Polaris, the UK insurance industry owned organisation dedicated to support the growth of digital trading, today announces record usage figures for 2022.
Use of Live-Chat, which allows brokers and underwriters to exchange extra information about a risk and keep it within digital placement platforms, was the fastest-growing service. There were 237,000 chats last year across imarket and insurer extranets, a rise of 16% in the year.
The number of policies traded on imarket increased by 1.7% to 497,883 in 2022 and in January this year, the platform achieved the significant milestone of trading 500,000 policies in the last twelve months. Premium from imarket policies rose by 15% to £322m. In addition to these achievements, Polaris is pleased to announce that Arch Insurance has joined the imarket insurance panel. An infrastructure upgrade to imarket will also be implemented transforming it into a cloud-native application.
With over 80 clients at the end of the year and extra licence purchases by current clients, Polaris’ widely used rating engine, ProductWriter ended the year with its highest ever number of users. An algorithm-based rating system used by two thirds of the UK’s top insurers, ProductWriter continues to promote machine learning and expand third party data enrichment capabilities.
The number of firms subscribing to Standards – a shared industry language that facilitates communications between different systems and parts of the distribution chain – reduced slightly due to industry consolidation, but remains the industry reference point with over 100 clients.
“We are thrilled to have ended the year on such a high note,” said Managing Director Vivek Banga. “Our commitment to the insurance industry and the support we get from it have been key factors in our success. We will continue to support a record number of organisations and customers by providing the core and essential products that the industry relies on to trade digitally effectively.
“Polaris continues to be a trusted partner and we will keep supporting the growth of digital trading, by investing in projects and technological improvements for the benefit of the industry”.
Be the first to comment