The new digital exchange platform will help brokers quote and bind policies in real time
Tokio Marine Kiln (TMK) today launched its digital exchange platform for brokers, One TMK, which will help quote and bind policies on-line in real time.
In line with recent online platform developments, which include the London Market platform going live last week, TKM’s web-based platform is aimed at helping brokers lower their transactional costs and significantly speed up the service to their clients.
The first product live on the exchange is ‘Cargo 10’, thanks to which brokers can get a cargo insurance quote after answering 10 questions. Further expansion plans include a construction and an unmanned aerial systems insurance to be added on to the exchange by the end of 2016, and a further six to 10 products expected to be online during 2017.
TMK chief executive officer Charles Franks said: “High expenses and inefficiencies have been an ongoing problem for the insurance market. The purpose of One TMK is to help brokers reduce the time, and therefore lower the cost of getting a quote and a policy to their clients.”
He added: “This is only the start of TMK’s push towards digital answers to specialist insurance questions. We will continue to work with brokers, regulators and clients to utilise technological changes in our underwriting.”