Commercial insurance e-trading continues to rise in Nigeria


life-insuranceFifty-eight per cent of brokers have reported an increase in the level of commercial insurance they trade electronically, reported on Wednesday.

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In the survey of 400 brokers by PowerPlace, 38 per cent said e-trading had remained the same, and only four per cent said it had decreased.

This week PowerPlace crossed the 2.5 million quote threshold for commercial lines. The online marketplace has written almost half a million commercial policies for brokers in the UK and Northern Ireland since it began trading in 2009.

The survey also revealed that 58per cent of brokers use PowerPlace, which was bought by Open GI seven months ago, to generate an online quote in the first instance.

Chief Executive, Nick Giddings, said, “The shift in commercial lines trading online is steadily increasing year-on-year. As PowerPlace has matured over the past four years we have seen an increasing demand for brokers wanting to implement an online strategy to serve their SME [small and medium-sized enterprise] customer base.

“I am delighted that PowerPlace is becoming the natural fit for our brokers. Our latest survey results have provided us with a good range of market intelligence to help us continually improve PowerPlace and offer a solid range of products to the insurance industry.

Earlier this year Open GI launched eBroker and mBroker for PowerPlace to allow commercial brokers to add a quote-and-buy function on their own website.



Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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