(Image source: MS&AD Ventures.)
Big Ticket, a digital hub for the global commercial insurance industry, launched this week at the annual AIRMIC risk management conference in Manchester, U.K. Billed as the world’s first neutral digital hub, Big Ticket allows, for the first time, digital exchange, innovation, and collaboration to take place in a secure environment by helping clients to maintain and share their exposure data with every participant in the insurance value system globally, instantly, and with a full audit trail, according to a statement from the organization.
Four years in development, Big Ticket is backed by founding partner MasterCard and Global Advisory Board members including Aon, Aviva, Oasis, Zurich, Pool Re and Motive Partners, together with financial backing from leading technology venture capital investors including Fin Capital. The Big Ticket statement says the platform was developed to tackle key client and industry pain points. It boasts a customers a faster, more efficient and convenient renewal experience, with improved stakeholder management. It also gives them control of their data, enhancing its quality and security, at no cost to risk managers or insurance buyers around the world, the statement says.
“Commercial insurance is a laggard in financial services when it comes to digital innovation, especially in comparison to banking and payments platforms such as Swift and Plaid,” comments Robert Bartlett, Co-Founder and CEO, Big Ticket. “In banking, neutral digital infrastructure—combined with an ‘open banking’ model—has been the catalyst for industry-wide digital innovation. This is something the insurance industry has lacked until now.”
“Big Ticket is an ‘API first’ digital infrastructure connecting every player across the entire commercial insurance environment,” adds Ken Fraser, Co-Founder and President, Big Ticket. “As well as improving the renewal experience and creating a secure shared space for data, the system will allow our industry to give our clients large-scale insights into their risk universe, and will drive innovation for all sides, with potential benefits across global supply chains and ultimately helping clients understand and prepare for emerging systemic risks like climate change.”
Catalyst for Innovation
Big Ticket describes its platform’s technology as connecting every part of the global risk ecosystem and enabling any insurance buyer to safely communicate with any broker or carrier using standardized, high fidelity and high velocity data. The organization says it will deliver clear operational improvements, with an initial focus on improving the renewal experience for insurance buyers, brokers and carriers.
That initial focus will give way to a second phase involving product, client and industry innovation based on increased shared reliable information about risks, according to Big Ticket.
“Big Ticket is the solution that the risk management community has been crying out for. Every year at the start of every insurance renewal, hundreds of thousands of companies use an industry-imposed process to collect exposure data,” comments Julia Graham, CEO of AIRMIC and Chair of the Big Ticket Advisory Board. “They are asked to use unencrypted spreadsheets and e-mail to do this; a painful, laborious and insecure process which takes up to nine months to complete at an annual recurring direct operational cost globally of US$25 billion, on top of which it actually increases vulnerability to data privacy and cyber security risks. Unsurprisingly, companies hate this process, giving it a Net Promoter Score of -100. With an NPS of +90, Big Ticket replaces it with one they love; one that slashes costs, enhances data security and frees up resources.”
Joe Peiser, Commercial Risk Leader for North America, Aon, comments, “We understand the benefits to risk managers and all industry participants from a standard, digitised approach to structuring exposure data to help drive better decisions. As a result, we were interested in AIRMIC and Big Ticket’s aspirations for global, digital standards across all major P&C lines in a neutral environment. We are excited to be engaging with Big Ticket, interested insurers and risk managers in a pilot program to assess its alignment with our broking and client service processes.”
“Big Ticket brings the welcome principles of smooth and seamless transactions into the insurance environment,” comments Paolo Mantero, Chief Strategy Officer, Zurich Insurance. “We welcome an industry wide solution where customers are in control of their own data, the traditional frictions of exchanging information efficiently among all parties are removed, and innovation is enabled. We are excited to be one of the founding members contributing to the development of this platform, together with our customers and our broker partners.”
Potential to Fundamentally Change Renewal Process
“Big Ticket’s innovative approach to create a neutral, client-focused architecture has the ability to fundamentally change the outdated insurance renewal process for the better. We are the first insurer using Big Ticket in the UK and have been working with our clients and broking partners to explore the benefits to all parties within the renewal chain,” comments Matt Washington, Managing Director, U.K. Commercial Lines Underwriting and GCS, AVIVA. “We have received positive feedback from clients who have engaged with the platform. They are delighted with the value that the technology adds to the renewal process, especially as it comes at no cost to the client. Furthermore, at a time of increased exposure to cyber risks, it puts clients in control of their sensitive commercial data: who has permission to access it, how it is used and for how long—it’s a real game-changer.”