IGI Group is preparing to expand its network of broker agencies, following the launch of its online trading platform, IGI Online.
IGI Group is preparing to expand its network of broker agencies, following the launch of its online trading platform, IGI Online.
The UK insurer hopes the number of brokers trading with it will increase as a result of its distribution expansion.
Neil Findley, IGI sales and marketing director, told Insurance Times: “We currently have a broker agency of 1,000. As a result of launching an online offering we expect that broker agency to grow.
“We hope to have £2m worth of premiums being transacted through the portal within the next 18 months,” he added.
The online portal, which went live at the beginning of May, allows brokers to place residential property owner business online.
The portal also allows brokers to carry out mid-term adjustments, renewals and cancellations.
Findlay said IGI intended to add further products to the site, including a retail package, commercial property owner and caravan insurance.
The launch follows the sale of IGI, which specialises in extended warranty, residential and commercial let insurance, to US insurer AmTrust.
Max Caviët, president of AmTrust International, which has a GWP of $800m, said: “This is a really exciting opportunity with IGI because we are two companies focusing on under-serviced niche products.”
Keith Wardell, managing director of IGI, added: “The lines of business are very much the same.
“But, we will get more support from AmTrust because they have more expertise in the areas that we have not been a major player in. This will give us the choice to ex-pand further into those areas.”
