to a range of specialist business lines that the TMK said have traditionally been difficult and often uneconomic to reach through traditional channels.
The first product live on the exchange is “Cargo 10” that delivers to the broker a cargo insurance quote after answering 10 questions. The process is fully automated with several new features and delivers full post-bind documentation at the point of sale.
A construction and an unmanned aerial systems insurance offering is planned to be added on to the exchange by the end of 2016, with a further six to 10 products expected to be online during 2017.
Charles Franks (pictured), TMK CEO, said: “High expenses and inefficiencies have been an ongoing problem for the insurance market. The purpose of One TMK is to help brokers reduce the time, and therefore lower the cost of getting a quote and a policy to their clients.
“This is only the start of TMK’s push towards digital answers to specialist insurance questions. We will continue to work with brokers, regulators and clients to utilise technological changes in our underwriting,” he added.
The exchange is being launched just days after the London Market Group (LMG) launched its own electronic placing platform (PPL) as part of the wider Target Operating Model (TOM) programme to modernise the London market.
The PPL scheme under TOM allows brokers and underwriters to exchange information on standalone terrorism risks and the LMG said it plans to introduce new risks to the platform in due course.