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Technology: i-Market - Caught in the web.
(From Post Magazine)
This year, commercial e-trading portal I-market has gone from strength to strength. In January, three of its six founding insurers - Allianz Cornhill, Norwich Union and Royal and Sun Alliance - announced a 10% discount to all brokers using I-market.
In April, underwriting agencies Primary Group and I-prism signed up to the service as Software Solutions Partners began piloting products ahead of an aggressive rollout. In addition, and only last week, insurer Ace confirmed that it was coming on board.
The first product that will be fully operational is shop insurance, so why has the system started here?
Andy Ford, head of business systems and e-commerce at Zurich, says: "Shop insurance is a logical first choice because it is the highest volume package product and can provide a foundation for related lower-volume products later on, such as hair and beauty and pubs and restaurants."
Shops insurance also covers every segment in package insurance, according to Phil Nunn, head of strategy at Norwich Union: "If we crack the standard package then others will be easy as we will already have an idea how it works."
I-market has been promising this all-singing, all-dancing system for some time, so do brokers believe it will really happen this year?
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