Torus Named Finalist for Broker Platform Innovation
8th October 2012
Torus, the global specialty insurer, today announced that it was selected as a finalist for the 2012 Entrepreneurial Insurance Award for the development of its revolutionary web portal, ESCAPE. The award, presented by MarketScout’s Entrepreneurial Insurance Alliance (“EIA”), recognizes innovative concepts in insurance underwriting, distribution and technology.
Designed to meet the evolving needs of today’s intermediaries, ESCAPE was launched by Torus in 2010 to streamline the quote–to-bind process. Using the latest breakthroughs in software and technology, ESCAPE‘s offerings include a quick quote option, immediate policy issuance, multiple limit options and the ability to communicate with an underwriter in real time. ESCAPE has significantly improved user efficiency by enabling users navigate the quote-to-bind process in as little as five minutes.
Naveen Anand, Chief Executive of Torus Americas, said, “Having launched ESCAPE just two years ago we could not be more pleased with the continued positive response from the market. To be recognized as a finalist by the EIA is an honor and further affirms industry demand for technology-driven insurance tools.
“ESCAPE continues to be a key investment and growth initiative for Torus as we continue to expand and develop through meeting market demand for innovative specialty insurance products.”
ESCAPE is currently available for select brokers selling umbrella, excess and high excess liability policies to small businesses. These products are available on both an admitted basis and, where applicable, on an excess and surplus lines basis.
Earlier this year, Torus was also recognized by Celent – a research and consulting firm focused on the application of information technology – as a 2012 Model Insurer for the development of ESCAPE.
Plans for additional Torus products to be offered via the portal are in place for Q4 2012.
To learn more about ESCAPE visit www.torus.com.