Global insurer
Tokio Marine Kiln has added construction to its online broker portal One TMK, the firm announced on Wednesday.
The move enables brokers to quote and bind construction risks online, speed up transaction times, deliver cost savings, and enable TMK and its brokers to provide a better service for customers, according to Steven Norcliffe, head of construction at TMK.
“Initially we are offering coverage for short period projects in the UK and Republic of Ireland with a starting limit of £3.5 million, but we will look to extend these as the class develops online,” he said. “Outside these parameters, clients can continue to access our specialist insurance offline in the usual way.”
The platform lets brokers answer a series of questions to generate an immediate quote and tailored wording. This enables them to bind construction risks in as little as seven minutes, according to TMK.
The insurer launched the online platform in July last year. The program also makes international transactions far more straightforward. Instead of a broker getting in contact with a London counterpart who has to physically traverse Lloyd’s to meet underwriters and try to get the best possible price, the software automates the process.
“In this new model, the London broker can still be involved, but the process doesn’t involve all that traipsing around,” Tom Hoad, TMK head of innovation, told
Insurance Business back then. “We like our brokers to be involved because we like the specialist advice that they give for all our products, but we’re just thinking of being as efficient and as slick as possible.”
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