Open GI brokers now have access to 1,500 products from some 100 carriers
The number of products available for brokers via the Open GI platform has increased to over 1,000 from around 100 carriers - the biggest growth being across household.
A total of 1,150 products can now be accessed - over 60% of which are EDI. The largest growth has been achieved across household with more than 300 products available from a range of carriers including major insurers through to wholesale brokers.
Growth is also being achieved across more mature lines such as motor as carriers are keen to move all of their products to EDI.
Michele Munn, Head of Insurer Relations, Open GI, attributes the growth to a number of factors - brokers developing bespoke EDI schemes on the Open GI system, insurers removing manual products in favour of full cycle EDI and growth in the Irish market.
She said: “More and more of the carriers we deal with are realising the benefits that full cycle EDI provides. In a soft market it’s imperative that business is traded in the most efficient way possible. Brokers should not be spending valuable time processing standard risks manually. Instead they should be focusing their attention on areas within their business where it’s really needed.
“Access to product / markets is a key requirement for brokers, particularly for those looking to change system supplier. There is little point in having a robust and reliable trading platform with minimal product availability. An increasing number of our new business contracts have cited this as a major reason for opting for Open GI.”
