US-based Darwin Professional Underwriters has announced a system upgrade to its internet-based platform known as (i-bind).
The company has said that the approved producers are now able to quote, bind and issue miscellaneous professional liability (MPL) coverage from any computer, 24/7 for over 200 distinct professions.
Launched in 2005, the first (i-bind) product was management liability coverage for private companies and not-for-profit organizations.
Darwin began accepting MPL business in 2007 but elected to wait to fully launch this product on its (i-bind) platform to obtain producer feedback about coverage and pricing that could be incorporated in the system to ensure positive user experience. (i-bind) is designed to handle eligible management liability risks with up to 1,500 employees or $100 million in annual revenues/assets and MPL risks with revenues up to $25 million.
Reza Khan, vice president of business development, who leads Darwin’s (i-bind) distribution strategy, said: We have set the bar high by actually delivering on the promise to offer a truly dynamic and user-friendly web-based system with a straight through underwriting box that is more robust than many insurers who are stuck in the same processes that existed 40 years ago of hand underwriting this type of business.