Almost all brokers are now trading electronically
New research has found Aviva to have the most popular e-trading site among brokers.
The findings, released today by FWD Research, found 73% of all brokers used Aviva’s Fast Trade extranet site. The result complemented the Insurance Times e-trading survey, where Fast Trade was the highest rated among brokers.
Aviva last year broke from the market to make personal lines products available to brokers through its e-trading platform and has made steady progression up the rankings over the last few years to hit the top spot.
The FWD Research also found that 94% of UK brokers are currently placing business electronically, a total of 3,130 brokers.
The amount of brokers found to be using an MGA or a coverholder to trade electronically is currently at 41%.
Mike Harmer, research director at FWD said: “The rise in use and importance of e-trading to all parts of the industry is clear.
“This barometer outlines the current competitive position including current and forecasted use of e-trading platforms across software houses, Insurers, MGAs and brokers.
“It also outlines current use of and satisfaction levels with Insurers’, MGAs’ and Brokers’ e-trading solutions; as well as levels of business traded electronically.
“We feel this is an ideal time to define the market characteristics of this vital component of business in the financial services sector.”