The platform is designed to connect insurance providers to buyers
The British Insurance Brokers’ Association (Biba) is working with insurtech Worry+Peace to connect customers to brokers.
The new facility will see Biba members have access to a new insurance platform called Marketplace.
It is designed to connect buyers of both consumer and commercial lines to insurance providers across the market.
What does it do?
The platform allows brokers to adopt it as part of their marketing strategy.
Marketplace purports to be a ’smart’ online search directory where brokers can list all products visible for buyers to find, therefore connecting insurance providers to buyers.
In cases where a broker has a particular specialism it can boost the visibility of any listing by using a weekly transparent auction tool pushing that particular product to appear first, second or third in search results.
James York, founder of Worry+Peace explained: “Our all-new Marketplace will connect everything insurance in a fair and transparent way. Brokers are the perfect community to join this mission – they are the providers behind a diverse range of risks and specialist covers across the UK.
“With BIBA brokers on board, together we will help more people buy insurance better. The journey starts here.”
Opportunities
Mike Hallam, Biba Head of Technical Services, added: “We see this as a simple-to-use tool to help members unlock more opportunities and we are excited to be working with Worry+Peace on this new project.”
Steve White Biba chief executive, said: “Through our manifesto Biba is committed to helping members to adopt new technologies and adapt to our changing market place and Marketplace is an interesting and innovative way for brokers to reach their customers.”
Hallam said the new platform could be an additional route to market particularly where a broker wants to promote a certain kind of insurance as they can bid to improve visibility which is far less than traditional paid searches.
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