Head of imarket, Simon Bloomfield, recently shared his insights in the Gracechurch special report on e-trading, highlighting the success of digital trading within the insurance industry. His comments shed light on the positive outlook of brokers towards digital trading which has opened doors for growth and development in the market.
Bloomfield comments:
‘More than 500,000 commercial policies were digitally traded through imarket in 2022, a figure that has grown every year since the service was launched nearly 20 years ago. It’s therefore encouraging to see brokers are largely experiencing digital trading positively and for the market to look at areas for development’.
As e-trading matures, the market is experiencing the rise of more complex insurance products with higher premiums being traded via digital channels. Despite the automation of the digital trading process, Bloomfield notes that certain complex insurance products still benefit from temporary manual intervention by underwriting teams, which enables insurers to use their specialised skills where they can make the most significant impact.
Bloomfield emphasises that the most successful underwriters within the digital trading space will be those who effectively align their service models with their e-trading processes to create a compelling digital proposition that brokers will prefer and continue to utilise.
To read the full report, click here
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