Ascent Underwriting's Optio voted MGA Initiative of the Yearpublish date : Dec 2016
Optio, the quote-and-bind portal developed by London managing general agent Ascent Underwriting, was voted 'MGA Initiative of the Year' at the recent London Market Awards. The online system, created for direct use by brokers, delivers multiple insurance products, including Ascent's popular and client-focussed Lloyd's-backed cyber solutions.
Ascent's founding vision was to be an innovative underwriting operation built around web-based broker distribution, genuinely responsive policies, and a service-driven approach to claims. The launch of Optio marked a key milestone in transforming that vision into practice. The award shows that the wider London insurance market has recognised the achievement.
Through Optio, brokers obtain instant quotations for comprehensive cyber coverage, and for niche products including Healthcare Regulatory in the US and Professional Indemnity in the UK. As well as providing direct access for brokers, Optio is also Ascent's core underwriting platform. Launched in the US and Canada, Optio is now actively used by brokers in five jurisdictions, as the territorial roll-out of Optio continues. New specialist products are to be added, expanding to the successful portal's reach and usefulness, but already thousands of policies have been issued through the system to SME and microbusiness clientele.
"We're delighted by the recognition we've received for Optio," says Ascent's Chief Executive David Umbers. "We designed the system to give brokers an easy and efficient way to obtain high-quality, highly regarded speciality cover for the risks their clients are asking about. Optio minimises transaction costs and delays, and lets even the smallest businesses obtain very high quality cover for the risks that top their list of worries, backed by Lloyd's paper."