Press release:
Ref: OGI00203
25th February 2010
Leading broker solutions provider, Open GI, has signed a £10 million contract with PowerPlace, to develop new electronic products on the Open Trader platform.
The three year contract reflects the commitment of Open GI and PowerPlace towards the electronic trading of SME business.
Open GI’s web-based Open Trader platform was launched early last year and is changing the way brokers transact SME business. The technology supports the online distribution of PowerPlace products and simplifies the full cycle process. Comparative quotes are offered from multiple insurance providers, along with electronic referral processing.
The contract with Open GI covers development, support and hosting services, with PowerPlace planning to launch at least 100 new products via the platform over the three year period.
Chris Guillaume, Managing Director, Open GI, said: “The PowerPlace contract is extremely important for Open GI, not just because of its value, but for what it represents in terms of the future of commercial trading. The industry has been crying out for an end-to-end solution for commercial business and Open Trader and PowerPlace have filled that gap. It’s already gaining traction with over 460 brokers using the solution every day and with PowerPlace’s ambitious growth plans in 2010, as evidenced by this contract, the proposition is going to become even more compelling.”
Matthew Reed, CEO, PowerPlace, said: “PowerPlace has chosen Open Trader as its primary route to market as it gives us access to an established community of brokers thanks to Open GI’s market share. We have ambitious targets for 2010, so it’s vital that we have the technical support from Open GI. The PowerPlace proposition is being developed by Open GI to our specifications, and is focused on helping brokers gain greater efficiencies by trading commercial business online.”
Via Open Trader, PowerPlace currently provides access to 43 autorated products across 13 business lines and nine different carriers, including RSA, LV=, NIG, Equity, Zurich, Groupama, Fortis, MMA Insurance and Towergate Underwriting. All business lines are fully integrated with the Open GI Core back-office system. The portfolio currently includes Tradesman, Property Owners, Shop, Office and Surgery, Pubs and Restaurants, Hotels and Guesthouses, Professional Indemnity, Personal Accident and Critical Illness, Motor Trade and Travel. Further lines are being released on a regular basis.
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 an online commercial insurance marketplace, which distributes products electronically via Open GI’s Open Trader web based platform. Launched in April 2009, PowerPlace is currently used by over 460 brokers who now have access to nine live insurers including RSA, NIG, LV=, Zurich, Groupama, Fortis, MMA Insurance, Equity and Towergate Underwriting.
Open Trader is a technology solution developed by Open GI. Its straightforward electronic nature simplifies the full cycle process 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.