The number of policies traded on the Polaris Imarket commercial insurance platform grew by 4% to an all-time high of 482,000 policies in the year to 31st December 2020.
Usage of the organisation’s online trading standards grew to reach over 100 unique organisations across the industry, while rating engine, ProductWriter reached over 75 unique organisations.
Managing director Vivek Banga said: “As an industry-owned organisation, we’re pleased to have provided the support and infrastructure that kept brokers and insurers trading online during lockdown.
“Without doubt, online trading in general insurance will continue to grow in the coming years and we will keep developing the tools to support more sophisticated online underwriting and faster and wider online product distribution -- whether for established providers or start-ups.
“I would also like to thank the industry for the support it provides us, particularly the over 1,000 annual hours of industry time that we get through our advisory groups that enable us to keep supporting the industry’s changing needs. Despite our user community working remotely for most of 2020, these advisory groups were very well attended.”
Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021
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