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Press release:

Ref: OGI00146
23rd February 2009

Open GI Launches New SME Trading Platform

Open GI has extended its commercial broking functionality with the launch of Open Trader a new fully integrated SME trading platform.

Open Trader is designed to change the way brokers trade small package commercial lines business and gives underwriters access to the Open GI broker community for their product distribution.

Its straightforward electronic nature simplifies the full cycle process (new business, referrals, MTAs and renewals) for commercial risks and offers comparative quotes from multiple insurance providers. Data rekey is eliminated drastically improving efficiency and reducing frictional costs.

The solution supports multiple markets, including PowerPlace*, and is now available to all brokers using the Open GI system. Simplified question sets, generic risk presentations and point of sale documents are offered as standard, streamlining data capture and speeding up the submission process.

Business lines currently supported include Tradesman, Property Owners, Shop, Office and Surgery, Pubs and Restaurants, Hotels and Guesthouses, Professional Indemnity, Personal Accident and Critical Illness, Motor Trade and Travel. Further lines are being released on a regular basis.

An important feature of Open Trader for insurers is its referral functionality. Where a risk refers, the software allows the broker and underwriter to electronically correspond in real time, with a common view of data.

Chris Guillaume, Managing Director, Open GI, said: “The launch of Open Trader follows an enormously successful pilot involving 150 brokers.

“Most firms are still trading SME business manually using a combination of extranet, telephone and email, with little or no standardised approach to data capture. Open Trader fills a gap in the market for a workable, endtoend solution for the electronic trading of commercial lines business.

“Open Trader is not ‘vapourware’ it is a real, proven solution, ready today with 20 autorated products across 11 business lines and 5 different carriers (including the PowerPlace* panel) – all fully integrated with the Open GI Core back-office system. Over the coming months, more products and providers will be added, making Open Trader a ‘one stop shop’ for commercial business processing.”

*PowerPlace is the trading name of PowerPlace Insurance Services Limited, a wholesale broker offering a variety of products on Open Trader from a number of key UK underwriters.

For More Information contact:
Stacy Prosser
Marketing Team Leader
Open GI
Tel: 01905 754455
email: stacy.prosser@opengi.co.uk

Notes to Editors:

Open GI supplies market leading IT solutions to insurance brokers across the UK & Ireland. With 25,000 users in around 2,000 firms, the company has a 40% share of the UK broker market and is committed to technological innovation. Open GI technology enables personal and commercial lines brokers trading in standard and niche markets to streamline business activity and become more profitable. With a workforce of 300 people and a 30 year heritage, the company enjoys a strong financial performance. For the year ended 31 st May 2007 Open GI reported revenues of £27.3 million and an operating profit of £13.6 million.