New commercial broker software platform set to be unveiled at Biba

Insurtech Recorder will unveil its new commercial broking platform at the upcoming Biba conference.

The platform will be powered by artificial intelligence (AI) and has been designed to help UK insurance firms accelerate digital transformation.

It will initally comprise three components, including a small business portal, a broker relational database and insurer-broker connectivity.

“Recorder’s launch at Biba marks a significant milestone in our mission to bring the best of 21st century fintech to commercial insurance,” Matthew Hicks, chief commercial officer and co-founder, said.

AI

AI is one of they key talking points in Biba’s 2024 manifesto, with the trade body urging government and regulators to work together to introduce an “appropriate framework” for such technology in insurance.

Since the manifesto was unveiled, an AI code of conduct has been launched, as well as the European Union AI Act. 

Recorder said it had spent the last six months refining and testing its proposition with a selection of clients and felt it was now ready to be launched.

The platform came after Hicks and fellow founder Alex Cardona realised the opportunity for improved data flows on SMEs was large within commercial insurance.

“Our platform not only alleviates the administrative burden on brokers, but also improves the underwriting process for insurers, ensuring SMEs receive the coverage they need without the traditional hassle,” Hicks said.

”We’re here to help brokers do what they do best – advise businesses on risk – and to spend far less time on paperwork.”