After four years in development, Big Ticket, an industry-backed renewal data platform, was launched at the annual Airmic conference in the UK.
According to the announcement, this shared corporate data platform aims to transform the $1tn global commercial insurance industry by revolutionising the ‘broken’ renewal experience for risk managers, brokers and carriers.
The platform allows 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.
Robert Bartlett, Co-Founder and CEO, Big Ticket, commented: “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.
“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 provides customers a faster, more efficient and convenient renewal experience, with improved stakeholder management. As well as enhanced bank-grade data quality and security; putting clients in control of their data.
Additionally, the use of the platform is free-of-charge to any risk manager or insurance buyer, Big Ticket will deliver annual industry-wide operational savings at renewals of up to $25 billion, a spokesperson stated.
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.
Ken Fraser, Co-Founder and President, Big Ticket, said: “Big Ticket is an ‘API first’ digital infrastructure connecting every player across the entire commercial insurance environment.
“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.”
Matt Washington, Managing Director, UK Commercial Lines Underwriting and GCS, AVIVA, added: “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.”
AVIVA is the first insurer to use Big Ticket in the UK. It has been working with its clients and broking partners to explore the benefits to all parties within the renewal chain, and has received positive feedback.
Washington continued: “[Clients] 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.”
Paolo Mantero, Chief Strategy Officer, Zurich Insurance said: “Big Ticket brings the welcome principles of smooth and seamless transactions into the insurance environment. 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.”