Tokio Marine Kiln (TMK) has launched ‘One TMK’, an online platform that allows brokers to quote and bind policies online and in real time.
The web-based platform was developed to help brokers save on operational costs and provide faster service to their clients. It provides brokers direct access to a wide range of specialist business lines that may be difficult and often too costly to reach through traditional channels.
The first product to be available on the exchange is ‘Cargo 10’, which supplies the broker with a cargo insurance quote after answering just ten questions. The process is entirely automated and boasts of several new features, including full post-bind documentation at the point of sale.
Construction and unmanned aerial systems insurance products will be added to One TMK by the end of the year, with somewhere between six to ten new products expected to go live in 2017.
TMK CEO Charles Franks said: “High expenses and inefficiencies have been an on-going 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.”
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