Press release:
Ref: OGI0177
8th September 2009
Towergate Underwriting is the latest PowerPlace insurer partner to launch a new liability product on Open GI’s Open Trader platform.
The new Towergate Underwriting Liability and Construction policy complements the existing Towergate Tradesman product, which went live via PowerPlace on Open GI’s Open Trader platform earlier in the year. Brokers now have the ability to access Towergate Underwriting’s bespoke liability policy alongside the simplified per capita version.
PowerPlace is the commercial EDI business which distributes products electronically via Open GI’s Open Trader platform. There are currently over 300 Open GI brokers using the platform to access 31 live insurer products and total GWP written per month is already in excess of £1m.
PowerPlace is supported by seven leading insurance providers: LV=, NIG, Zurich, Groupama, Fortis, MMA Insurance and Towergate Underwriting.
Keith Harrison, Managing Director of Towergate Underwriting Liability and Construction, said: "Our liability offering is a great fit for PowerPlace as brokers can now access a range of market leading products at the click of a button. It has been carefully designed to make it easier for brokers dealing with small and large cases in the construction industry.”
Mark Armitage, Managing Director of PowerPlace, said: "Our new liability product provides brokers with both a market leading per capita policy and now a traditionally rated version for larger risks."
Chris Guillaume, Managing Director, Open GI, said: “The number of PowerPlace products on Open Trader is increasing at a rapid rate and changing the way brokers transact commercial business. It’s great that another high profile underwriter such as Towergate is endorsing the platform. It now has the most expansive range of products and carriers of any commercial proposition in the market.”
For More Information contact:
Caroline Hardiman
Marketing & PR Manager
Open GI
Tel: 01905 754455
email: caroline.hardiman@opengi.co.uk
Kelly-Ann Knight, Head of PR, Towergate Network Division
Tel: 01423 554147
Email: Kelly-Ann.Knight@brokernetwork.co.uk
Notes to Editors:
PowerPlace Insurance Services Limited is a commercial EDI business, which distributes products electronically via Open GI’s Open Trader platform. It helps brokers to obtain comparative quotations for a wide range of products and insurers quickly and easily. PowerPlace has now broken through the £1m GWP monthly barrier. The business is experiencing rapid growth of 20% on a month on month basis with a run rate now standing at £18m per year. There is currently a team of 21 Business Consultants working face to face with brokers using the Open Trader platform with a further 20 expected to be in place at the beginning of 2010.
Open Trader is a technology solution developed by Open GI. Its straightforward electronic nature simplifies the full cycle process (new business, referrals, MTAs and renewals) for commercial risks and offers comparative quotes from multiple insurance providers. Data rekey is eliminated drastically improving efficiency and reducing frictional costs. The solution supports multiple markets, including PowerPlace, and is now available to all brokers using the Open GI system. Simplified question sets, generic risk presentations and point of sale documents are offered as standard, streamlining data capture and speeding up the submission process.
Open GI supplies market leading IT solutions to insurance brokers across the UK & Ireland. With 25,000 users in around 2,000 firms, the company has a 40% share of the UK broker market and is committed to technological innovation. Open GI technology enables personal and commercial lines brokers trading in standard and niche markets to streamline business activity and become more profitable. With a workforce of 300 people and a 30 year heritage, the company enjoys a strong financial performance. For the year ended 31 st May 2007 Open GI reported revenues of £27.3 million and an operating profit of £13.6 million.