Willis to soon launch rival database to Aon's GRIP

Willis is planning to launch a powerful new global placement system in 2012 that will rival Aon’s GRIP, Insurance Times understands.

WillPLACE is a real-time electronic platform tracking all the broker’s placements globally, due to be launched in the first quarter of next year.

Although Willis is yet to reveal full details, it’s likely WillPLACE will allow brokers to see globally what coverages and limits carriers are quoting and the business they are binding or failing to bind.

Clients should be able to see what limits are to purchases, insurer risk appetite in classes and comparison between different local and wholesale markets.

Owning a database system has become a trend for London market brokers in the last couple of years as they believe it helps clients and also provides a valuable income stream in a soft market.

AON was the first out of the blocks with Global Risk Insight Platform (GRIP) in May 2009. Marsh soon followed by launching MarshConnect and Cooper Gay is currently working on its own system.

The databases have divided opinion among London market underwriters.

GRIP has won over Zurich, QBE and Chubb. They believe it is a powerful tool which helps them work out what capacity and manpower they should be allocating to certain classes.

Others underwriters believe that they should not have to pay for a broker tool when they have ploughed millions into developing their own systems.

Most believe the jury is still out and are waiting to see if insurers using databases undergo a significant improvement in underwriting, and risk selection and management.