The market must bring an end to London's portal wars

The complex web of distinct broker, carrier and market portals in the market – each with their own logins, API standards and data protocols – will only get harder to navigate.

It has long been a dream in the London market to have consistent data fl owing seamlessly through every stage of the insurance process, allowing business to be quoted, bound and settled electronically, quickly, accurately and efficiently.

That dream is now becoming reality as an end-to-end digital ecosystem is taking shape in the specialty market.

All the pieces of the jigsaw puzzle are now in place, thanks to the many tools and solutions brought to market by software and technology providers. However, market participants need a solution that makes doing business easier from beginning to end, not just one part of the transaction. While some of today’s solutions integrate seamlessly, many were built in isolation, so work is still required to bring them all together.

Demand for application programming interfaces (APIs) is on the rise, as brokers and insurers rightly strive for frictionless service. However, APIs do not simply plug and play with each other; they need careful management. As the market continues to be flooded with APIs built to different standards, this means London’s “portal wars” will only get worse and the complex web of distinct broker, carrier and market portals in the market – each with their own logins, API standards and data protocols – will only get harder to navigate.

Click below to read the full article by Ian Summers, CEO, Sequel published in Insurance Day 1 June 2021