Why digital infrastructure must meet the market’s needs

It is essential to ensure our systems deliver the specific functionality required to handle these peak demands smoothly, writes Ebix’s Peter Smyth

After all, the promise of digital platforms lies in the practical, functional improvements they bring to the table for the market.

Platforms must live up to their promises of providing much-needed functionality, especially during renewals. It’s about more than just saying platforms will improve; it’s about bridging the gap between aspiration and reality and seeing real, tangible enhancements that address the specific needs of brokers and underwriters.

For some time, there’s been talk of being “nearly there” with some placing platforms, often suggesting that more investment will solve existing issues. Instead of focusing on what’s next, it’s time to evaluate what has been achieved and what functional gaps remain.

Are the market’s real needs being addressed right here, right now, or is more money just being thrown at perceived future solutions? What has been the actual outcome of upgrades so far? Have these investments translated into the functionality the market so desperately needs?

One of the core functions of any electronic placement platform should be to ensure that renewing an expiring risk is efficient and straightforward. It should be achievable in minutes, drastically reducing the time and effort required during busy periods. Brokers and underwriters need systems that allow them to navigate, customise and submit renewals with ease and speed.

Brokers and underwriters must hold all the placing platforms that serve the London market accountable for delivering on their promises of improved functionality.

We call upon the market to demand platforms built with their specific functionality requirements in mind and which are genuinely capable of handling the demands of renewal periods.

This is not about being anti-competition; it’s about pushing the entire industry towards better functionality and accountability.

We invite the market to join us in advocating for higher standards and greater functionality in our technology. Let’s work together to ensure our digital infrastructure meets the needs of all market participants.

Peter Smyth is vice president of Ebix Europe