Insurer targeting double-digit millions of pounds through platform’s new offering.
Aviva has launched motor, home and van insurance products on its Fast Trade e-trading quote and buy facility for brokers.
After a soft roll out the personal lines service is now live for all brokers with an Aviva agency.
Speaking exclusively to Insurance Age, Phil Bayles promised the service would provide the best price to brokers as they compete with direct players.
“Brokers still get the normal commissions, but we take out costs and pass on those cost-benefits to those who use it,” he stated.
Aviva’s managing director of UK intermediaries explained: “We don’t have any transaction fees from software houses [to add] in so the prices should be cheaper than the average that they would normally access. It’s a good deal.”
However he clarified that the provider would still be supplying quotes via software houses and brokers could continue to use that route if they wished.
Aviva’s Fast Trade service for commercial business has been running for approximately nine years and Bayles noted that brokers had become used to trading online with the insurer and was confident that it would be successful in personal lines.
“If you build it people tend to come, as long as the pricing is good,” he commented. “We’re looking at potentially double-digit millions delivered through the platform in the medium term.”
As part of the package Aviva has committed to providing live chat support for brokers on the system. And Bayles defended the fact that brokers had waited so long for the capability with van often having been cited as gap in the insurer’s service.
“It’s an established way of trading in commercial lines and each build costs money,” he countered.
“You have to weigh up the costs and benefits. We’ve always had it in mind that we could do it for personal lines. It was just a question of where it fitted in with our priorities and we got the opportunity to do it.”
The new service has been built by Acturis which was also the technology firm behind the launch of Fast Trade. Any broker with access to the commercial offering can already use the personal lines one.
According to Bayles other brokers are signing up too and it will be particularly relevant to regional players.
“The specialists get well looked after one way or another – it’s a different market,” he accepted citing the likes of A-Plan, Autonet and Swinton who have their own bespoke, sophisticated operations.
“But it will be really useful for regional brokers to get better prices,” he insisted. “It’s to try to help non-specialist personal lines brokers to access the best prices they can from us.”
Adding: “We think it will support non-specialist personal lines brokers who are active in those markets.”
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