International specialty insurance firm, StarStone, recently announced the launch of a new online broker platform designed to significantly improve efficiencies and simplify product access, called ESCAPE 1-2-3.
ESCAPE 1-2-3 expands on StarStone’s U.S. wholesale brokers service for SME accounts, known as the ESCAPE portal, which was launched in 2010 and, the new ESCAPE 1-2-3 platform should improve the profitability of wholesale brokers, according to the company.
Head of eCOMMERCE at StarStone, Kardiner Cadet, said; “StarStone is changing the paradigm for how wholesale brokers transact business. ESCAPE 1-2-3’s online brochures provide an instant quote. With an order to bind, brokers can obtain a policy in less than 10 minutes, compared to traditional processes that can take between four and 25 days.”
Escape 1-2-3 will leverage architectural and distribution aspects of the ESCAPE portal, and will be used alongside brochures and rating tables. This, says StarStone, eliminates the need for wholesale brokers to use the portal for obtaining quotes.
StarStone explains that brokers are able to reduce the number of steps that it usually takes to one, from the previous six, to improve efficiency and profitability.
The original ESCAPE portal reduces the quote-to-bind-to-issue process from days to minutes, says StarStone, with ESCAPE 1-2-3 bringing even more efficiencies, while offering an increased product range that serves 30 professional liability classes of business.
Mark Sioma, Senior Vice President (SVP), Management & Professional Liability, added; “ESCAPE 1-2-3 greatly improves the efficiency of conducting small business. With easy and cost-effective access to a broad range of professional lines products, it delivers genuine competitive advantage to our wholesale broker partners.”