Torus, the global specialty insurer, today announced it has extended its digital footprint with a significant expansion of its award winning online broker platform, ESCAPE.
Previously available only to intermediaries servicing the excess casualty needs of small and medium enterprises, the expansion of ESCAPE now extends to the specialty Commercial E&O and Healthcare markets. ESCAPE will continue to deliver a more efficient and easy to navigate quote-to-bind-to-issue process for producers and brokers.
Naveen Anand, Chief Executive of Torus Americas said, “After the hugely successful release of ESCAPE two years ago for umbrella and high excess liability policies and the continued positive feedback from the industry, it was clear that the mechanics in streamlining the quote-to-bind-to-issue process behind ESCAPE would add value to a wider net of producers. As such, we have continued to seek ways to broaden the reach of ESCAPE.”
In building ESCAPE Torus has not only built a new technology but has also successfully paired the portal with a team of professionals that is trained to expeditiously handle all referrals. Breaking industry standards, the platform does not include calendars that allow users to indicate quote deadlines, instead committing that each referral will be responded to within a 24-hour window.
Mr. Anand added, “Today’s announcement demonstrates Torus’ commitment to delivering innovative insurance and distribution products to the specialty marketplace.”
First-in-Industry Portal for Healthcare Facilities
The ESCAPE Healthcare portal is the first of its kind to be introduced for healthcare facilities. It is currently available for seven different classes of business. The minimum premium for issued policies is $3,000 with a maximum policy limit of $3 million.
ESCAPE Healthcare policies are available to select wholesale partners in the United States.
“Our goal behind launching healthcare on ESCAPE was to offer an automated portal that none of our peers have effectively created to date,” said Bob Allen, Head of Healthcare. “The functionality and features of ESCAPE enable us to efficiently offer healthcare products and tailor those products to the various needs of our producers, significantly improving the way small allied health business can be submitted, rated, quoted and bound. Wholesalers will quickly realize that ESCAPE couples state-of-the-art technology with competitive terms.”
Unique Package Policies for Commercial E&O
The ESCAPE Commercial E&O portal supports Torus’ Professional Liability offerings and is available for 75 different classes of business.
Uniquely, policies for miscellaneous service providers, entertainment & media exposures, technology, E&O, as well as privacy & network security coverage can be packaged in any combination under a single policy. The minimum premium is $1,000. Brokers can quote, bind and issue policies with limits up to $3 million, and refer policies with limits up to $10 million.
ESCAPE Commercial E&O policies are exclusively available to Torus’ wholesale partners.
“Offering Commercial E&O products via ESCAPE gives a leading edge advantage to our wholesale partners servicing small to mid-size service providers,” said Michael Phillips, Senior Vice President, US Commercial E&O. “The new coverage available on the platform enables our partners to more efficiently handle their business through Torus.”
ESCAPE was launched in 2010 using the latest breakthroughs in software and technology to help brokers to serve the more than 20 million small businesses across the US. In 2012, Torus was recognized by Celent – a research and consulting firm focused on the application of information technology – as a 2012 Model Insurer for the development of this new and revolutionary platform. Additionally, ESCAPE was selected as a finalist for the 2012 Entrepreneurial Insurance Award for the development of this portal.
Value-add features that are available on ESCAPE include:
- A “Quick Quote” Option
By answering just a limited number of questions, the producer will be able to secure a preliminary policy indication, allowing them to provide policy seekers with initial pricing in a timelier manner. This feature is available on the excess casualty and commercial E&O portals.
- Immediate Policy Issuance
Importantly, the portal issues policies immediately once a risk is bound (some insurance companies take months to deliver policies), as well as a PDF of the quote, binder and invoice.
- Multiple Limit Options at Quote
Further seeking to improve efficiency for users, ESCAPE will not only provide a quote for the requested limit, but it will also automatically supply up to 10 other limit options, reducing the time required by brokers seeking to re-quote a policy.
- Ability to Chat Live With an Underwriter
While filling out the quote application, brokers can utilize a Torus representative to answer questions pertaining to the application and any unique circumstances they are encountering. Thanks to the “co-browsing feature,” the Torus underwriter will be able to remotely view the broker’s computer screen, allowing them to provide customized, step-by-step instruction.
- Combine, Quote and Bind Multiple Policies
Unlike other online portals, which allow brokers to purchase a single coverage type per transaction, ESCAPE enables a producer to combine, quote and bind multiple coverages under a single policy.
Mr. Anand concluded, “We are strategically expanding Torus’ digital footprint to fill the current gap for the small and medium enterprise and the small allied health markets in the Americas. We will continue to leverage our teams’ expertise in developing cutting-edge insurance solutions that address the rapidly evolving needs of today’s brokers.”
Those interested in learning more about ESCAPE for commercial E&O and healthcare, as well as excess casualty should visit www.torus.com/Escape/ESCAPE.htm.