A list of schemes available from wholesale brokers will feature on imarket and more products are to be added to the system
Online trading platform imarket will launch a 'schemes library' on the system.
It is understood that the library, due to be launched at the Biba conference in mid-May, will provide brokers with a list of schemes available through wholesale brokers. Brokers will not be able to get quotes from wholesale brokers through imarket, but it will provide links to the brokers' websites.
The service will initially feature around 20 schemes, with more to be added in future.
In response to criticisms from brokers that the system is lacking in products, imarket has also agreed with its insurer partners that at least four of the six insurers on the system will provide products for nine classes of business from mid-May.
Initially this is being launched for shops and offices risks, with dates for other classes to be announced at the Biba conference.
For these risks, brokers will only need to complete one quote data capture form, which they will be able to send to more than one insurer at a time.
Polaris marketing and strategy manager Phil Nunn said: "Now the imarket infrastructure is proven, our focus for 2004 is on expanding the range of broker services".
Brokers using the system have also complained about the response times from insurers, who have now committed to respond to commercial quote enquiries within two working days.
Depending on the complexity of the risk, the response will range from providing premiums for simple, auto-rated products in a matter of minutes or hours, to an initial response asking for more information in complex cases.
"Broker feedback from the road shows and from those now using imarket has been very clear. Top of the list has been to provide them with a commercial quotation service and, importantly, to secure a number of insurers able to quote for each product available with a defined response time," Nunn said.
Polaris has also improved imarket's quote data capture facility, with better forms navigation and a new save and reload function, allowing brokers to save quote information for amendment or review.
Nunn said: "This will make the job of submitting quotes much easier for brokers. The forms enhancements mean they can also reload quote information and amend or re-submit it if needed".
