Managing director explains collaboration has ’become a way forward’ amid eTrading becoming ‘firmly established’
The relationship between brokers and insurers has become “undoubtedly” stronger amid a willingness from both sides to trade digitally, according to Polaris managing director Vivek Banga.
Speaking at the Biba conference today (11 May 2023), Banga told Insurance Times that eTrading had “become very firmly established in the UK market.”
As a result, he explained that collaboration has “become a way forward” for brokers and insurers who have a willingness to use digital for trading more “complex risks”.
And he felt the relationship between brokers and insurers had become stronger, with both sides wanting to solve the same problems.
Banga felt there were several reasons for this, including broker consolidation leading to broking organisations becoming larger.
“As they have become larger, they’ve also become more focused on efficiency within their own operations.
“So, if you’ve got an SME trading team, the obvious answer then is ‘why are we not doing more and more digitally within our business.’
“So, that has helped in terms of increasing the volumes that have gone through online trading.”
He added that eTrading will become “more sophisticated” with more firms trading through digital channels.
Banga added: “[For] even smaller brokers, insurers do a fantastic job in terms of their business development, [with] their people going out and meeting brokers promoting their digital offerings.
“[The] increasing awareness has meant that both sides want to trade more and more through digital channels.
“I think eTrading will continue to become more and more sophisticated.”