Torus Announces Release of ESCAPE
11th October 2010
Torus today announced the release of its Excess Casualty Portal Entry platform – ESCAPE. The new portal, created for select brokers involved in selling umbrella and high excess liability policies to small businesses, was designed with input from brokers and will streamline the quote to bind process for producers.
ESCAPE was built using the latest breakthroughs in software and technology. It brings a revolutionary online portal to the property & casualty marketplace that will further assist brokers serving the more than 20 million U.S. small businesses.
“As a company built upon innovation and technological advancement, we listened to our team – many of whom are former brokers – when they told us there was a clear opportunity to improve upon many of the outdated online portals currently being used by producers throughout the U.S.,” said David Perez, President and Chief Underwriting Officer of Torus Global Casualty. “As a result, ESCAPE introduces many first of its kind features that we believe will really benefit brokers.”
Value-add features unique to 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.
- 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.
- The 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.
“This platform is going to help our clients meet the challenges of efficiency and efficacy often associated with other automated portals” noted Linc Trimble, Senior Vice President, Head of U.S. Casualty for Torus. “We believe that ESCAPE will prove to be a tool that changes the insurance purchasing experience. Together with our partners and clients, Torus will continue to offer cutting edge technology solutions that meet the evolving needs of our producers globally.”
Torus is currently seeking ESCAPE partners who have a proven capability to aggregate a homogeneous book of business with target classes, who demonstrate a track record of profitability, and who have ample producer staff with a verified growth history within the small business sector.