MSIG launches e-trading platform
MSIG at Lloyd’s, the international specialty arm of Mitsui Sumitomo Insurance Group, has unveiled an online full-cycle e-trading platform for brokers and coverholders.
MS-Sign caters for commercial risks and will be available internationally. According to MSIG, the online underwriting system is more efficient than manual underwriting processes.
Customer decisions and transactions are made online within pre-agreed underwriting criteria meaning that manual underwriting processes are largely removed.
Canadian broker Nacora International is the first customer to implement MS-Sign.
Andrew Dougall, MSIG’s head of property and casualty, said: “Creating a system that removes time-consuming complexity not only provides access to risks that have been largely unobtainable but the ability to transact them in volumes, in effect, giving wholesalers access to a new revenue stream.
“MS-Sign also recognises that intermediaries are being met with ever higher regulatory hurdles and can greatly alleviate the growing cost and time burden involved in meeting compliance requirements.
“Long-term strategy and enduring relationships are central to MSIG’s philosophy, reflecting our Japanese heritage. Our strategy with the platform is to partner with wholesale brokers at a time when their livelihood is under threat and as the platform develops, the real potential exists to bring revenue into London that the market has not been able to access before.”
Darryl Wolfe, director of operations for Nacora International, said: “We are genuinely excited to partner with MSIG. This world-class online platform enables us to bring the expertise of the London market to niche markets locally, offering clients a system which provides market leading capability and ease of use combined with competitive pricing and best in class coverage.”