OIM launches e-trading unit with Towergate hires

Gallagher UK-owned MGA OIM Underwriting has launched an electronic trading division, headed by staff poached from rival Towergate Underwriting last year.

The management team of the new unit, called e-Underwriting, includes former Towergate commercial underwriting managing director Simon Read as head of e-trading, former Towergate household managing director Scott Banks as head of distribution and former Towergate commercial underwriting director Natasha Agius as head of underwriting.

Insurance Times revealed Read’s departure last June.

The new e-Underwriting division has developed an automatic rating model that provides point-of-sale quotations for both standard and non-standard risks. OIM said this results in lower operational costs for brokers because it increases ‘quotability’ for standard risks while catering for a variety of non-standard risks that would normally need to be referred to an underwriter.

OIM said e-Underwriting will be launching a range of home and commercial products in 2012, which will integrate with all major broking software houses.

Commenting on e-Underwriting’s launch, Gallagher International chief executive David Ross said: “We are always looking to stretch the boundaries of traditional thinking in insurance and the launch of e-Underwriting is a prime example of how we are working on behalf of the broker community to develop practical and sensible solutions in a modern environment.”

He added: “Typically, through e-Underwriting, we can offer participating brokers a service that simplifies and enhances customer service.  The model is compelling as it helps make a positive impact to any broker’s bottom line.”