A new web-based solution for the protection and indemnity (P&I) market has launched for yachts, claiming to greatly simplify policy administration.

London based software firm, Chase ITS, delivered the complete end-to-end solution for small ships - to include yachts - named Carina. It will be managed and run by managing agent Tindall Riley Marine Limited.

Chase rewrote its core underwriting functionality using a flexible, web-based solution to turn around quotations and policy documentation quickly and accurately, stated ‘key to the new business’.

“Tindall Riley’s new small ships business, Carina, has made an excellent start with great support from the broking community,” said Carina’s managing director, John Trew.

John Trew, managing director of the new online service

Ben Shellie, CEO of Chase ITS, added: “Unfortunately there are too many failed IT projects in this niche segment of the insurance industry– this is simply due to the relatively small number of IT professionals who understand the fundamental attributes of a P&I transaction.

"Our specialist domain knowledge meant that our clients could be confident that we already had a thorough understanding of their business requirements.”

The new system is designed to simplify and control the entire policy administration process from initial enquiry to binding the risk with automated processes to e-mail invoices and policy certificates.

Underwriters can quote for new business with the knowledge that once the quoted terms are accepted, the process for producing policy documentation requires little to no further data input.