Allianz Cornhill, R&SA and Norwich Union break away to offer extra commission incentives

Allianz Cornhill, Royal & SunAlliance and Norwich Union are offering brokers 10% extra commission to transact their commercial business via Imarket.

The insurers have also hired regional Imarket specialists to encourage their broker partners to increase the volumes they transact using the portal.

The breakaway group has been formed despite the three insurers' apparent commitment to the Imarket Marketing Group, which was started earlier this month to encourage a collective strategy to driving volumes.

The three insurers are hoping the move will help them gain a competitive advantage over AXA, Groupama, Zurich and NIG, which are yet to formally outline their plans for getting brokers onboard.

Phil Nunn, head of technology at Norwich Union said: "The Imarket trading group is important to ensure there is a consistent message and approach across the market. It is down to individual insurers to push their own platform."

The insurers said they expected their office, shop and tradesman products to be regularly traded using Imarket by the end of the year.

Chris Hanks, general manager of Allianz Cornhill, said: "It is essential brokers embrace electronic trading, having lost ground in personal lines."
Sirius offers brokers free market sign-up

Sirius will be holding road-shows in the first week of March during which brokers will be given the chance to sign up to the Imarket software free of charge.

Mike Dodd, Sirius's chief executive, UK systems, said: "We want to get every broker that comes to the road-show to be transacting live business within a matter of days."

"We expect 200 of our 400 brokers to be trading by on Imarket by the end of the year."