MSIG at Lloyd’s, the international specialty arm of Mitsui Sumitomo Insurance Group, has launched a web-based full-cycle e-trading platform for brokers and coverholders. The online underwriting system, MS-Sign, which caters for commercial risks internationally, can cut intermediaries’ work and process costs dramatically, and in so doing can open up access to a tier of standard and niche business traditionally dominated by local markets.

Andrew Dougall, MSIG’s head of property and casualty said: “Creating a system that removes time-consuming complexity not only provides access to risks that have been largely unobtainable but the ability to transact them in volumes, in effect, giving wholesalers access to a new revenue stream. MS-Sign also recognises that intermediaries are being met with ever higher regulatory hurdles and can greatly alleviate the growing cost and time burden involved in meeting compliance requirements.

“Long-term strategy and enduring relationships are central to MSIG’s philosophy, reflecting our Japanese heritage. Our strategy with the platform is to partner with wholesale brokers at a time when their livelihood is under threat and as the platform develops, the real potential exists to bring revenue into London that the market has not been able to access before.”

Darryl Wolfe, director of operations for Canadian broker Nacora International, MSIG’s first customer to implement MS-Sign, said: “We are genuinely excited to partner with MSIG. This world-class online platform enables us to bring the expertise of the London market to niche markets locally, offering clients a system which provides market leading capability and ease of use combined with competitive pricing and best in class coverage.”

Paul Jack, board member of Lockton Overseas Ltd, said: “We are living in an increasingly competitive environment, which is placing significant pressures on pricing and creating a need to demonstrate product and service differentiation. We very much welcome MSIG’s launch of what is a genuinely innovative trading platform and are delighted to be working with them as one of their outset partners.”

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