Plum rolls out electronic platform for hard to place risks
Plum Underwriting, a household insurance managing general agent (MGA), has launched two full cycle electronic data interchange (EDI) products eLet and eFlex on Open GI, the technology solution.
The launch signals the first stage of roll-out of Plum’s eTrade strategy and its commitment to provide wider access and flexibility for brokers transacting harder to place risks.
Brokers using Open GI with Plum agencies will have access to eFlex and eLet with immediate effect. eFlex provides specialist and non-standard household buildings, contents and valuables cover and eLet is for UK residential landlords who own either individual properties or large portfolios and covers buildings and contents for a wide range of tenancy types.
Plum formed its eTrade division in October last year after appointing Simon Lewer as eTrade director and Global Risk Partners’ chief operating officer of its MGA division, with responsibility for the development of the group’s electronic trading initiatives, and Kris Lee as head of eTrade underwriting. The company has opened a new office in Brentwood, Essex to support the expansion of its eTrade underwriting operation.
Lewer said: “Our eTrade product strategy gives brokers greater choice in the placement of non-standard risks. In addition to our open market and quote and bind facilities, we can offer them efficient electronic trading with high quote rates and lower costs while retaining access to experienced underwriting support for more complex risks.
“Our significant investment in e-trading means we have not only come to market quickly but started with a market-leading non-standard household product. 2016 will see the roll out of further e-traded products. Working with Open GI and other software houses we plan to accelerate the expansion of our UK and Ireland broker base.”
David Kelly, distribution director, Open GI, added: “We are delighted to be working with Plum Underwriting and be at the forefront of bringing their eTrade product strategy to life.
“eFlex and eLet will provide a full cycle EDI solution, offering low operational costs and competitively priced cover and guaranteed quotability. In addition, both have extended underwriting footprints, allowing brokers to use them to meet the needs of a wide range of property types, uses and policyholders."
