The number of policies traded on imarket, which connects broker software platforms to insurer systems for the trading of commercial lines insurance risks, grew by 4% to an all-time high of 482,000 policies in the year to 31 December 2020.
Usage of Polaris’ Personal and Commercial Lines online trading Standards grew to reach over 100 unique organisations across the industry and usage of its rating engine, ProductWriter, which allows insurers and MGAs to instantly underwrite business online, grew to reach over 75 unique organisations.
Managing director Vivek Banga said:
“As an industry owned organisation, we’re pleased to have provided the support and infrastructure that kept brokers and insurers trading online during lockdown.
“Without doubt, online trading in general insurance will continue to grow in the coming years and we will keep developing the tools to support more sophisticated online underwriting and faster and wider online product distribution– whether for established providers or start-ups.
“I would also like to thank the industry for the support it provides us, particularly the over 1,000 annual hours of industry time that we get through our advisory groups that enable us to keep supporting the industry’s changing needs. Despite our user community working remotely for most of 2020, these advisory groups were very well attended.”
Press Coverage Links:
Insurance Age – Reports point to e-trading surge among brokers
Insurance Post – For the Record
Insurance Edge – Polaris Snapshot For 2020: Commercial Lines Up by 4%