In-depth: Good or bad? The looming regulation of broker software houses

Software house

Broker software houses likely face regulation amid a new law before parliament. The impending regulation has triggered debate over whether it will protect customers or add more cost and paperwork for brokers as Saxon East discovers

On a warm summer evening in August 2016 the lights went out for around 2,000 homes and businesses in Solihull.

The utilities company said it was a faulty end box that caused the outage, and all those affected had power restored by midnight.

But the small power outage caused weeks of chaos for more than 300 brokers, leaving them unable to conduct day-to-day business.

One broker claimed it lost £1.2m in just a few weeks.

The root of the disruption was software house SSP’s Solihull-based data

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Polaris at 30 – Jackie Childs

In the concluding instalment of Polaris at 30, senior business analyst at the insurance industry-owned organisation Jackie Childs rounds up the progress on digital trading moving from monthly personal lines updates sent out on floppy discs to the new era of risk and rating dexterity that can only be supported electronically.

Polaris at 30 – Phil Bayles

In the final day of the Polaris at 30 Q&A series Ardonagh’s Phil Bayles assesses the development of digital trading from slow, cumbersome and inflexible systems to becoming mainstream.

Polaris at 30 – Derek Cowie

Derek Cowie started working at General Accident (now Aviva) in 1992. Polaris was founded in 1994 launching digital trading platform imarket in 2004.

Polaris at 30 – Theo Duchen

Acturis Group co-CEO Theo Duchen delivers the third Q&A of the Polaris at 30 series and details the collective goal that would put “the UK light years ahead of any other market”.

Polaris at 30 – Stuart Reid

In the second Q&A instalment of the Polaris at 30 series, chair of Partners& Stuart Reid shares memories of the industry moving from paper rating guides to digital trading and his view on the “plainly daft” frustration in e-trading today.

Polaris at 30 – Ray Vincent

As insurance industry owned Polaris celebrates its 30th birthday, Insurance Age asks experts for their recollections on the dawn of digital trading and what is coming next.

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