IGI Group has become the latest insurer to join online commercial insurance portal Broker2Broker (B2Bi), touted as a potential competitor to Imarket.
IGI will make up a panel of five insurers, including Norwich Union , Royal & SunAlliance , Zurich and MMA and will launch a commercial and residential property owner product within months.
It currently offers brokers a smaller packaged business for the retail sector via the B2Bi platform and said it would look to add further products over the next 12 months as the market demands.
Neil Findley, sales and marketing director at IGI Group, said that although the company had not set specific business growth targets it hoped to achieve significant revenue in year one and a seven figure sum within the next few years.
B2Bi was launched in November 2006 by SME Insurance Services as an internet-based trading solution for brokers handling SME business.
The system, which allows brokers to place new business, complete renewals and handle mid-term adjustments online, is seen by some in the industry as a real alternative to Imarket.
Broker2Broker joint managing director Jason Gandy said: "We are in discussions with insurers to widen our product range."