Oxygen works with Advisen to build an online benchmarking service in the UK
Oxygen Insurance Brokers Ltd (Oxygen), the Lloyd’s broker, and Advisen, the technology provider, have launched a new initiative to provide on-demand program benchmarking to buyers of insurance in the UK.
Oxygen is the first broker to work with Advisen to build an online benchmarking service in the UK. The service will provide clients with highly-relevant comparisons against customised peer groups. Clients will be able to use benchmarking charts in considering the structure and expected cost of their insurance programs. Covering all major lines, the service will answer questions such as “How much coverage do my peers buy?” or “Am I paying too much for my insurance?”
Commenting on the initiative, Nigel Barton, chief executive officer of Oxygen, stated: “Advisen have a tried and tested, secure benchmarking system that operates in the US. By being one of the first supporters of this model in the UK, Oxygen and our brokers will gain a significant edge when advising clients on all aspects of their insurance purchase”.
Mason Power, managing director of Advisen Europe, commented: “For brokers looking to consistently provide their clients with the highest level of service, Advisen benchmarking has become a standard in the US, and we welcome working with Oxygen to provide the same benefits to clients in the UK.”
