It looks like e-trading among UK insurance brokers is all the rage these days.
A market report by FWD Research has revealed that a whopping 94%, or 3,130, of brokers in the UK are currently placing business electronically – leaving a mere 6% who have yet to embrace e-trading. In addition, 41% tap managing general agents (MGAs) or coverholders in order to trade electronically.
Meanwhile the industry barometer also provided insight as to the most popular platform. According to the research consultancy, Aviva’s Fast Trade is used by 73% of all brokers.
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“The rise in use and importance of e-trading to all parts of the industry is clear,” stated research director Mike Harmer. “This barometer outlines the current competitive position including current and forecasted use of e-trading platforms across software houses, insurers, MGAs, and brokers.
“It also outlines current use of and satisfaction levels with insurers’, MGAs’, and brokers’ e-trading solutions; as well as levels of business traded electronically. We feel this is an ideal time to define the market characteristics of this vital component of business in the financial services sector.”
