Broker Network managing director Grant Ellis criticised IT vendors for preventing the development of a cross-industry IT platform.
Ellis, speaking at his network's annual conference, said insurers ...
Broker Network managing director Grant Ellis criticised IT vendors for preventing the development of a cross-industry IT platform.
Ellis, speaking at his network's annual conference, said insurers and intermediaries should learn from the past and not allow broker system vendors to derail industry attempts to create a "universal translator".
This would permit integration and easy communication between the various computer systems in the marketplace.
"The owners [of the universal translator] need to demonstrate a clear independence and ... also demonstrate their charges are directly related to the value they are adding and no more," he said.
"This industry does not need any more parasites feeding off our already too small premium pound."
Ellis was referring to the vendor practice of charging both insurers and brokers for exchanging information, such as rate changes, on their systems, thereby pushing up costs.
