AIRMIC 2023: Risk managers and insurers say new hub is just the ticket

The opening day of the Airmic conference saw the launch of the world’s first neutral digital hub for the global commercial insurance industry, in a move its CEO said will end Commercial insurance’s reputation as a technology laggard.

The system, named Big Ticket, allows digital exchange, innovation, and collaboration to take place in a secure environment by helping clients to maintain and share their exposure data with every participant in the insurance value system globally, instantly, and with a full audit trail.

Founded by MasterCard and Global Advisory, the scheme’s board members include Aon, Aviva, Oasis, Zurich, Pool Re and Motive Partners, and received financial backing from technology venture capital investors including Fin Capital. Developed over a period of four years, the team behind Big Ticket said it provides customers with a faster, more efficient, and convenient renewal experience, with improved stakeholder management. It also gives them control of their data, enhancing its quality and security, at no cost to risk managers or insurance buyers around the world.

Robert Bartlett, co-founder and CEO, Big Ticket, explained: “Commercial insurance is a laggard in financial services when it comes to digital innovation, especially in comparison to banking and payments platforms such as Swift and Plaid. In banking, neutral digital infrastructure – combined with an ‘open banking’ model – has been the catalyst for industry-wide digital innovation. This is something the insurance industry has lacked – until now.”

Julia Graham, (above) CEO of AIRMIC is the chair of the Big Ticket Advisory Board. She added: “Big Ticket is the solution that the risk management community has been crying out for. Every year at the start of every insurance renewal, hundreds of thousands of companies use an industry-imposed process to collect exposure data.

“They are asked to use unencrypted spreadsheets and e-mail to do this; a painful, laborious, and insecure process which takes up to nine months to complete at an annual recurring direct operational cost globally of $25 billion, on top of which it actually increases vulnerability to data privacy and cyber security risks. Unsurprisingly, companies hate this process, giving it a Net Promoter Score of -100. With an NPS of +90, Big Ticket replaces it with one they love; one that slashes costs, enhances data security, and frees up resources.”

Big Ticket said it is a technology that connects every part of the global risk ecosystem and enables any insurance buyer to safely communicate with any broker or carrier using standardised, high fidelity and high velocity data. It will deliver clear operational improvements, with an initial focus on improving the renewal experience for insurance buyers, brokers, and carriers.

“This then opens the door to phase two: product, client and industry innovation based on increased shared reliable information about risks,” it added.

Insurers and brokers have also backed the Big Ticket scheme/

Matt Washington, managing director, UK Commercial Lines Underwriting and GCS, AVIVA, said: “Big Ticket’s innovative approach to create a neutral, client-focused architecture has the ability to fundamentally change the outdated insurance renewal process for the better. We are the first insurer using Big Ticket in the UK and have been working with our clients and broking partners to explore the benefits to all parties within the renewal chain.

“We have received positive feedback from clients who have engaged with the platform. They are delighted with the value that the technology adds to the renewal process, especially as it comes at no cost to the client. Furthermore, at a time of increased exposure to cyber risks, it puts clients in control of their sensitive commercial data: who has permission to access it, how it is used and for how long – it is a real game-changer.”

Joe Peiser, Commercial Risk Leader for North America, Aon, added: “We understand the benefits to risk managers and all industry participants from a standard, digitised approach to structuring exposure data to help drive better decisions. As a result, we were interested in AIRMIC and Big Ticket’s aspirations for global, digital standards across all major P&C lines in a neutral environment. We are excited to be engaging with Big Ticket, interested insurers and risk managers in a pilot program to assess its alignment with our broking and client service processes.”

Founded by MasterCard and Global Advisory, the scheme’s board members include Aon, Aviva, Oasis, Zurich, Pool Re and Motive Partners, and received financial backing from technology venture capital investors including Fin Capital.

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