What's Happening?
Iprism, a specialty construction, property, and private clients managing general agent (MGA), has expanded its excess of loss product distribution by integrating it into the Acturis platform. This product is specifically designed for contractors and is expected to extend to other business sectors in the coming months. The coverage can reach up to £5 million across public liability and products liability. This marks the third product Iprism has successfully integrated into Acturis, following its trades, contractors, and professions product, as well as its property owners proposition. Ian Lloyd, the chief executive of Iprism, emphasized the company's mission to provide an effortless underwriting experience for brokers, offering them multiple ways to trade, including through their Quota broker portal, selected software house partners, or traditional methods.
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Why It's Important?
The integration of Iprism's excess of loss product into the Acturis platform is significant for the insurance industry, particularly for brokers who seek efficient and flexible solutions. By offering this product through a leading trading platform, Iprism enhances its service delivery, potentially increasing its market share and competitiveness. This move could benefit brokers by providing them with more options and streamlined processes, ultimately improving client satisfaction and retention. The expansion also reflects a broader trend in the insurance industry towards digital transformation and the use of technology to improve service offerings.
What's Next?
As Iprism continues to expand its product offerings on the Acturis platform, it is likely to attract more brokers seeking comprehensive and flexible insurance solutions. The company may also explore further integration of additional products to cater to a wider range of business sectors. This could lead to increased collaboration with other software platforms and partners, enhancing Iprism's position in the market. Additionally, the success of this integration may prompt other MGAs to adopt similar strategies, further driving digital transformation in the insurance industry.
