PowerPlace issued quote number 2.5 million this week
Fifty-eight per cent of brokers have reported an increase in the level of commercial insurance they trade electronically.
In the survey of 400 brokers by PowerPlace, 38% said e-trading had remained the same, and only 4% said it had decreased.
This week PowerPlace crossed the 2.5 million quote threshold for commercial lines. The online marketplace has written almost half a million commercial policies for brokers in the UK and Northern Ireland since it began trading in 2009.
The survey also revealed that 58% of brokers use PowerPlace, which was bought by Open GI seven months ago, to generate an online quote in the first instance.
Chief executive Nick Giddings said: “The shift in commercial lines trading online is steadily increasing year-on-year. As PowerPlace has matured over the past four years we have seen an increasing demand for brokers wanting to implement an online strategy to serve their SME [small and medium-sized enterprise] customer base.
“I am delighted that PowerPlace is becoming the natural fit for our brokers. Our latest survey results have provided us with a good range of market intelligence to help us continually improve PowerPlace and offer a solid range of products to the insurance industry.
Earlier this year Open GI launched eBroker and mBroker for PowerPlace to allow commercial brokers to add a quote-and-buy function on their own website.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet