Polaris is pleased to report record usage for all of its products in 2021.
The use of Polaris’s Personal and Commercial Lines online trading Standards grew to reach 112 unique organisations, including businesses from outside the insurance sector which first subscribed in 2020. Meanwhile the number of organisations using the ProductWriter rating engine grew to 80.
The number of policies traded on imarket, which connects broker software platforms to insurer systems for the placement of commercial lines insurance risks, grew to an all-time high of 490,000 policies in 2021. Use of live chat across imarket and insurer extranets, facilitating discussions between brokers and underwriters to enable digital placement, also grew. Over 200,000 online chats took place in 2021, the equivalent of over 800 per working day.
Polaris remains strongly committed to developing its products and services. In 2022-23, it will make its largest investment in imarket’s infrastructure since the platform’s inception, to support its continued growth in coming years and ensure good operational resilience for the industry critical online trading gateway. Supporting Machine Learning based rating and data enrichment will continue to be key investment areas for ProductWriter on account of their growing usage in the industry. Standards are being developed for several areas such as multi vehicle private cars and claims notification.
Managing director Vivek Banga said:
We’re delighted to support a record number of organisations and customers. As an industry owned organisation, widespread usage of our products is a key indicator that shows once again that secure digital trading is the clear direction of travel for the industry. Organisations of all sizes are offering a growing range of online products using the common languages and products that we have developed. We will continue to invest in our products to enable the market to push the boundaries of digital trading for the benefit of its consumers and its participants.