FARMINGTON, Conn., Sept. 15 /PRNewswire-FirstCall/ -- Darwin Professional
Underwriters, Inc. (NYSE: DR) announces a significant system upgrade to its
state-of-the-art, Internet-based platform known as (i-bind) (R). Approved
producers are now able to quote, bind and issue competitive miscellaneous
professional liability (MPL) coverage from any computer, 24/7 for over 200
distinct professions. This newest development reflects Darwin's continued
commitment to become the market of choice for small-to-middle market
professional lines coverage nationwide.
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Launched in 2005, the first (i-bind) (R) product was management liability
(directors & officers, employment practices and fiduciary) coverage for
private companies and not-for-profit organizations.
Darwin began accepting MPL business in 2007 but elected to wait to fully
launch this product on its (i-bind) (R) platform to obtain producer feedback
about coverage and pricing that could be effectively incorporated in the
system to ensure the most positive user experience. (i-bind) (R) is designed
to handle eligible management liability risks with up to 1,500 employees or
$100M in annual revenues/assets and MPL risks with revenues up to $25M.
Future plans call for increasing these thresholds even further.
'Answering no more than 10 questions to get a bindable professional lines
quote for hundreds of professional classes and tens of thousands of different
businesses without the need for an application and without having to worry
about any back-end underwriting 'surprises' is really revolutionary,' said
Reza Khan, Vice President -- Business Development, who leads Darwin's (i-bind)
(R) distribution strategy. 'We have set the bar high by actually delivering
on the promise to offer a truly dynamic and user-friendly web-based system
with a straight through underwriting 'box' that is more robust than many
insurers who are stuck in the same processes that existed 40 years ago of
'hand' underwriting this type of business. However, in this competitive
marketplace, we aren't na?ve to think that just offering the quickest delivery
system along with having one of the biggest appetites is going to be enough to
win the day. We support the (i-bind) (R) platform by offering products with
very competitive policy forms, rates and commissions to eliminate every
possible objection to a sale.'
Khan said Darwin plans to introduce additional products on the (i-bind)
(R) platform in the near future and remains committed to partnering with a
selective number of agents and brokers who embrace this way of doing business
and see real value in being a franchise partner. For more information about
(i-bind) (R), Khan can be reached at 646-290-5035 or via email at
rkhan@darwinpro.com.
ABOUT DARWIN
Darwin is a specialty insurance group based in Farmington, Connecticut.
The company is focused on the professional liability insurance market and
underwrites directors and officers ('D&O') liability for public and private
companies, errors and omissions ('E&O') liability insurance, and health care
liability insurance. Darwin member companies include Darwin Professional
Underwriters, Inc., Darwin National Assurance Company (DNA), and Darwin Select
Insurance Company (Darwin Select). Darwin is traded on the New York Stock
Exchange under the ticker symbol, 'DR.'
For more information about Darwin, visit www.darwinpro.com.
SOURCE Darwin Professional Underwriters, Inc.
