New system available to brokers streamlines access to insurer rates 

New ‘Marketplace’ system announced to streamline access to insurer rates for brokers

iRevolution Group has developed a system that will streamline the process of placing business with insurers that are not available on your usual software house, giving brokers access to insurer rates faster, allowing for a much quicker procedure.

The brand new system, called ‘Marketplace’ is currently being run within iRevolution Group brokers, and will be available to brokers outside of the Group in 2023. Marketplace is a purpose-built system connecting non-standard and commercial motor insurance products that sit on software houses, insurer portals or manual schemes into one quote system.

For brokers in the non-standard or commercial motor arena, a lot of business is written via lengthy email exchanges, telephone calls and re-keying on several insurer portals. Marketplace is able to streamline this process using api feeds directly into software houses, web portals or by creating purpose built scheme products, allowing brokers to input the data into 1 system, and generate multiple quotes. At the moment, the system currently targets products in the non-standard and commercial motor market, with a plan to add commercial products in the future.

At launch, Marketplace will operate as a front-end quoting-only scheme, then transacted via the back office, with an intention to evolve the system into a full-cycle scheme.

Currently, issues such as slow and cumbersome processes for brokers are a problem in the industry slowing a lot of work down, it’s hoped that Marketplace will directly combat this and speed up the process for everyone involved.

Speaking on the new system, CEO of Insurance Revolution, Mark Rigby said: ”We are proud to have developed our own internal system, Marketplace which allows iRevolution Group brokers access to insurer rates in an efficient and streamlined way. 

“This not only helps our staff but allows us to offer a wider range of products to customers, ensuring that they walk away happy with the right insurance solution for their needs. Whilst this is currently an in-house solution, we are going to licence this product to a wider market and aim to be live for use by brokers that are not part of our Group in 2023.

”There are of course other software solutions that do similar to Marketplace, however, we have arranged exclusive deals with insurers and MGA’s which will bring additional competitiveness to brokers involved. It also offers a wider range of products and more comprehensive panels”.’