To browse IB Markets, click here.
Last week, Insurance Business launched a free online platform to connect brokers with underwriters. IB Markets Australia is a new digital marketplace that gives brokers access to more than 1,200 specialty insurance coverages through a growing network of underwriting agencies.
IB consulted with brokers during the development process for this online digital tool. Daniel Berry (pictured above), partner with Dudgeon Berry Insurance Group, was one of the brokers. After testing out the platform he agreed to answer a few questions about what he thinks of it.
“For new starters to the industry, this will be an invaluable tool in assisting them to identify possible markets as part of their research,” said Berry.
“I really like that it includes details of maximum coverage limits that might be available, as well as minimum premiums set by that provider – this will save time in the future,” said Berry.
The broker said the company profile function is also very useful.
“You can punch in an insurer and it will provide you with a list of all of the agencies who are aligned with that provider,” said Berry. “For some clients there is a level of priority as to who they would prefer to transact with, so having this function provides a quick insight into what security is being used in placements.”
For the underwriting agencies on the platform, brokers can find a company profile and also the phone and email contact details for staff.
The insurance options that are listed after a search can be filtered to offer relevant coverages in a particular Australian state or territory.
Justin Kennedy, KM Business Information’s chief commercial officer, explained the motivation for creating this digital broker tool.
“We’ve been running a successful hard copy underwriting guide for years and saw a real need for a digital platform where brokers could connect with the right underwriters quickly,” he said. “Brokers often deal with risks that are hard to place and finding the right underwriting partner can be time-consuming.”
IB Markets makes that process faster and more efficient, said Kennedy, giving brokers a single destination to find specialty solutions.
“Brokers get easy access to the right expertise, making sure they can better serve their clients,” he said.
“This makes it easy to search for underwriting agencies based on coverage needs, industry, or risk type,” said Kennedy. “Instead of searching across multiple sources, brokers can find and connect with the right agency quickly, helping them place business faster and more efficiently.”
He said the tool also “removes the guesswork” and ensures brokers have access to the right markets when they need them.
Interviews with brokers suggest IB Markets could help ease a major problem for many of them: slow turnaround times from insurers. Two years ago, Laura Meyer, director of Meyerinsure, said slow turnaround times were likely her biggest issue.
“The large majority of the agencies out there are taking a long time to come back,” said Meyer. “I’m having to let clients know that it could take up to a week to two weeks, depending on the risk, to return terms in some cases.”
She said this is “a real challenge to manage.”
IB reached out on Wednesday to find out if anything has changed. The broker from Creswick, Victoria, said it hasn’t.
“There are some outliers who will at least acknowledge delays and keep you updated, but I spend a large part of my day chasing submissions and even endorsements or general queries,” she said. “It just makes so much more work for us – but that’s broking right now!”
Have you had an opportunity to use this new online broker tool? Please trial it and tell us what you think below. What did you like about it? What could be improved?
