StarStone, the global specialty insurer, has today launched ESCAPE 1-2-3, an online broker platform designed to dramatically simplify product access and improve the profitability of wholesale brokers.
ESCAPE 1-2-3 builds on the success of StarStone’s award-winning broker portal ESCAPE. Launched in 2010 for US wholesale brokers servicing SME accounts, ESCAPE consistently cuts the quote-to-bind-to-issue process from days to minutes. ESCAPE 1-2-3 will deliver further efficiencies and offer a substantially increased product range, catering for 30 professional liability classes.
Leveraging key architectural and distribution aspects of StarStone’s ESCAPE portal, ESCAPE 1-2-3 will be used in conjunction with brochures and rating tables, removing the need for wholesale brokers to use the portal to obtain quotes. By only accessing ESCAPE 1-2-3 to bind risks, brokers will reduce the number of steps typically required from six to one to maximize efficiency and profitability.
Kardiner Cadet, Head of eCOMMERCE, said: “StarStone is changing the paradigm for how wholesale brokers transact business. ESCAPE 1-2-3’s online brochures provide an instant quote. With an order to bind, brokers can obtain a policy in less than 10 minutes, compared to traditional processes that can take between four and 25 days.”
Mark Sioma, Senior Vice President, Management & Professional Liability, said: “ESCAPE 1-2-3 greatly improves the efficiency of conducting small business. With easy and cost-effective access to a broad range of professional lines products, it delivers genuine competitive advantage to our wholesale broker partners.”
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Notes to editors
ESCAPE was launched by StarStone in 2010 with the goal of streamlining the quote–to-bind-to-issue process for brokers. Using the latest breakthroughs in software and technology, the portal includes a quick quote option, immediate policy issuance, multiple limit options at quote as well as access to underwriters in real time. The portal is available for select brokers selling umbrella and excess liability policies to small businesses and other core lines, including Equipment Floater.
StarStone also harnesses the technology of ESCAPE for its MGA partners across Europe.
StarStone is an international, A- rated insurance group with six wholly owned insurance platforms, including Lloyd’s Syndicate 1301. StarStone underwrites business across the Property, Specialty and Casualty risk classes from operations in London, Continental Europe, Australia and the US. StarStone is owned by Enstar Group Limited, the Trident V funds managed by Stone Point Capital LLC and Dowling Capital Partners I, L.P. For further information about StarStone, see www.starstone.com