’Our technology suite is in a strong position and our latest results show how widespread the usage of our technology remains within the industry,’ says managing director
Polaris has revealed that premiums placed through digital trading platform imarket reached over £400m in 2024.
The firm said that the platform saw year-on-year growth, with the number of policies traded increasing 3% to 546,449.
This contributed to the overall gross written premium (GWP) rising 15% from 2023 to £449m last year.
Mini fleet was where average premiums were higher, with it seeing GWP growth of 34% to £84.5m.
Meanwhile, property owners, which makes up nearly half of the GWP in imarket, grew by 18% to £219.5m.
Polaris managing director Vivek Banga said: “Polaris turned 30 in 2024. While the world of digital and eTrading has changed beyond recognition in that time, our mission to facilitate digital trading and make digital insurance placement as easy as possible remains as relevant today as it was 30 years ago.
“We occupy a unique and privileged position as an industry owned company.
“Our shareholders are also our customers. It is the contribution and collaboration of our clients and industry stakeholders that drive our continued growth and their needs, which shape our product development agenda.”
Technology
Growth on imarket came following a range of technology initiatives being introduced.
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For example, Polaris said it released one of the biggest upgrades to its rating engine, ProductWriter, with 60 improvements delivered.
This included the launch of ProductWriter accelerated distribution, an automated pipeline that can deliver rating updates across multiple platforms in minutes.
The year also saw the launch of Bravo Digital Trader onto imarket, the first new marketplace to go live in over 10 years and the fifth broker system to connect to the platform.
Meanwhile, live chat was used 354,00 times, with over 500 insurer representatives chatting with nearly 17,000 individual brokers.
Banga said: “Our technology suite is in a strong position and our latest results show how widespread the usage of our technology remains within the industry.
“Rating and binding of ever more complex risks continues to grow and we are pleased with the momentum behind our entire product suite. We are very thankful to our industry for its fantastic support of us.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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