News
Online speed + real underwriters = great solution for commercial insurance
8 June 2010, London - Insureit UK, the Online Commercial Insurance MGA (Managing General Agency), has chosen THB Risk Solutions as its distribution partner to expand its network of intermediaries in time for the launch of a new range of commercial insurance solutions for brokers.
Commenting on the arrangement, Glen McCully, MD of THB Risk Solutions said, "we have been looking at a range of online solutions to offer our 600 agents and in the SME sector we have seen nothing better than the Insureit UK solution."
Insureit was originally developed as an in-house system but it soon became clear that the technology could be used to open up wider markets.
Insureit has underwriting and binding authority arrangements in place with capacity provided by Allianz, Catlin, LV, Chartis, and Chaucer. Insureit products already include Commercial Combined (up to £50m turnover companies), a range of Retail Packages, Residential and Commercial Property Owners and D&O Covers and will shortly add Office, Professional Indemnity, Contractors, Marine Cargo and Excess of Loss covers.
Lyndon Hollinshead, a Director of Insureit UK added, "What we provide to our customers differs from most online systems in that it successfully blends a fully automatic quote and buy facility with a referral route to real underwriters. We believe this approach gives us a unique offering and with THB's proven distribution expertise we expect to build a stronger broker base over the next few years."
McCully added, "Insureit UK has been piloted over the past year with a small number of brokers and has already secured significant premium income in this sector. So it is tried and tested and the feedback from the brokers is very positive. They like the ability to handle more complex business rather than just the vanilla micro SME business that most online solutions deliver."
THB will be introducing Insureit UK to brokers around the UK and will look to support it further with additional capacity providers for various classes of business.
