In a move set to transform the Australian insurance industry, Insurance Business has introduced IB Markets, an innovative online platform designed to bridge the gap between brokers and underwriters. This cutting-edge digital marketplace offers brokers access to over 1,200 specialized insurance coverages and a rapidly expanding network of underwriting agencies.
IB Markets provides brokers with a powerful and intuitive search tool, allowing them to easily find suitable insurance offerings from a wide range of providers. Whether dealing with niche risks, hard-to-place coverage, or high-capacity policies, the platform is designed to streamline the process and ensure brokers can quickly locate the right market for their clients.
Justin Kennedy, Chief Commercial Officer at Key Media, emphasized that IB Markets is tailored to meet the specific needs of brokers. “It’s not just a directory; it’s a fully searchable platform that enables brokers to identify underwriters based on coverage requirements, industry sectors, or risk profiles,” he explained.
Why IB Markets is a Game-Changer for Brokers
The platform, which is free to use, offers brokers direct access to leading underwriting agencies, eliminating the need for intermediaries. Developed with broker input, IB Markets’ search tool can generate a list of relevant insurance covers within seconds, making it easier than ever for brokers to compare offerings.
One of the standout features of IB Markets is its time-saving capabilities. Brokers can quickly connect with the appropriate underwriter for a given risk, avoiding the need for lengthy phone calls or back-and-forth emails. The platform also creates opportunities for brokers to expand their professional networks and sharpen their competitive edge in a fast-evolving market.
“Brokers have told us they need a more efficient way to connect with Managing General Agents (MGAs) when searching for specialty coverage,” said Kennedy. “Finding the right MGA for a unique or difficult-to-place risk has often been a time-consuming challenge. IB Markets addresses that need, offering a streamlined solution that gives brokers instant access to the right partners.”
With its user-friendly design and extensive range of insurance products, IB Markets promises to be a valuable tool for brokers seeking to optimize their operations in today’s competitive insurance landscape.
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