Tokio Marine HCC launches tech E&O on broker portal
Tokio Marine HCC launches tech E&O on broker portal | Insurance Business America
Insurance News
Tokio Marine HCC launches tech E&O on broker portal
New platform streamlines quoting and binding, enhancing broker efficiency and speed
Insurance News
By
Kenneth Araullo
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG), a subsidiary of Tokio Marine HCC based in Houston, Texas, has introduced technology errors and omissions (tech E&O) coverage, also known as TechGuard, on its broker portal.
The platform aims to provide brokers with a more efficient process for quoting and binding tech E&O policies.
The digital platform allows brokers to quote tech E&O policies more quickly and bind them more efficiently. The tool is designed to reduce time spent on administrative tasks, enabling brokers to focus more on business development and client relationships.
Michael Palotay (pictured above), president of Tokio Marine HCC – Cyber & Professional Lines Group, said that the launch of tech E&O on the Broker Portal aligns with the company’s digital transformation strategy.
“We know that brokers value efficiency, and this new feature makes the quoting and binding process for tech E&O business faster and more intuitive. By offering a seamless digital experience, we’re enabling brokers to move quickly in a highly competitive market,” Palotay said.
The new tech E&O capability on the CPLG Broker Portal allows brokers to manage accounts more effectively, including self-attestation at the time of binding for immediate approvals. If a submission requires additional review, the portal automatically routes it to an underwriter to minimize delays.
Kelly Bailey, director of cyber product and technology innovation at Tokio Marine HCC – Cyber & Professional Lines Group, said that the goal has always been to provide brokers with tools that simplify their tasks and drive growth.
“With the addition of tech E&O to our Broker Portal, brokers can enjoy a streamlined experience that eliminates the back-and-forth while delivering swift, accurate quotes. This tool frees up time for brokers to concentrate on high-value, complex accounts, without sacrificing speed or quality for smaller tech clients,” Bailey said.
The portal also allows brokers to manage accounts originating outside of the platform by uploading relevant documents, such as applications and subjectivities, which are then routed to an underwriter for review.
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