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R&Q Commercial Risk Services has launched a delegated authority platform specifically aimed at independent brokers.
The platform, mi-binder, allows brokers to create own branded and bespoke products for their clients with autonomy over pricing.
Initial products provided on the platform will be commercial and residential property, per capita liability and motor trade liability. R&Q intends to expand the range of products offered in due course.
James Wheddon, head of R&Q Commercial Risk Services, said: “Our managing general agent (MGA) is built around serving a select number of independent brokers, these form an absolutely vital part of the UK insurance landscape. However, increased regulatory, administrative and compliance burdens allied to the continued drive for consolidation is placing ever more pressure on them.
“It is essential that local brokers can offer their clients the right products at the right price, and delegated authority plays a key role in this. Our new platform, ‘mi-binder’, enables them do this and is a hugely efficient way for them to offer tailored and own brand products with the right pricing to their clients.
“Through continued innovation such as this, aimed at making the lives of brokers easier, and our ability to offer local underwriters to local brokers through our regional Manchester and Birmingham hubs we believe that R&Q Commercial Risk Services can be the MGA of choice for the UK’s independent brokers.”