Brokers Love imarket

Polaris are delighted to announce that over 500,000 policies have been written annually for the first time through imarket.

This is great news for the insurance market as it shows how imarket has enabled a continued growth in the digital trading of commercial lines policies for both brokers and insurers.

imarket was launched in 2004 and connects insurers with broker systems to facilitate digital trading of commercial lines policies.

Head of imarket, Simon Bloomfield comments

“When I joined Polaris in 2015, we were trading around 100,000 policies annually through imarket. We have seen year on year growth since that time as brokers increasingly look to digitally trade from their broker system.”

Complex Risk Handling

We are now seeing a greater use of imarket for more complex cases, with insurers and brokers often using our Live-chat solution to support any referrals that may be needed.

Digital trading is a continuum from manually written business to immediate digital quotes and simpler commercial products are mostly digitally traded, there is an increased opportunity for the market to see benefits further down the digital continuum for more complex commercial products which may need an underwriting intervention, but otherwise can be transacted digitally.

Additional Support via Live-Chat

The imarket service is further supported by Polaris’ Live-Chat service which provides brokers with a quick, secure and convenient way to discuss policy queries directly with the relevant team within insurer.

We are seeing over 10,000 live-chats being made every month on imarket supported business and this has grown significantly over the pandemic years.

As a transcript is provided to the broker and insurer after every chat this helps contract certainty and avoids misunderstandings between insurers and brokers in these discussions.

Get in Touch

If you are a broker system looking to access insurers or insurers looking to access distribution, contact [email protected] to discuss how we can help you achieve your ambitions.