94% of brokers now e-trading; Aviva leading market: FWD Research
UK brokers are increasingly modernising their trading practices to embrace e-trading, with 94 percent currently placing business electronically, according to FWD Research, a research consultancy, which has competed a report on the use of e-trading by brokers.
The report shows that the vast majority of UK brokers, (3,130 brokers), currently place business electronically. The leading market in terms of e-trading is Aviva, with 73 percent of all brokers e-trading via Aviva’s Fast Trade online platform.
The report also showed that the amount of brokers who use a managing general agent (MGA) or a Coverholder to trade electronically is currently at 41 percent.
Mike Harmer, research director at FWD, said: “The rise in use and importance of e-trading to all parts of the industry is clear. This barometer outlines the current competitive position including current and forecasted use of e-trading platforms across software houses, Insurers, MGAs and Brokers. It also outlines current use of and satisfaction levels with Insurers’, MGAs’ and Brokers’ e-trading solutions; as well as levels of business traded electronically. We feel this is an ideal time to define the market characteristics of this vital component of business in the financial services sector.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Lloyd’s appoints new chief operations officer
Non-marine retro lines see hikes of 35% in recent renewals
Alliant partners with Brokerslink in expansion strategy
Insurance-focused VC Eos backs sports risk management firm
Law firm BLM uses AI to predict outcome of claims
