The Movo Partnership (Movo) has announced the release of its new integration with Quote Portal, a cloud-based platform that enables brokers to gain access to exclusive products and facilitates efficient trading.
With a customisable dashboard and a full suite of reporting capabilities, Quote Portal offers a range of products built to Polaris market standards and supports pricing natively or via IHP connection, Polaris imarket, or RTE. The platform uses data insights to match brokers with insurers and managing general agents, allowing direct interactive exchange for quick and efficient distribution of relevant data.
Movo launches the portal with an initial set of products from a panel of insurers, including legal expenses, household, and property owners. It will give MGAs direct distribution to nearly 300 brokers in the Movo family, which currently has a combined gross written premium of £375 million. Further products are set to be added in the coming months, with plans to make the platform available wholesale next year.
“We’re very excited to be launching our new Quote Portal at this year’s Movo Conference,” said Jordan De Saa, broking & insurer relationship manager at Movo. “Bringing these powerful data insights and EDI quoting capabilities in-house will be equally transformative for our brokers needing access to market-leading and niche products as it will be for those MGAs and insurers trading with Movo brokers – opening up wholly new distribution opportunities.
“The portal also makes it more transparent, quicker, and easier for insurers and MGAs to trade with our brokers. It gives them complete transparency and means they can access data insights quickly and efficiently.”
Movo Partnership was established in 2019 by a group of brokers that share compliance and operational functions to improve buying power and give broker members more time to focus on servicing their clients.
A press release from Movo said its members retain 100% of commissions and that all profits are reinvested for “the benefit of the membership and the future of broking,” as it aims to be the most cost-effective way to run a brokerage and encourage new startup brokers to replace the ones being lost to M&A activity.
In February, Movo set a target of 90 broker members and £90 million GWP by the end of 2023. It closed the previous year with 66 members and £68 million GWP, growing by 70% since it announced its breakaway from GRP-owned broker network Hedron in November 2021.
What are your thoughts on this story? Feel free to share your comments below.
