Speedwell places business electronically in London

Lloyd’s broker Speedwell Insurance Brokers has begun placing its business electronically through TIW’s web-based platform.

Speedwell is the second company to use the platform to actively place risks, with 31 brokers currently using the platform which offers a set of services concerned with market reform.

iPlace is TIW’s web based service for brokers that takes care of the communication between brokers and underwriters using ACORD standard messages and follows market agreed standards and practices.

Working with Gateway supplier and co-developer Web Connectivity, iPlace is also one of the core components chosen by Xchanging to be at the heart of its own placing platform, XPP.

Mike Locke, Broker at Speedwell said: “Speedwell needed a simple solution that fitted how we work. TIW iPlace made it easy to place straightforward business electronically into London which historically meant we had to make face-to-face visits.

“Thanks to TIW and iPlace we are now free to place business from wherever we are with the added benefit that iPlace also holds all our information securely in a central repository which we can access from anywhere. iPlace gives us the flexibility to react faster and trade more efficiently”.

David Edwards, chief executive officer of TIW, said: “iPlace really does make it easy and cost effective for any broker of any size to place business with London as Speedwell has shown. iPlace is one of TIW Group’s portal based SaaS offerings that make it easy to trade insurance electronically  anywhere in the world.”