UK brokers are actively refocusing their business trading practices to embrace e-trading, with 94% currently placing business electronically. FWD Research, a full service research consultancy specialising in the Insurance and Financial Services sector has undertaken an extensive market report exploring the characteristics and use of e-trading use by brokers across the UK.
The barometer provides unique insight on all aspects of the e-trading market, ranging from the volume of trades currently taking place to which insurer extranet sites are currently the most popular with brokers
Key findings of the survey include:
- The vast majority of UK brokers, (3,130 brokers), currently place business electronically
- The leading market in terms of e-trading is Aviva, with 73% of all brokers e-trade via Aviva’s Fast Trade online platform
- The amount of brokers who use a managing general agent (MGA) or a Coverholder to trade electronically is currently at 41%.
Mike Harmer, Research Director at FWD said:
“The rise in use and importance of e-trading to all parts of the industry is clear. This barometer outlines the current competitive position including current and forecasted use of e-trading platforms across software houses, Insurers, MGAs and Brokers. It also outlines current use of and satisfaction levels with Insurers’, MGAs’ and Brokers’ e-trading solutions; as well as levels of business traded electronically. We feel this is an ideal time to define the market characteristics of this vital component of business in the financial services sector.”