New product provides a range of instant quotes for D&O cover.
Broker Direct, the insurance underwriting and services organisation owned by brokers, has launched the first comparative commercial product onto its new online full cycle quote and buy system.
The product provides a range of instant quotes for Directors and Officers (D&O) cover from a panel of three insurers.
Broker Direct currently offers a suite of commercial products online and will be continuing to expand the product offering on both a comparative and stand alone basis over the coming months.
Markel International Insurance Company Ltd, W. R. Berkley Insurance (Europe), Ltd and Zurich Insurance will form the insurer panel for the comparative product. In addition, risks that fall outside the parameters of the online facility can be referred to Broker Direct’s own Lloyd’s broker, HBA Ltd, which it acquired in March last year.
As well as providing competitive commissions, the Broker Direct facility also offers full contract certainty as documentation is available for brokers to print off and hand to or email clients at point of sale. It further enables brokers to remain FSA compliant as, by accessing a wider market for quotes, this can help demonstrate that they are treating customers fairly.
Paul Brierley, director of sales and marketing at Broker Direct said: “Independent brokers can now use our facility to arrange competitive D&O cover for their clients. One set of questions will generate quotes from our online panel and, if the risk falls outside the system’s normal parameters, there will be a referral mechanism to the panel of insurers or ultimately we can assist by placing the business in the Lloyd’s market via HBA Ltd.
“Broker Direct is focused on using technology to provide its broker members with access to a wide range of competitive products, meeting their needs for cost effective, client focused solutions. Our move into the comparative quote and buy arena marks the latest exciting phase in the development of our commercial offering.”
