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article imagePlatform to link insurance brokers to InsurTech partners

By Tim Sandle     May 29, 2018 in Business
London - A new service, dubbed a ‘dating app’ for the insurance world, has been set-up to allow insurance brokers to connect with the relevant InsurTech partners. The service comes from Covéa and Broker Direct.
The platform comes with approval from the British Insurance Brokers’ Association, with the news announced by the association’s chief executive officer Steve White, who made the announcement at the organization’s 2018 conference.
In the address, White said, as quoted by Insurance Age: “If you’re a broker looking to embrace InsurTech, where do you start?”
Then answering his own question: “Simply Googling InsurTech isn’t likely to give you optimal results.” This means that embracing digital technology of the right kind is not straightforward for insurance companies.
The answer, set-out by White, is that a platform is needed. He also notes that emerging InsurTech start-ups seeking insurance companies to work with have similar challenges.
White has described the new platform as a ‘dating agency’, and this came from the British Insurance Brokers’ Association’s cross-industry innovation group. This will connect brokers with InsurTech companies, as potential partners.
There are several emerging U.K. InsurTechs, such as Homelyfe, which aims to provide a single app to manage all insurance policies in one place. A second example is with Cuvva, which is a mobile app for providing an instant care insurance quote. There are many others, some of which are profiled in the Digital Journal article “Five emerging InsurTechs to take notice of.”
The technology behind the new platform comes from the insurer Covéa, who have worked with the firm Broker Direct on the project, as Insurance Times reports. Covéa Group is a French mutual insurance company that covers property, liability and reinsurance businesses headquartered in Paris. Broker Direct is a blend of Underwriting Agency, Wholesale Broker and Third Party Administrator focussed on the Personal Lines market.
A beta version is currently being tested. The concept means that the British Insurance Brokers’ Association is effectively helping to steer the digital transformation of the insurance sector.
With the new service being worked on, it has been announced that it will be made available via the British Insurance Brokers’ Association website, although access will be restricted to member’s of the association.
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