TIW unveils platform offer

Technology company TIW has unveiled a new offer in a bid to attract more brokers to sign up to its electronic placing solution, iPlace.

The London insurance market has modernisation at the top of its agenda and Marek Baldy, TIW sales and marketing director, believes that iPlace has a central part to play.

"Moreover our offer gives brokers the chance to build electronic relationships with their markets and to that they need a product fit for purpose, easy to use and at a price point that respects the overall cost of doing business in London," said Baldy.

TIW is currently offering brokers that sign up before September 30, 2015 the opportunity to use the web-based electronic placing service for up to 50 users free of charge and for up to six months.

iPlace 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.

Baldy said: ”This is a win-win deal for brokers, for Carriers as well. iPlace is already well adopted by brokers in the London market and this offer finally makes it a no-brainer for every broker to get going with electronic placing.

“Based on the fact that 80 percent of carriers already have the ACORD-based capability to receive iPlace's electronic placing messages we believe there is a real opportunity here to kick-start the market. Binding risks through iPlace won't cost carriers a penny more. iPlace also caters for carriers that can't process ACORD messages so it really is a universal platform that's available now."