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E-Distribution and Trading in the Simple Commercial Space

E-Distribution and Trading in the Simple Commercial Space. Nick Giddings Chief Executive Officer PowerPlace. Simon Hughes Sales & Marketing Director Open GI. Definition of Term (i.e. what is E-Trade ?) A method of trading whereby technology is used to connect buyers and sellers Noting

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E-Distribution and Trading in the Simple Commercial Space

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  1. E-Distribution and Tradingin the Simple Commercial Space Nick Giddings Chief Executive Officer PowerPlace Simon Hughes Sales & Marketing Director Open GI

  2. Definition of Term (i.e. what is E-Trade ?) • A method of trading whereby technology is used to connect buyers and sellers Noting • The extent to which technology is utilised in this is variable • The more complex the “product”, the less end-to-end automation

  3. E-Trade might include any of the following: • Systemic data capture • Auto-rating of a product • Data connectivity in the supply chain • B2B / B2C ecommerce All of the above “bring together buyers and sellers”

  4. Personal lines insurance is almost fully e-traded, end-to-end • Web is the predominant channel • Price comparison web sites dominate private car • Initiate close on 60% of all new business sales • 2013 estimated to generate c. £7bn of new business sales

  5. Current Trends: The Move to Mobile

  6. Current Trends: Manifestation of Mobile in Personal Lines • Confused.com statistics: • Since Jan-12, 20% decline in desktop visitors • Since Jan-12, 10% increase in mobile & tablet visitors • Q1 2012 – Q2 2013, mobile visitors grown from 6% to 15%

  7. Segmentation of the SME Market Source: Datamonitor, UK SME Insurance 2012 Report, published November 2012

  8. Are Brokers Losing Market Share of SME ? Source: Datamonitor “Targeting SMEs in UK General Insurance” (2004) Source: Datamonitor “Targeting SMEs in UK General Insurance”(2007) Source: Datamonitor“UK SME Insurance” (2011)

  9. SME Buying Behaviour Source: Datamonitor, SME Insurance Survey 2012

  10. For Brokers • Access to a market of auto-rated SME products • Comparative rating / covers • Fully integrated (Open GI only) • Out-of-the-box ecommerce strategy • Mobile-ready • For Providers • Instant distribution to an agency base of 1,200 • Agency Management and cash collection • Real-time rating and document control • E-enablement of products • Multi-channel distribution

  11. Channel Segmentation PowerPlace Live Policy Count by Channel In Office Broking Growth as Brokers look for efficiencies Internet 100% growth in 2years vSME biased

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