Some 2.2 million policies were written via EDI on Open GI in one year
Open GI systems were used to write 2.2 million policies via EDI, an 8 % increase on the previous year, during its financial year ended 31st May 2007.
Commercial vehicle EDI policies were up 17% and bike by 48%. Within the more mature business lines, home showed encouraging growth of 12% and despite some commentators’ views that brokers’ share of motor business is in decline, Open GI brokers achieved a 5% increase during the period.
There are about 100 carriers transacting business on the Open GI system – 50% via EDI – more than any other software house.
“"With 27,000 users of the system across 2,000 broker sites, Open GI brokers represent a significant share of the market"
According to Mark Ryder, commercial director, Open GI, the figures reveal a positive outlook for the broker channel and can be attributed to a number of factors - an increase in the range of EDI carriers on the system, insurers investing further in full cycle EDI and the overall success of Open GI brokers.
He said: “Tracking the number of policies written via EDI on the Open GI system gives a good indication of the buoyancy of the market, the success of brokers and the level of commitment to electronic trading. With 27,000 users of the system across 2,000 broker sites, Open GI brokers represent a significant share of the market.
“Historically, there has been talk about the potential demise of the broker channel, particularly in personal lines. These latest figures show the opposite. Open GI brokers are trading yet more business electronically, proving their ability to compete in a challenging market. And we have seen an increase in the range of carriers developing EDI with us from major insurers through to wholesale brokers – demonstrating that electronic trading brings benefits for everyone.”