The word on Big Ticket, which isn’t anything to do with VIP experiences at Taylor Swift gigs. In fact it’s more exciting, because insurance brands could get renewals done faster and smoother. Here’s the word;
Early results from the rollout of Big Ticket – the world’s first neutral digital infrastructure for the global commercial insurance industry launched last year – have seen renewal times dramatically reduced and data quality significantly improved, heralding a transformation to the customer experience and highlighting a myriad of benefits to insurers and brokers including efficiencies, more accurate pricing and better capital allocation.
Big Ticket is an industry-backed renewal data platform shared between clients, brokers and insurers, provided free-of-charge to any risk manager or insurance buyer. Its technology ecosystem was developed with founding partner Mastercard and Global Advisory Board members including Airmic, Aon, Aviva, Oasis and Zurich. The platform is currently live across the US and UK with further worldwide deployments slated for 2025.
Robert Bartlett, Co-Founder and CEO, Big Ticket, said: “Big Ticket was designed to address the broken renewal process and the early results show it is doing just that. Risk managers, brokers and insurers are seeing the efficiencies it delivers in terms of processing renewals in a fraction of the time – hours and minutes, rather than months – and delivering upgraded model-ready data that can be seamlessly integrated into to 100+ downstream systems for every risk. These efficiencies will generate significant benefits – potentially far in excess of the estimated $25b industry-wide that we initially estimated – and will give risk managers back the time they need to better measure and mitigate their risks.”
Ken Fraser, Co-Founder and President, Big Ticket, said: “We are also seeing a step change in overall data quality when clients renew using Big Ticket. Currently, insurers receive from spreadsheets roughly only around a third of the data they need to drive pricing and CAT models – the rest they have to estimate which means premiums are loaded for uncertainty. Our results show that Big Ticket users are seeing impressive improvements in overall data quality, something that is happening spontaneously as the result of increasingly informed conversations between broker and client on data gaps and the ease of filling them on the platform. The combination of drastically reduced renewal times and significant improvement in data quality and security means that at scale Big Ticker opens up the opportunity to recalibrate underwriting, offer differentiated pricing models and optimise insurers’ capital efficiency.”
Risk managers – the catalyst for change
While Big Ticket is tackling pain points like the broken renewal experience head on, that is just the first step. Its neutral digital infrastructure can be the catalyst for industry-wide digital innovation in areas including AI – putting risk managers in control of how their proprietary, confidential data is used.
Julia Graham, CEO of Airmic and Chair of the Big Ticket Advisory Board, said: “Airmic has backed Big Ticket from the outset – we have always recognised its potential to change the industry on a global scale. But the results from its first year of operations are impressive – the benefits and opportunities it presents are even more significant than we hoped. Risk management associations and their members have a key role in driving the digital agenda and Big Ticket is a game-changer for the insurance industry and for risk managers alike. The next step is for us to support our members to adopt Big Ticket at scale. To that end we are delighted to be working with KPMG on the development of a playbook to support the rollout of Big Ticket worldwide.”
Scaling up at speed
Risk management associations and their members have a key role to play and KPMG is launching a playbook to them and the global insurance industry to adopt Big Ticket swiftly, smoothly and easily, and realise the benefits it brings.
Paul Merrey, Insurance Strategy Group Lead, KPMG, said: “By working together, the insurance industry has an opportunity to transform the transfer and use of data across buyers, brokers and insurers, improving efficiency, data security and insights.”
Positive industry response
Joe Peiser, Global CEO Commercial Risk Solutions, of Aon, said: “We are very encouraged by the experience of clients and colleagues who have already completed their renewals using the Big Ticket platform. It is clear that a standard, digitised approach to structured exposure data will help reduce uncertainty and will drive better decisions for our clients and benefit all our industry partners. We are delighted to be involved in defining the industry’s digital future with Airmic and other risk management associations.”
Paolo Mantero, Chief Strategy Officer, Zurich Insurance said: “Zurich is committed to contribute to the development of Big Ticket, a market solution that enables secure and efficient data sharing among customers, brokers, and insurers. For this reason, we are actively involved in a test with our US customers, in collaboration with Aon, and we look forward to continuing our engagement with Big Ticket.”
Dickie Whitaker, Chief Executive, Oasis, said: “Big Ticket is the most exciting development I have seen in over 30 years of working in insurance. It is going to have the most profound effect on how the industry selects, prices and processes risk, bringing transformational benefits to risk managers brokers and insurance companies.”
Tom Clementi, Chief Executive Officer, Pool Re, said: “Pool Re is delighted to contribute to Big Ticket’s development in partnership with Airmic. We believe that secure data sharing among customers, brokers, insurers and reinsurers is key to building confidence and a more resilient, future looking (re)insurance market. We look forward to deepening our engagement with Big Ticket.”
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