Polaris announces an upgrade of its flagship digital trading platform imarket, following a £1.5 million investment. The investment moves imarket onto scalable cloud technology, with the majority of the platform recoded to facilitate future developments and growth.
Polaris is an industry-owned organisation, created 30 years ago to encourage the adoption of new technologies in the UK insurance industry.
imarket was launched in 2004 to facilitate digital trading and has grown every year since then. Over 523,000 Commercial Lines policies representing £370m gross written premium were traded using imarket in the year to 31 October 2023. It is used by over 2,000 brokers and 8 insurers.
RSA’s UK SME Director, Rob Flynn, who is the current Chairperson of Polaris commented “The Polaris Board backed this investment to future-proof the next decade of digital trading. We remain committed to breaking down the technological barriers between various broker and insurer systems so that industry professionals can focus on product innovation and client service.”
Managing Director Vivek Banga said: “imarket has become a crucial technology for many firms, and this investment will ensure they can continue to rely on it with confidence.
“As the industry’s original insurtech we are proud to provide a robust and reliable platform that underpins Commercial e-trade across so many firms. We are very thankful to the imarket insurers and broker software houses in supporting this key initiative which involved all of them working with us especially in areas such as market wide testing. Such a complex upgrade would have been impossible without their fantastic support.”
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