Some trading news from Polaris for you;
Polaris today reports insurance premiums placed through its flagship digital trading platform imarket increased by 15% to £449 million in 2024.
The number of policies traded on imarket grew by 3% to 546,449. Specifically, Mini Fleet where average premiums tend to be higher, saw a GWP growth of 34% to £84.5m and Property Owners, which makes up nearly half of the GWP in imarket grew by 18% to £219.5m. Polaris also enhanced imarket’s data and insight capability to support insurers in better focusing their product updates.
The year also saw the launch of Bravo Digital Trader onto imarket, the first new marketplace to go live in over 10 years and the fifth broker system to connect to imarket.
Live-Chat, Polaris’ newest service, recorded another year of rapid growth as more underwriters adopted the technology to answer queries from brokers, keeping more complex policies within e-trade systems and the discussions auditable. Live-Chat was used 354,00 times (2023: 297,000) with over 500 insurer representatives chatting with nearly 17,000 individual brokers across over 1,900 brokerages.
During the year Polaris released one of the biggest upgrades to its widely used rating engine, ProductWriter, with 60 improvements delivered. These include the launch of ProductWriter Accelerated Distribution, an automated pipeline that can deliver rating updates across multiple platforms in minutes. The number of ProductWriter clients remained at around 80, with license losses due to market exits balanced by adoption by new businesses. The use of ProductWriter to support Machine Learning based rating algorithms is also growing.
The number of Standards clients grew to 108 with new licenses more than offsetting those lost to market exits or consolidation.
Polaris reported that its Electronic Trading Practice Groups (ETPGs) and other product advisory groups, which bring together insurers, brokers, software houses and trade bodies to address industry-wide issues continued to be very well attended, resulting in 30 such meetings during the year and over 1,000 hours of industry input.
Polaris managing director Vivek Banga said: “Polaris turned 30 in 2024. While the world of Digital and e-trading has changed beyond recognition in that time, our mission to facilitate digital trading and make digital insurance placement as easy as possible remains as relevant today as it was 30 years ago.
“We occupy a unique and privileged position as an industry owned company. Our shareholders are also our customers. It is the contribution and collaboration of our clients and industry stakeholders which drive our continued growth, and their needs which shape our product development agenda.
“Our technology suite is in a strong position and our latest results show how widespread the usage of our technology remains within the industry. Rating and binding of ever more complex risks continues to grow and we are pleased with the momentum behind our entire product suite. We are very thankful to our industry for its fantastic support of us.”
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