The Bermuda operation of insurance broker Ed has developed a new front-end client portal, and within that has launched a digital wage and hour product in conjunction with Bermudian-based Argo Group.

The global reinsurance, wholesale and specialty broker said wage and hour offers protection to US insureds and the new portal introduces a new, technology-driven route to market, reforming a manual and paper-driven process.

Clients are able to enter data on to the portal, enabling the flow of information to carriers via Ed’s proprietary trading platform, TradEd, the company said.

Wage and hour liability insurance covers indemnity and defence costs related to violations of the federal Fair Labour Standards Act, which established standards for minimum wage, overtime pay and child labour in the private and government sectors.

Wage and hour liability insurance is handled within the Bermuda marketplace; Argo has been at the forefront of innovation in this space, Ed said, adding that the data-first process will streamline the process for clients and create efficiencies through the process enhancing the client experience overall.

Colin Kelley, head of liability at Ed Broking Bermuda, said: “The application of technology is an important component of Ed’s offering in Bermuda.

“Wage and hour processes were ready for modernisation. This new portal will provide benefits to clients and industry participants alike as we improve productivity in the insurance process.

“We are delighted to have collaborated with Argo on this step forward.”

Kimberly Lewis, VP, professional lines insurance at Argo, said: “After recognising an unmet need in the US small to medium-size enterprise market, Argo launched its stand-alone wage and hour product in 2017.

“Argo’s middle market wage and hour product focuses on companies with 10,000 or fewer employees from any industry segment or US state. We are able to offer lower retentions to this class of customers.”

Michael Butler, SVP, professional lines at Argo, added: “Innovation is a core component of the culture at Argo Group.

“We are very pleased to partner with Ed Broking Bermuda and their TradEd platform so that our innovative wage and hour product and underwriting process can further evolve to our targeted class of business.”