Open GI becomes latest software house to be fully Imarket integrated
?Open GI has become the latest software house to become fully Imarket integrated.
It will launch a suite of Imarket integrated products next month to include commercial combined, shops, offices and tradesman covers
Open GI joins the already integrated Acturis and Insurecom. SSP is understood to be on the verge of joining.
The number of brokers registered with Imarket has gone up in the past 12 months from 2,250 to more than 2,700.
This accounts for around 70% of UK brokers, according to Polaris, the company behind the commercial trading platform.
Eleven insurers and two underwriting agencies are also members of Imarket and quotes are currently available for 10 commercial classes
Polaris said that last month the number of monthly transactions made by brokers on the trading platform rose to 45,000, up from 25,000 a year earlier.
Peter Knowles, strategy and marketing director at Polaris, said: “The fact that a major software house like Open GI has achieved integration across a panel of insurers and business lines will have a positive impact on the number of transactions made via Imarket.”
He added that although Imarket still had some way to go to improve its functionality as well as adding and refining product lines, the platform had proved itself as an effective way for brokers to trade electronically with the UK’s largest insurers.
Imarket form changes
Imarket has made changes to its forms for comparative quotes. The new forms make use of ‘dynamic questioning’ technology, meaning that only those questions relevant to each insurance product will be presented to users.
Peter Knowles, of Polaris, said: “Brokers have told us how Imarket can become an even better trading platform, we have listened and have devised a technological solution.”