Polaris’ commercial e-trading platform, imarket, has placed over 300,000 policies in the last 12 months, processed over 6 million quotations and written more than £160m GWP.
imarket e-trading volumes have seen significant growth since 2014, when 77,000 policies were written. During this same period the number of products available from imarket insurers and the number of brokers using the platform has also doubled.
Simon Bloomfield, imarket Product Manager, said “We are seeing a significant increase in broker adoption of imarket as it becomes their preferred e-trading route. We fully expect to see this trend continue and estimate that over 350,000 policies will be placed through imarket in 2018.”
Simon added “Whilst increasing broker adoption and product availability has undoubtedly driven the platforms success, launching new services has also helped. The addition of the imarket live-chat service has helped brokers to place more business, by enabling them to chat online with an insurer when they want to place risks that are more complex. There are now over 5,000 imarket live-chats each month."
imarket currently has four integrated broker systems, Applied, Acturis, Open GI and SSP with two further broker platform integrations in progress. Seven insurers currently provide products, Ageas, Allianz, Aviva, AXA, NIG, RSA and QBE. Polaris are also in discussion with a number of new insurers and MGAs about joining imarket.