Press release:
Ref: OGI00182
29th October 2009
Following the announcement that Equity Group has joined the rapidly expanding PowerPlace insurer panel on Open GI’s Open Trader platform, today sees the addition of a new Equity Red Star Motor Trade product.
This is the second Motor Trade product to be added to the PowerPlace portfolio, offering yet more flexibility and choice to over 300 brokers using Open GI’s Open Trader platform across the UK today.
John Josiah, Active Underwriter at Equity Red Star, said: “It’s important for us to be at the forefront of new advances in broking and broking technology. It has become apparent that PowerPlace is set to play an important role in the landscape of insurance broking and so we intend to lead the way in motor trade as part of this exciting development.”
Matthew Reed, CEO of PowerPlace, commented: “For us, the addition of another quality product to the panel is a further indication of the validity of PowerPlace to brokers everywhere. As the choice and flexibility offered by PowerPlace and Open Trader continues to increase, we believe it is fast becoming a tool which plays a vital role in the everyday success of commercial lines broking.”
Chris Guillaume, Managing Director, Open GI, said: “Our Open Trader development team have been busy adding new products and features to the platform so it’s exciting to see large volumes of business being placed and further insurance providers such as Equity Red Star coming on board.”
PowerPlace is supported by eight leading insurance providers: LV=, NIG, Equity, Zurich, Groupama, Fortis, MMA Insurance and Towergate Underwriting.
For More Information contact:
Caroline Hardiman
Marketing & PR Manager
Open GI
Tel: 01905 754455
email: caroline.hardiman@opengi.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 31st May 2007 Open GI reported revenues of £27.3 million and an operating profit of £13.6 million.